问一道题：NO.PZ2018031301000003 [ CFA III ]

答案判断及提示不正确 主观题是不是可以不用写公式啊。我直接写计算结果可以吗。

答案判断及提示不正确 主观题是不是可以不用写公式啊。我直接写计算结果可以吗。

NO.PZ2018031301000003问题如下John Tomb is investment aisor asset management firm. Heis veloping asset allocation for James Youngmall, a client of the firm.Tomb consirs two possible allocations for Youngmall. Allocation A consists offour asset classes: cash, US bon, US equities, anglobequities.Allocation B inclus these same four asset classes, well globbon.Youngmall ha relatively low risk toleranwith a risk aversion coefficient(λ) of 7. Tomb runs mean–varianoptimization (MVO) to maximize the followingutility function to termine the preferreallocation for Youngmall: Um= E(R)- 0.005λσm2The resulting MVO statistifor the two asset allocations arepresentein Exhibit 1.terminewhiallocation in Exhibit 1 Tomb shoulrecommento Youngmall. Justify yourresponse. Tomb shoulecommenAllocation B.The expecteutility of Allocation B is 1.89%, whiishigher thAllocation A’s expecteutility of 1.74%.MVO provis a framework to termine how mutoallocate to eaasset class or to create the optimasset mix. The givenobjective function is:Um= E(R)- 0.005λσm2Using the given objectivefunction anthe expectereturns anexpectestanrviations for AllocationsA anthe expecteutilities (certainty equivalent returns) for the twoallocations are calculateas:Allocation 6.7% – 0.005 (7) (11.9%)2 =1.74%Allocation 5.9% – 0.005 (7) (10.7%)2 =1.89%Therefore, Tomb shoulrecommenAllocation B because itresults in higher expecteutility thAllocation A.关于代入百分号的问题如果考到主观题，写公式以解析中的公式为准，将百分号%当作一个单位来理解。计算时不要带入百分号%，即按照这个公式来计算6.7 - 0.005 × 7 × 11.92 计算的结果后面直接加上%。 如上，直接用小数计算的话

NO.PZ2018031301000003 问题如下 John Tomb is investment aisor asset management firm. Heis veloping asset allocation for James Youngmall, a client of the firm.Tomb consirs two possible allocations for Youngmall. Allocation A consists offour asset classes: cash, US bon, US equities, anglobequities.Allocation B inclus these same four asset classes, well globbon.Youngmall ha relatively low risk toleranwith a risk aversion coefficient(λ) of 7. Tomb runs mean–varianoptimization (MVO) to maximize the followingutility function to termine the preferreallocation for Youngmall: Um= E(R)- 0.005λσm2The resulting MVO statistifor the two asset allocations arepresentein Exhibit 1.terminewhiallocation in Exhibit 1 Tomb shoulrecommento Youngmall. Justify yourresponse. Tomb shoulecommenAllocation B.The expecteutility of Allocation B is 1.89%, whiishigher thAllocation A’s expecteutility of 1.74%.MVO provis a framework to termine how mutoallocate to eaasset class or to create the optimasset mix. The givenobjective function is:Um= E(R)- 0.005λσm2Using the given objectivefunction anthe expectereturns anexpectestanrviations for AllocationsA anthe expecteutilities (certainty equivalent returns) for the twoallocations are calculateas:Allocation 6.7% – 0.005 (7) (11.9%)2 =1.74%Allocation 5.9% – 0.005 (7) (10.7%)2 =1.89%Therefore, Tomb shoulrecommenAllocation B because itresults in higher expecteutility thAllocation A.关于代入百分号的问题如果考到主观题，写公式以解析中的公式为准，将百分号%当作一个单位来理解。计算时不要带入百分号%，即按照这个公式来计算6.7 - 0.005 × 7 × 11.92 计算的结果后面直接加上%。 关于计算题，列出计算过程，有几个疑惑1.计算公式是要列出公式、例如预期收益率E(r)，还是只要列出数字、例如6.7%即可？2.计算过程中涉及到公式，比如填写分数，需要填写分子/分母、有上下分隔符；比如平方、需要右上角的上标；比如乘法，是否可以用*星号代替？文本框里怎么编辑公式？3.本题如果按照下述作答是否可以？感觉平方就写个^2，好像不是很规范啊Utility A = 6.7%-0.5 *7 *0.119^2=1.743%Utility B = 5.9%-0.5 *7 * 0.107^2=1.8929%sinutility of B is larger thutility A,to maximize utility we shoulchoose allocation B

NO.PZ2018031301000003 问题如下 John Tomb is investment aisor asset management firm. Heis veloping asset allocation for James Youngmall, a client of the firm.Tomb consirs two possible allocations for Youngmall. Allocation A consists offour asset classes: cash, US bon, US equities, anglobequities.Allocation B inclus these same four asset classes, well globbon.Youngmall ha relatively low risk toleranwith a risk aversion coefficient(λ) of 7. Tomb runs mean–varianoptimization (MVO) to maximize the followingutility function to termine the preferreallocation for Youngmall: Um= E(R)- 0.005λσm2The resulting MVO statistifor the two asset allocations arepresentein Exhibit 1.terminewhiallocation in Exhibit 1 Tomb shoulrecommento Youngmall. Justify yourresponse. Tomb shoulecommenAllocation B.The expecteutility of Allocation B is 1.89%, whiishigher thAllocation A’s expecteutility of 1.74%.MVO provis a framework to termine how mutoallocate to eaasset class or to create the optimasset mix. The givenobjective function is:Um= E(R)- 0.005λσm2Using the given objectivefunction anthe expectereturns anexpectestanrviations for AllocationsA anthe expecteutilities (certainty equivalent returns) for the twoallocations are calculateas:Allocation 6.7% – 0.005 (7) (11.9%)2 =1.74%Allocation 5.9% – 0.005 (7) (10.7%)2 =1.89%Therefore, Tomb shoulrecommenAllocation B because itresults in higher expecteutility thAllocation A.关于代入百分号的问题如果考到主观题，写公式以解析中的公式为准，将百分号%当作一个单位来理解。计算时不要带入百分号%，即按照这个公式来计算6.7 - 0.005 × 7 × 11.92 计算的结果后面直接加上%。 直接写结果