问一道题：NO.PZ2019093001000011

问题如下：

Which of the following is consistent with the expectation that exploiting a structural inefficiency is repeatable?

选项：

The inefficiency is a unique event that occurs infrequently.

The level of gross return is equal to the amount of transaction costs and expenses.

The aggregate value of all assets affected by the inefficiency is larger than the AUM of the manager and its competitors.

解释：

C is correct.

Given the amount of inefficient assets compared with the AUM of managers likely to exploit them provides some assurance that the inefficiency is repeatable. It would likely take some time for the inefficiency to converge to efficient valuation. The infrequent nature of the inefficiency and the zero marginal return suggest that the inefficiency is probably not worthwhile to pursue.

请问这道题的考点是什么？也请助教讲解一下解题思路，谢谢！

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星星_品职助教 · 2020年02月13日

同学你好，

这道题考察的是investment philosophy中，主动管理的基金经理认为市场是无效的，而structural inefficiency是导致无效的的两个原因之一。

题干问的是在哪一种情况下爱（基金经理）可以重复的通过这种structural inefficiency获利。

可以用排除法来做，A选项说这种无效只是偶然发生，所以无法重复利用这种无效获利。B选项说return和cost互相抵消了，所以也无法获利。C选项的意思是这种无效的影响的资产规模是非常大的，所以可以反复的通过这种无效获利。（如果无效的资产规模很小则可能利用一次后这种无效就消失了）

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NO.PZ2019093001000011 问题如下 Whiof the following is consistent with the expectation thexploiting a structurinefficienis repeatable? A.The inefficienis a unique event thoccurs infrequently. B.The level of gross return is equto the amount of transaction costs anexpenses. C.The aggregate value of all assets affectethe inefficienis larger ththe AUM of the manager anits competitors. C is correct. Given the amount of inefficient assets comparewith the AUM of managers likely to exploit them provis some assuranththe inefficienis repeatable. It woullikely take some time for the inefficiento converge to efficient valuation. The infrequent nature of the inefficienanthe zero marginreturn suggest ththe inefficienis probably not worthwhile to pursue. 可以通过排除法选出来，但是没找到基础班讲义原文对照。这是一个原文考点，还是一个根据structurinefficiency延伸理解的点？

2023-07-12 11:16 1 · 回答

老师，C为什么说要大于AUM和其他竞争者？考点我知道，C后半句没理解。谢谢

2020-04-06 17:32 1 · 回答

The level of gross return is equto the amount of transaction costs anexpenses. The aggregate value of all assets affectethe inefficienis larger ththe AUM of the manager anits competitors. C is correct. Given the amount of inefficient assets comparewith the AUM of managers likely to exploit them provis some assuranththe inefficienis repeatable. It woullikely take some time for the inefficiento converge to efficient valuation. The infrequent nature of the inefficienanthe zero marginreturn suggest ththe inefficienis probably not worthwhile to pursue. 请问这个考点重要吗？在讲义那一页哈

2020-03-18 11:16 1 · 回答

问一道题：NO.PZ2019093001000011

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