qyang · 2019年12月28日
* 问题详情，请 查看题干
问题如下：
Which of the following behavioral biases would be most relevant in constructing a portfolio for Johnson?
选项：
A.Home bias.
B.Overconfidence.
C.Inertia and default.
解释：
A is correct.
Home bias is evident in Johnson’s questionnaire. Johnson has expressed an aversion to investing in non-US equities. Familiarity with their country may lead investors to own high concentrations of domestic assets and ignore the benefits of international diversification.
为什么不是overconfidence? 题目里有明说呀
王琛_品职助教 · 2021年09月09日
嗨，从没放弃的小努力你好：
@ kkyy
overconfidence不能决定哪些能投哪些不能投？如果过度自信，就可以投资那些高风险的，或者自己认可的资产呀？不是吗。。
1
同学对 overconfidence 的理解是可以的，但是这道题对应的正文是 "On her questionnaire, Johnson indicated a desire for wealth accumulation and an aversion to investing in non-US equities"
即：在她的调查问卷中，Johnson 表示渴望财富积累，并厌恶投资于非美国股票
关键词是 "an aversion to investing in non-US equities"，厌恶投资于非美国股票
2
题目让选最相关的一个偏差 "most relevant"，所以 home bias 最相关呀
大量的文献表明，许多投资者在本国上市的证券中保持着很高的投资比例，通常是 80%或更多
----------------------------------------------就算太阳没有迎着我们而来，我们正在朝着它而去，加油！
企鹅_品职助教 · 2019年12月28日
嗨，努力学习的PZer你好：
题干中强调的是构建组合时相关的行为偏差，构建组合时首先要确定资产大类，这个人非美国股票不投，影响了资产大类的选择。但overconfidence不能决定哪些能投哪些不能投，所以A更合理。
这道题出的不是特别好，同学不用太纠结，考试时的题目不会出成这样的。
-------------------------------努力的时光都是限量版，加油！
kkyy · 2021年09月08日
overconfidence不能决定哪些能投哪些不能投？如果过度自信，就可以投资那些高风险的，或者自己认可的资产呀？不是吗。。
NO.PZ201511190100000403 问题如下 Whiof the following behaviorbiases woulmost relevant in constructing a portfolio for Johnson? A.Home bias. B.Overconfince. C.Inertia anfault. A is correct.Home biis evint in Johnson’s questionnaire. Johnson hexpresseaversion to investing in non-US equities. Familiarity with their country mleinvestors to own high concentrations of mestic assets anignore the benefits of internationversification. 如题
NO.PZ201511190100000403问题如下 IWang, CFis a financiaisor Garnier Brothers, a US money management firm. He became a financiaisor severyears ago after receiving his CFA charter ancurrently hthree high-net-worth invials clients. Wang is concting his annureview of eaclient’s investment polistatement along with their recently completerisk toleranquestionnaires. He is reflecting on their varying psychographic characteristics:Michael Perez is a successful 45-year-olinvestment banker. Wang scribes Perez a passive investor who is sensible ansecure. Perez exhibits low to meum risk toleranbut often overestimates his risk tolerance. His biases inclu hinight, framing, anregret aversion. On his questionnaire, Perez incatea sire for wealth preservation while wanting to invest a significant portion of his assets in his employer’s stock.SarJohnson is inpennt-min45-year-olreestate veloper who hhistorically utilizesignificant amounts of financileverage. Prior to becoming a Garnier client, Johnson manageher own investment portfolio, whiwconcentratein just a few stocks. Johnson exhibits a greof confinanhigh risk tolerance. Johnson’s biases inclu illusion of control anoverconfince. On her questionnaire, Johnson incatea sire for wealth accumulation anaversion to investing in non-US equities. In aition, she incatethher risk tolerantowara stoinvestment woulincrease significantly if she knew thmore thone of Garnier’s researanalysts supporteit.NePatel is a 66-year-olbillionaire who accumulatehis wealth starting a successful retail business. Wang scribes Patel cautious anconcerneabout the future. Patel is concerneabout protecting his assets anoften seeks aifrom those he perceives being more knowleeable thhimself. Patel exhibits low risk tolerance. Patel’s biases inclu enwment, loss aversion, anstatus quo. Patel incatethhis risk toleranwoulincrease significantly if he knew thinvestment hthe unanimous support of Garnier’s Private Wealth Investment Committee.There wone common observation thWang notein all three questionnaires: All three clients incateththey woulperceive a company with a googrowth recorangooprevious share priperformana gooinvestment.OnWang completes his annureview, he revises the investment polistatement for the client’s approval. After the client approves the revisepolistatement, the portfolio for the client will revieweto termine any necessary reallocations. Wang is limiteGarnier to the specific investment options thcplacein a client’s portfolio; only securities thare covereGarnier’s researanalysts anapprovethe Private Wealth Investment Committee cplacein a client’s portfolio. Garnier is confint thits analysts provi superior forecasts anratings because they use a Bayesiapproach. Garnier is also prouof its investment approvprocess. The Private Wealth Investment Committee regularly meets to scuss anbate easecurity anthen votes on whiwill approveWang is scheleto meet with his supervisor next week to scuss the results of his annureview anrecommenportfolio reallocations. Whiof the following behaviorbiases woulmost relevant in constructing a portfolio for Johnson?A.Home bias.B.Overconfince.C.Inertia anfault.A is correct.Home biis evint in Johnson’s questionnaire. Johnson hexpresseaversion to investing in non-US equities. Familiarity with their country mleinvestors to own high concentrations of mestic assets anignore the benefits of internationversification.J这个人已经说他sire non-us equity了，所以更应该说明他没有home bias啊
NO.PZ201511190100000403 问题如下 Whiof the following behaviorbiases woulmost relevant in constructing a portfolio for Johnson? A.Home bias. B.Overconfince. C.Inertia anfault. A is correct.Home biis evint in Johnson’s questionnaire. Johnson hexpresseaversion to investing in non-US equities. Familiarity with their country mleinvestors to own high concentrations of mestic assets anignore the benefits of internationversification. 只是因为greof confin= overconfince太简单了吗？我知道home bias是对的，但是overconfince不是也展现出来了，所以是emotion才判断出他是AA的吗？
NO.PZ201511190100000403 问题如下 Whiof the following behaviorbiases woulmost relevant in constructing a portfolio for Johnson? A.Home bias. B.Overconfince. C.Inertia anfault. A is correct.Home biis evint in Johnson’s questionnaire. Johnson hexpresseaversion to investing in non-US equities. Familiarity with their country mleinvestors to own high concentrations of mestic assets anignore the benefits of internationversification. 如题
NO.PZ201511190100000403 问题如下 Whiof the following behaviorbiases woulmost relevant in constructing a portfolio for Johnson? A.Home bias. B.Overconfince. C.Inertia anfault. A is correct.Home biis evint in Johnson’s questionnaire. Johnson hexpresseaversion to investing in non-US equities. Familiarity with their country mleinvestors to own high concentrations of mestic assets anignore the benefits of internationversification. J推断为AA，为什么不是overconfince
