问一道题：NO.PZ2018091706000060

问题如下：

 Charles Hollingsworth is an investment strategist at Drawbridge Asset Partners (Drawbridge), an international investment firm. He is meeting with equity analyst Andrew Gillibrand and fixed-income analyst Eliana Navarro to discuss new investment opportunities and the economic factors they should consider as they make their investment selections.

Hollingsworth begins the meeting with the following statement:

"Before we look at new investment opportunities, I want to review some prior transactions. A few months ago, Drawbridge entered into a carry trade in a set of currencies. This morning, we were unfortunately forced to close out the position at a sizable loss as a result of unexpected market volatility."

The primary factor that was most likely the cause of Drawbridge's outcome in its carry trade was:

选项：

flight to safety 

leverage 

stop-loss orders 

解释：

The primary reason for crash risks is related to the fact that carry trades are leveraged: The low-yield currency is borrowed, with proceeds invested in the high-yield currency. The leverage magnifies the effect of losses and gains relative to the investors' equity base. In low-volatility markets, investors can become complacent and allow positions to grow large in a search for yield. This crowded positioning tends to unwind rapidly when a market shock occurs because many traders try to exit their positions almost simultaneously before the leverage effects wipe out their equity. Stop-loss orders are triggered, and given the market uncertainty, there is a flight to safety that further increases demand for the low-yield currency.

解析：崩盘风险的主要原因与套利交易杠杆化相关联:低收益货币是借入的，而收益投资于高收益货币。杠杆放大了相对于投资者权益基础的损益效应。在波动性较低的市场，投资者可能会变得过于自信，为了寻求收益而允许头寸大幅增加。当市场震荡发生时，这类头寸往往会迅速平仓，因为许多交易员试图在杠杆效应抹去他们的股本之前退出头寸。所以B选项是最根本的原因。

当止损指令被触发时，鉴于市场的不确定性，投资者纷纷转向安全资产，从而进一步增加了对低收益货币的需求。所以A、C选项只是表现，不入选。