开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

Lisa Li · 2020年05月10日

问一道题：NO.PZ2019012201000068 [ CFA III ]

  1. CFA III
  2. Equity

问题如下：

Hans Smith, an Albright portfolio manager, makes the following notes after examining these funds:

Note 2 The DoGood Fund invests in Fleeker Corporation stock, which is rated high in the ESG space, and Fleeker’s pension fund has a significant investment in the DoGood Fund. This dynamic has the potential for a conflict of interest on the part of Fleeker Corporation but not for the DoGood Fund.

Note 3 The DoGood Fund’s portfolio manager has written policies stating that the fund does not engage in shareholder activism. Therefore, the DoGood Fund may be a free-rider on the activism by these shareholders.

Which of the following notes about the DoGood Fund is correct?

选项：

A.

Only Note 2

B.

Only Note 3

C.

Both Note 2 and Note 3

解释：

because the fund becomes a free-rider if it allows other shareholders to engage in actions that benefit the fund, and therefore Note 3 is correct. In theory, some investors could benefit from the shareholder engagement of others under the so-called “free rider problem.” Specifically, assume that a portfolio manager using an active strategy actively engages with a company to improve its operations and was successful in increasing the company’s stock price. The manager’s actions in this case improved the value of his portfolio and also benefitted other investors that own the same stock in their portfolios. Those investors that did not participate in shareholder engagement benefit from improved performance but without the costs necessary for engagement.

Note 2 is incorrect because a conflict of interest arises on the part of the DoGood Fund if it owns shares of a company that invests in the fund. Conflicts of interest can result for a company. For example, a portfolio manager could engage with a company that also happens to be an investor in the manager’s portfolio. In such a situation, a portfolio manager may be unduly influenced to support the company’s management so as not to jeopardize the company’s investment mandate with the portfolio manager.

這題並不是太了解它的利益衝突是怎麼產生的？以及對於Fleeker來說 也有利益衝突的問題嗎？
添加评论
1 个答案

maggie_品职助教 · 2020年05月11日

嗨，爱思考的PZer你好：


NOTE2 说的是D基金投资F公司，同时F公司的养老金又投资了D基金，相当于你中有我我中有你即D基金管的钱有一部分是F公司养老金给我的，但是D基金投资回了F公司（因为F公司符合基金关于ESG的要求），因此双反存在潜在的利益冲突。打个比方F公司如果业绩下滑，那么它就会要求D基金增持F公司的股票以起到托市的效果，但是F公司股价下跌，D基金不应再投或是应该把它剔除，但是F是D 投资方如果D不投就会撤资（F公司的希望D在股票下跌时投资这是F的利益，D此时不应该再投这是D的利益，所以冲突了）。这个冲突是对双方同时出现的，不可能一方有冲突，一方没冲突。


-------------------------------
就算太阳没有迎着我们而来，我们正在朝着它而去，加油！


  • 1

    回答

  • 4

    关注

  • 899

    浏览
相关问题

NO.PZ2019012201000068 问题如下 Hans Smith, Albrightportfolio manager, makes the following notes after examining these fun:Note 2 The Goouninvests in Fleeker Corporation stock, whiis ratehigh in the ESGspace, anFleeker’s pension funha significant investment in the Gooun This namic hthe potentifor a confliof interest on the part ofFleeker Corporation but not for the GooFunNote 3 The Goouns portfolio manager hwritten policies stating ththe funes notengage in shareholr activism. Therefore, the GooFunma free-riron the activism these shareholrs.Whiof thefollowing notes about the GooFunis correct? A.Only Note 2 B.Only Note 3 C.Both Note 2 anNote 3 because the funecomes a free-rir if it allows other shareholrs to engage in actions thatbenefit the fun antherefore Note 3 is correct. In theory, some investorscoulbenefit from the shareholr engagement of others unr the so-callefree rir problem.” Specifically, assume tha portfolio manager using anactive strategy actively engages with a company to improve its operations ansuccessful in increasing the company’s stoprice. The manager’s actionsin this case improvethe value of his portfolio analso benefitteotherinvestors thown the same stoin their portfolios. Those investors thot participate in shareholr engagement benefit from improveperformanbutwithout the costs necessary for engagement.Note 2 isincorrebecause a confliof interest arises on the part of the GooFunf it owns shares of a company thinvests in the fun Conflicts of interestcresult for a company. For example, a portfolio manager coulengage with acompany thalso happens to investor in the manager’s portfolio. In sucha situation, a portfolio manager munly influenceto support the company’smanagement so not to jeoparze the company’s investment mante with theportfolio manager. No.PZ2019012201000068 (选择题)请问note3是什么意思？

