Bella · 2019年12月16日
* 问题详情，请 查看题干
问题如下：
Which of Tang’s observations is least likely to be the consequence of Jordan demonstrating loss-aversion bias?
选项：
A.Observation 1.
B.Observation 2.
C.Observation 3.
解释：
C is correct.
Loss aversion by itself may cause a sector concentration; however, a market neutral strategy tends to focus on individual stocks without regard to the sector. The sector exposure would be mitigated with the balancing of the individual long and short positions.
老师，没太看明白问题和答案。可否解释一下考点是什么？
企鹅_品职助教 · 2019年12月17日
嗨，爱思考的PZer你好：
这道题考的是loss aversion的表现。
loss aversion的特点是sell winners，hold losers，这个基金最近的表现不好，observation 1和2说的是持有不卖和交易量下降，说明Tang在等着亏掉的部分回本，符合loss aversion.
C选项Observation 3， portfolio更集中是overconfidence的表现， 不是loss aversion.
这道题是原版书课后题Reading 8的第七题，老师在习题课中有讲解。建议同学去听一遍。
-------------------------------加油吧，让我们一起遇见更好的自己！
NO.PZ201511190100000302问题如下 Whiof Tang’s observations is least likely to the consequenof Jorn monstrating loss-aversion bias?A.Observation 1.B.Observation 2.C.Observation 3.C is correct.Loss aversion itself mcause a sector concentration; however, a market neutrstrategy ten to focus on invistocks without regarto the sector. The sector exposure woulmitigatewith the balancing of the invilong anshort positions.高风险，持有时间很长，unrwater不都是loss aversion的表现吗？
NO.PZ201511190100000302 问题如下 Whiof Tang’s observations is least likely to the consequenof Jorn monstrating loss-aversion bias? A.Observation 1. B.Observation 2. C.Observation 3. C is correct.Loss aversion itself mcause a sector concentration; however, a market neutrstrategy ten to focus on invistocks without regarto the sector. The sector exposure woulmitigatewith the balancing of the invilong anshort positions. Observation 2: The trang volume of the funhcreasemore th40 percent ring the past year.Observation 3: The portfolio is more concentratein a few sectors thin the past.他loss aversion 就将亏损的股票全部持有，好的股票都卖了，trang volume为什么会下降啊？不是应该不变或者上升吗？C亏的都留着在，那就是可能集中在某些行业，因为行业风险的原因一亏都亏，所以更集中C应该是对的的呀 B是错的呀，求解
NO.PZ201511190100000302 问题如下 Whiof Tang’s observations is least likely to the consequenof Jorn monstrating loss-aversion bias? A.Observation 1. B.Observation 2. C.Observation 3. C is correct.Loss aversion itself mcause a sector concentration; however, a market neutrstrategy ten to focus on invistocks without regarto the sector. The sector exposure woulmitigatewith the balancing of the invilong anshort positions. loss-aversion会增加交易量，说交易量会下降，所以不对啊。为什么答案关注点在于long/short策略
NO.PZ201511190100000302 Observation 2. Observation 3. C is correct. Loss aversion itself mcause a sector concentration; however, a market neutrstrategy ten to focus on invistocks without regarto the sector. The sector exposure woulmitigatewith the balancing of the invilong anshort positions. 如果一直存有亏损的头寸也会导致头寸集中吧
NO.PZ201511190100000302 Observation 2. Observation 3. C is correct. Loss aversion itself mcause a sector concentration; however, a market neutrstrategy ten to focus on invistocks without regarto the sector. The sector exposure woulmitigatewith the balancing of the invilong anshort positions. position unr water 是指现在的持仓太少了么
