Dorkier assigns ratings to each of the companies and provides a rationale for each rating. The director of research asks Dormier: “How did you arrive at these recommendations? Describe how you used a top-down approach, which is the policy at our company.”
Dorkier replies, “I arrived at my recommendations through my due diligence process. I have studied all of the public disclosure documents; I have participated in the company conference calls, being careful with my questions in such a public forum; and I have studied the dynamics of the underlying industries. The valuation models are robust and use an extensive set of company-specific quantitative and qualitative inputs.”
Q. Based on Dormier’s response to the director of research, Dormier’s process could have been more consistent with the firm’s policy by:
a. incorporating additional micro-level inputs into her valuation models.
b. evaluating the impact of general economic conditions on each company.
c. asking more probing questions during publicly available company conference calls.
B is correct. A top-down forecasting approach moves from macroeconomic forecasts to industry forecasts and then to individual company and asset forecasts. Analysts are expected to understand the general economic conditions before finalizing a research report and making a recommendation. According to Dormier’s response, she did not comment on the general economic conditions and such considerations would be consistent with the firm’s policy of using a top-down approach.
这个题目答案没看懂。问的是D分析师在那个部分坚持了toptop-down的分析方法，但是答案中naxie那些top-down的过程在她的陈述中完全没有，为什么答案最后一段说根据Dormier的回应，她没有对一般经济状况发表评论，这样的考虑将符合该公司采用自上而下方法的政策。她就没有遵照toptop-downtop-down执行啊？？
我被绕进去了，还请老师仔细解答一下