2024-07-23 19:43 1 · 回答

NO.PZ2019012201000068 问题如下 Hans Smith, Albrightportfolio manager, makes the following notes after examining these fun:Note 2 The Goouninvests in Fleeker Corporation stock, whiis ratehigh in the ESGspace, anFleeker’s pension funha significant investment in the Gooun This namic hthe potentifor a confliof interest on the part ofFleeker Corporation but not for the GooFunNote 3 The Goouns portfolio manager hwritten policies stating ththe funes notengage in shareholr activism. Therefore, the GooFunma free-riron the activism these shareholrs.Whiof thefollowing notes about the GooFunis correct? A.Only Note 2 B.Only Note 3 C.Both Note 2 anNote 3 because the funecomes a free-rir if it allows other shareholrs to engage in actions thatbenefit the fun antherefore Note 3 is correct. In theory, some investorscoulbenefit from the shareholr engagement of others unr the so-callefree rir problem.” Specifically, assume tha portfolio manager using anactive strategy actively engages with a company to improve its operations ansuccessful in increasing the company’s stoprice. The manager’s actionsin this case improvethe value of his portfolio analso benefitteotherinvestors thown the same stoin their portfolios. Those investors thot participate in shareholr engagement benefit from improveperformanbutwithout the costs necessary for engagement.Note 2 isincorrebecause a confliof interest arises on the part of the GooFunf it owns shares of a company thinvests in the fun Conflicts of interestcresult for a company. For example, a portfolio manager coulengage with acompany thalso happens to investor in the manager’s portfolio. In sucha situation, a portfolio manager munly influenceto support the company’smanagement so not to jeoparze the company’s investment mante with theportfolio manager. 老师好！请问这道题中的利益冲突这个知识点是在基础班教材的哪个位置？谢谢

2024-05-08 08:41 1 · 回答

NO.PZ2019012201000068 问题如下 Hans Smith, Albrightportfolio manager, makes the following notes after examining these fun:Note 2 The Goouninvests in Fleeker Corporation stock, whiis ratehigh in the ESGspace, anFleeker’s pension funha significant investment in the Gooun This namic hthe potentifor a confliof interest on the part ofFleeker Corporation but not for the GooFunNote 3 The Goouns portfolio manager hwritten policies stating ththe funes notengage in shareholr activism. Therefore, the GooFunma free-riron the activism these shareholrs.Whiof thefollowing notes about the GooFunis correct? A.Only Note 2 B.Only Note 3 C.Both Note 2 anNote 3 because the funecomes a free-rir if it allows other shareholrs to engage in actions thatbenefit the fun antherefore Note 3 is correct. In theory, some investorscoulbenefit from the shareholr engagement of others unr the so-callefree rir problem.” Specifically, assume tha portfolio manager using anactive strategy actively engages with a company to improve its operations ansuccessful in increasing the company’s stoprice. The manager’s actionsin this case improvethe value of his portfolio analso benefitteotherinvestors thown the same stoin their portfolios. Those investors thot participate in shareholr engagement benefit from improveperformanbutwithout the costs necessary for engagement.Note 2 isincorrebecause a confliof interest arises on the part of the GooFunf it owns shares of a company thinvests in the fun Conflicts of interestcresult for a company. For example, a portfolio manager coulengage with acompany thalso happens to investor in the manager’s portfolio. In sucha situation, a portfolio manager munly influenceto support the company’smanagement so not to jeoparze the company’s investment mante with theportfolio manager. 字面意思是对的，不知道错在哪里了。

