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Lucrecia1004 · 2020年02月25日

问一道题:NO.PZ2018120301000062

问题如下:

Wang, a fixed-income analyst, wants to identify the bonds with the best relative value within the automobile sector by using the bottom-up strategy. According to Wang’s strategy, which of the following is correct?

选项:

A.

If two issuers have similar credit-related risks, buy bonds of the issuer with the higher spread.

B.

the analysis starts from formulating a view on major macroeconomic trends.

C.

Sector divisions used in the bottom-up approach are often broader than those used in the top-down approach.

解释:

A is correct.

考点:Top-down、bottom-up方法的辨析

解析:B选项描述的是Top-down approach;对于C选择,Sector divisions在Top-down approach中更加broader。讲义中的描述为:sector divisions used by a top-down investor are often broader than those used by a bottom-up investor.

为什么sector divisions used by a top-down investor are often broader than those used by a bottom-up investor?不是说bottom up的方法更加穷尽且互斥吗?

1 个答案

发亮_品职助教 · 2020年02月26日

嗨,爱思考的PZer你好:


“为什么sector divisions used by a top-down investor are often broader than those used by a bottom-up investor?不是说bottom up的方法更加穷尽且互斥吗?”


他这里Broader表达的意思是Top-down approach里,Sector division的包含的内容更广泛。

例如,Top-down approach里面,假设分析出来经济形势变好,债券的信用质量都变好,那他认为High-yield bond的表现会优于Investment-grade bond的表现;

所以,在这种Top-down的分析里,Sector division的划分,就是分为High-yield bond和Investment-grade bond,这就是以一个很大的概念作为划分。这个High-yield bond的概念能包含的内容非常广。所以Sector division used are broader.

而在Bottom-up的角度划分,是直接从公司入手,是从小概念开始划分,所以Sector division包含的范围很窄。

这是原版书的原句,有印象即可。


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