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

v2.1 · 2020年11月08日

问一道题:NO.PZ2019100901000006

问题如下:

Azarov’s second meeting is with John Spintop, chief investment officer of the Wolf University Endowment Fund (the Fund). Spintop hired Westcome to assist in developing a new investment policy to present to the Fund’s board of directors. The Fund, which has assets under management of $200 million, has an overall objective of maintaining long-term purchasing power while providing needed financial support to Wolf University. During the meeting, Spintop states that the Fund has an annual spending policy of paying out 4% of the Fund’s three-year rolling asset value to Wolf University, and the Fund’s risk tolerance should consider the following three liability characteristics:

Characteristic 1 The Fund has easy access to debt markets.

Characteristic 2 The Fund supports 10% of Wolf University’s annual budget.

Characteristic 3 The Fund receives significant annual inflows from gifts and donations.

The risk tolerance of the Wolf University Endowment Fund can be best characterized as:

选项:

A.

below average.

B.

average.

C.

above average.

解释:

C is correct.

The risk tolerance of the Wolf University Endowment Fund is above average since endowments that support a small percentage of the university’s operating budget (10% in this case) should be able to tolerate more market, credit, and liquidity risk. In addition, the Fund’s ability to access debt markets, especially during periods of market stress, increases the level of risk the endowment can accept in its investments. Finally, because of the significant inflows from gifts and donations, the effective spending rate will be lower than the annual spending policy of paying out 4% of the Fund’s three-year rolling asset value. Thus, the Fund can rely less on investment returns to generate the income stream needed to support the university and can accept higher-risk investments.

请问怎么评判10%是高还是低呢?

1 个答案
已采纳答案

发亮_品职助教 · 2020年11月09日

嗨,努力学习的PZer你好:


“请问怎么评判10%是高还是低呢?”


我们原版书举例是:Endowment支持大学开支40%-50%,就属于比较多的情况了。所以可以判断10%属于比较小的情况。


但一般情况下,像Characteristics 2这种数据,一般是2个Endowment相对比较的,比如Endowment A他是支持大学开支的10%,Endowment B他是支持大学开支的20%,那我们就可以判断出,Endowment A支持的比较少,所以其他条件相同时,Endowment A可以承担的风险更大。一般情况下,这个信息是这么比较的。



我们这道题,他是综合Characteristics 1/2/3,这三条信息共同判断出来的这个Endowment他是Above average的Risk tolerance;

首先就是,我们一定能从Characterisitcs 1/3判断出来这个Endowment是Above average的Risk tolerance,所以我们可以推断出来支持大学开支的10%属于比较小的,如果10%属于很多的话,我们知道Characteristics 2是使得Endowment是Below average的Risk tolerance,那显然不可能,因为会和Characterisitcs 1/3产生冲突,无法选择出Endowment的风险承受能力。这种出现冲突的情况,我们也很难判断谁的影响更大,那ABC就都有可能是正确答案了。所以一般我们考试基本不会出现这种冲突的情况。

注意,我们的考试,他基本上是可以选出Abover/below average的,基本不会出现Average这种情况。



 


-------------------------------
加油吧,让我们一起遇见更好的自己!


  • 1

    回答
  • 0

    关注
  • 700

    浏览
相关问题

NO.PZ2019100901000006问题如下Azarov’s seconmeeting is with John Spintop, chief investment officer of the Wolf University Enwment Fun(the Fun. Spintop hireWestcome to assist in veloping a new investment polito present to the Funs boarof rectors. The Fun whihassets unr management of $200 million, hoverall objective of maintaining long-term purchasing power while proving neefinancisupport to Wolf University. ring the meeting, Spintop states ththe Funhannuspenng poliof paying out 4% of the Funs three-yerolling asset value to Wolf University, anthe Funs risk toleranshoulconsir the following three liability characteristics:Characteristic 1 The Funheasy access to markets.Characteristic 2 The Funsupports 10% of Wolf University’s annubuet.Characteristic 3 The Funreceives significant annuinflows from gifts annations.The risk toleranof the Wolf University Enwment Funcbest characterizeas:A.below average.B.average.C.above average.C is correct. The risk toleranof the Wolf University Enwment Funis above average sinenwments thsupport a small percentage of the university’s operating buet (10% in this case) shoulable to tolerate more market, cret, anliquity risk. In aition, the Funs ability to access markets, especially ring perio of market stress, increases the level of risk the enwment caccept in its investments. Finally, because of the significant inflows from gifts annations, the effective spenng rate will lower ththe annuspenng poliof paying out 4% of the Funs three-yerolling asset value. Thus, the Funcrely less on investment returns to generate the income streneeto support the university ancaccept higher-risk investments.题目里面说基金每年的现金流主要依靠捐赠,但捐赠不是强制的,如果断了,靠举债增加现金流,不是一个负面因素吗?

2023-05-11 09:58 1 · 回答

Funhannuspenng poliof paying out 4% of the Funs three-yerolling asset value to Wolf University. 请问这句话具体是怎么理解呢? Funs three-yerolling asset value是指什么?

2020-02-24 14:29 1 · 回答

4%的没看懂?接近债务市场什么意思?另外有什么分界点证明10%低?

2020-01-09 21:02 1 · 回答

这里的10%是因为低,所以导致风险容忍度高于平均值对吗?还是10%高导致的?

2020-01-04 16:43 1 · 回答