问题如下:
3. Based on Ostermann‘s views regarding active currency management, the percentage of currency exposure in her discretionary accounts that is hedged is most likely:
选项:
A.0%.
B.50%.
C.100%.
解释:
A is correct.
Guten believes that, due to efficient currency markets, there should not be any long-run gains for speculating (or active management) in currencies, especially after netting out management and transaction costs. Therefore, both currency hedging and actively trading currencies represent a cost to the portfolio with little prospect of consistently positive active returns. Given a long investment horizon and few immediate liquidity needs, Guten is most likely to choose to forgo currency hedging and its associated costs.
B and C are incorrect because given a long investment horizon and little immediate liquidity needs, Guten is most likely to choose to forgo currency hedging and its associated costs. Guten believes that due to efficient currency markets there should not be any long-run gains when speculating in currencies, especially after netting out management and transaction costs.
老师好,答案中的"Given a long investment horizon and few immediate liquidity needs",这个信息从哪里看出来的啊、?