哪里有Small siza relative company问题如下图：
Size
选项：
A. 
B. 
C. 
解释：
发亮_品职助教 · 2021年11月08日
嗨，从没放弃的小努力你好：
company size是在哪里体现的呢？
题干这句有提到Maglav是一个Small size pension plan:
Boulder tells Azarov that outsourcing offers small institutional investors, such as Maglav’s pension plan, the following three benefits......
不是说低于500million都是small吗？
对的，有个参考线是500 million（机构投资者）与 25million（个人投资者）。
但实际上这个标准不是绝对的，一般也不太会使用这个数据来判断是大机构还是小机构。
在机构IPS这门课里面（包含原版书内容），也没有利用Asset under management来判断是大机构还是小机构的问题，一般只是将上面这个线当做是一个佐证的数据，不是判断大小机构的绝对标准。要判断机构是大机构还是小机构，需要看题干的具体描述与措辞。
----------------------------------------------就算太阳没有迎着我们而来，我们正在朝着它而去，加油！
发亮_品职助教 · 2020年03月04日
嗨，爱思考的PZer你好：
题干在他俩对话的时候，有说Small size：
Boulder tells Azarov that outsourcing offers small institutional investors, such as Maglav’s pension plan, the following three benefits......
另外从他的Asset under management看，是25million，在机构投资者这里，属于Small size，分界线一般是25million，这个只是参考，不是Small size与Large size的绝对分界线。
-------------------------------加油吧，让我们一起遇见更好的自己！
S__ · 2021年11月07日
不是说低于500million都是small吗？ company size是在哪里体现的呢？
NO.PZ2019100901000004问题如下WilliAzarov is a portfolio manager for Westcome Investments, asset management firm. Azarov is preparing for meetings with two of Westcome’s clients anobtains the help of Jason Boulr, a junior analyst. The first meeting is with MaglInc., a rapiy growing US-basetechnology firm with a young workforanhigh employee turnover. Azarov rects Boulr to review the tails of Maglav’s finebenefit () pension plan. The plis overfunanhassets unr management of $25 million. Boulr makes the following two observations:Observation 1 Maglav’s shareholrs benefit from the plan’s overfunstatus.Observation 2 The funratio of Maglav’s plwill crease if employee turnover creases.Magloutsources the management of the pension plentirely to Westcome Investments. The fee structure requires Maglto compensate Westcome with a high base fee regaress of performance. Boulr tells Azarov thoutsourcing offers small institutioninvestors, suMaglav’s pension plan, the following three benefits:Benefit 1: Regulatory requirements are receBenefit 2: Conflicts of interest are eliminatefrom principal–agent issues.Benefit 3: Investors have access to a wir range of investment strategies through scale benefits.In the meeting with Maglav, Azarov scribes the investment approauseWestcome in managing the pension plan. The approais characterizea high allocation to alternative investments, significant active management, ana relianon outsourcing assets to other externasset managers. Azarov also explains thMaglav’s operating results have a low correlation with pension asset returns anththe investment strategy is affectethe faththe pension funassets are a small portion of Maglav’s market capitalization. Azarov states ththe plis subjeto the Employee Retirement Income Security Aof 1974 (ERISanfollows generally accepteaccounting principles, inclung Accounting Stanr Cofication (AS715, Compensation—Retirement Benefits.The risk toleranof Maglav’s pension plcbest characterizebeing:A.below average.B.average.C.above average.C is correct. The risk toleranfor Maglav’s finebenefit plis high anthus above average. Severfactors influenthe plsponsor’s ability to assume risk. For Maglav, the overfunstatus of the pension funallows the plto withstanmore volatility, anits small size relative to the company size implies greater risk tolerance. The low correlation of Maglav’s operating results with pension asset returns also results in greater risk tolerance. Finally, the workforcharacteristiimply greater risk tolerance. The younger workforincreases the ration of the plliabilities anenables the sponsor to take on more liquity risk. The high turnover of the workformeans fewer employees mveste recing the number of employees entitleto receive finebenefit payments. All these factors contribute to above average risk toleranfor Maglav’s finebenefit plan.这个是哪个知识点？为什么small relative to company size是更能够承受风险？
NO.PZ2019100901000004 老师当时讲课说如果是overfun话，投资反而是保守的，那么愿意承受的risk是小的，题目中的risk tolerance是不是指的是capacity啊？如果真题出现了我们都直接像基础讲义里讲的全部当做risk capacity来处理吧？
题干中哪里可以看到是比较高的turnover rate?
假设这家公司的确是OVERFUN但是呢，因为员工的TURNOVER降低，导致VESTING变多了以后，pension liability变大了，又或者plassets所投资的资产面临一些困境，导致net assets 大幅萎缩，那么这样的话，还能说这家公司的risk tolerance是above normal的嘛？