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

wosmomo · 2020年08月03日

问一道题：NO.PZ2018091705000055

  1. CFA III
  2. 个人IPS

问题如下：

John C. Hill, sole owner of JCH Equipment Leasing Co. (JCH), is evaluating a future sale of his company and approaches Mary Keller, a wealth adviser, for advice.

Statement 1:

Hill: I would like to sell JCH in three to five years and use the proceeds to fund my retirement. Up to this point. I have reinvested the majority of the profits back into the business and have not accumulated any meaningful wealth outside the business.

Keller: The first thing we need to consider is the cyclical nature of the equipment leasing industry. Although the economy is expending today, the stage of the business cycle three years from now is uncertain.

Identify what type of investment risk is being discussed by Hill and Keller (systematic or non-systematic) . Justify the choice.

选项：

解释：

Discussion 1 best describes systematic risk.

Systematic risk is the component of risk that cannot be eliminated by holding a well-diversified portfolio. Systematic risk includes macroeconomic factors such as unexpected changes in the level of real business activity and unexpected changes in the inflation rate. Given the cyclical nature of the equipment leasing business and 3 to 5 year target horizon to sell the company, Hill's concentrated position in JCH is exposed systematic risk.

这个说的是对一个行业的集中，看不出来分散效应，只能看出来这个人所有钱都放在一个行业里了，而且咨询师说这个行业未来几年啥样不知道了，都是针对的行业啊，为什么还是系统风险

添加评论
1 个答案

王暄_品职助教 · 2020年08月04日

嗨，爱思考的PZer你好：


  • Non-systematic risk是指这个公司受到的非系统性风险，比如公司的产品质量问题，或者公司在某个负债上违约所带来的问题。
  • 题中Keller说到的：“Although the economy is expending today, the stage of the business cycle three years from now is uncertain“，指的是大的宏观经济会影响到这个行业或公司，所以是systematic risk。
  • 主人公把大多的资产放在这个公司里，若是经济变差，很容易受到影响。

-------------------------------
虽然现在很辛苦，但努力过的感觉真的很好，加油！


  • 1

    回答

  • 1

    关注

  • 538

    浏览
相关问题

NO.PZ2018091705000055 scussion 1 best scribes systematic risk. Systematic risk is the component of risk thcannot eliminateholng a well-versifieportfolio. Systematic risk inclus macroeconomic factors suunexpectechanges in the level of rebusiness activity anunexpectechanges in the inflation rate. Given the cyclicnature of the equipment leasing business an3 to 5 yetarget horizon to sell the company, Hill's concentrateposition in Jis exposesystematic risk. 1、这两个人的对话应该是两种风险都提到了吧，第一个人已经意识到了资产过于集中的问题 2、系统性风险=市场风险，非系统性风险=流动性风险、信用风险等，可以这样理解么？

2021-09-27 14:58 1 · 回答

scussion 1 best scribes systematic risk. Systematic risk is the component of risk thcannot eliminateholng a well-versifieportfolio. Systematic risk inclus macroeconomic factors suunexpectechanges in the level of rebusiness activity anunexpectechanges in the inflation rate. Given the cyclicnature of the equipment leasing business an3 to 5 yetarget horizon to sell the company, Hill's concentrateposition in Jis exposesystematic risk. Keller是系统性风险我明白，可是Hill不是非系统性风险吗？

2020-09-09 10:44 1 · 回答

John Hill, sole owner of JEquipment Leasing Co. (JCH), is evaluating a future sale of his company anapproaches Mary Keller, a wealth aiser, for aice. Statement 1: Hill: I woullike to sell Jin three to five years anuse the procee to funmy retirement. Up to this point. I have reinvestethe majority of the profits bainto the business anhave not accumulateany meaningful wealth outsi the business. Keller: The first thing we neeto consir is the cyclicnature of the equipment leasing instry. Although the economy is expenng toy, the stage of the business cycle three years from now is uncertain. Intify whtype of investment risk is being scusseHill anKeller (systematic or non-systemati. Justify the choice. scussion 1 best scribes systematic risk. Systematic risk is the component of risk thcannot eliminateholng a well-versifieportfolio. Systematic risk inclus macroeconomic factors suunexpectechanges in the level of rebusiness activity anunexpectechanges in the inflation rate. Given the cyclicnature of the equipment leasing business an3 to 5 yetarget horizon to sell the company, Hill's concentrateposition in Jis exposesystematic risk. 他们的讨论包括sell Jin three to five years anuse the procee to funmy retirement. Up to this point. I have reinvestethe majority of the profits bainto the business  一直是在同一个行业中周转，后面也提到这个行业的周期性质，这不就是在讨论该行业的specific的非系统性风险吗？

2020-08-01 08:18 4 · 回答

John Hill, sole owner of JEquipment Leasing Co. (JCH), is evaluating a future sale of his company anapproaches Mary Keller, a wealth aiser, for aice. Statement 1: Hill: I woullike to sell Jin three to five years anuse the procee to funmy retirement. Up to this point. I have reinvestethe majority of the profits bainto the business anhave not accumulateany meaningful wealth outsi the business. Keller: The first thing we neeto consir is the cyclicnature of the equipment leasing instry. Although the economy is expenng toy, the stage of the business cycle three years from now is uncertain. Intify whtype of investment risk is being scusseHill anKeller (systematic or non-systemati. Justify the choice. scussion 1 best scribes systematic risk. Systematic risk is the component of risk thcannot eliminateholng a well-versifieportfolio. Systematic risk inclus macroeconomic factors suunexpectechanges in the level of rebusiness activity anunexpectechanges in the inflation rate. Given the cyclicnature of the equipment leasing business an3 to 5 yetarget horizon to sell the company, Hill's concentrateposition in Jis exposesystematic risk.  他们要考虑的是cyclicnature of the equipment leasing instry，也就是行业的情况。行业在三年以后的情况不确定，而经济目前是扩张的。那这样说的就是行业存在的风险。经济扩张，而这个行业不景气，那就可以通过分散化来降低风险，应该是非系统性风险呀？

2019-12-15 10:34 1 · 回答