2024-03-31 21:42 1 · 回答

NO.PZ2019012201000068 问题如下 Hans Smith, Albrightportfolio manager, makes the following notes after examining these fun:Note 2 The Goouninvests in Fleeker Corporation stock, whiis ratehigh in the ESGspace, anFleeker’s pension funha significant investment in the Gooun This namic hthe potentifor a confliof interest on the part ofFleeker Corporation but not for the GooFunNote 3 The Goouns portfolio manager hwritten policies stating ththe funes notengage in shareholr activism. Therefore, the GooFunma free-riron the activism these shareholrs.Whiof thefollowing notes about the GooFunis correct? A.Only Note 2 B.Only Note 3 C.Both Note 2 anNote 3 because the funecomes a free-rir if it allows other shareholrs to engage in actions thatbenefit the fun antherefore Note 3 is correct. In theory, some investorscoulbenefit from the shareholr engagement of others unr the so-callefree rir problem.” Specifically, assume tha portfolio manager using anactive strategy actively engages with a company to improve its operations ansuccessful in increasing the company’s stoprice. The manager’s actionsin this case improvethe value of his portfolio analso benefitteotherinvestors thown the same stoin their portfolios. Those investors thot participate in shareholr engagement benefit from improveperformanbutwithout the costs necessary for engagement.Note 2 isincorrebecause a confliof interest arises on the part of the GooFunf it owns shares of a company thinvests in the fun Conflicts of interestcresult for a company. For example, a portfolio manager coulengage with acompany thalso happens to investor in the manager’s portfolio. In sucha situation, a portfolio manager munly influenceto support the company’smanagement so not to jeoparze the company’s investment mante with theportfolio manager. 请特别利益冲突那条

2024-01-16 09:56 1 · 回答

NO.PZ2019012201000068 问题如下 Hans Smith, Albrightportfolio manager, makes the following notes after examining these fun:Note 2 The Goouninvests in Fleeker Corporation stock, whiis ratehigh in the ESGspace, anFleeker’s pension funha significant investment in the Gooun This namic hthe potentifor a confliof interest on the part ofFleeker Corporation but not for the GooFunNote 3 The Goouns portfolio manager hwritten policies stating ththe funes notengage in shareholr activism. Therefore, the GooFunma free-riron the activism these shareholrs.Whiof thefollowing notes about the GooFunis correct? A.Only Note 2 B.Only Note 3 C.Both Note 2 anNote 3 because the funecomes a free-rir if it allows other shareholrs to engage in actions thatbenefit the fun antherefore Note 3 is correct. In theory, some investorscoulbenefit from the shareholr engagement of others unr the so-callefree rir problem.” Specifically, assume tha portfolio manager using anactive strategy actively engages with a company to improve its operations ansuccessful in increasing the company’s stoprice. The manager’s actionsin this case improvethe value of his portfolio analso benefitteotherinvestors thown the same stoin their portfolios. Those investors thot participate in shareholr engagement benefit from improveperformanbutwithout the costs necessary for engagement.Note 2 isincorrebecause a confliof interest arises on the part of the GooFunf it owns shares of a company thinvests in the fun Conflicts of interestcresult for a company. For example, a portfolio manager coulengage with acompany thalso happens to investor in the manager’s portfolio. In sucha situation, a portfolio manager munly influenceto support the company’smanagement so not to jeoparze the company’s investment mante with theportfolio manager. 本题目中只有基金存在利益冲突吗？公司不存在利益冲突吗？请举个例子说明。

2023-11-03 22:40 1 · 回答