问一道题：NO.PZ2019100901000014 [ CFA III ]

NO.PZ2019100901000014 问题如下 anna Mark is the chief financiofficer of Antiliaro, a relatively mature textile proction company heauarterein Italy. All of its revenues come from Europe, but the company is losing sales to its Asicompetitors. Earnings have been stea but not growing, anthe balansheet htaken on more in the past few years in orr to maintain liquity. Mark reviews the following facts concerning the company’s finebenefit () pension plan:●The plcurrently h€1 billion in assets anis unrfun€100 million in relation to the projectebenefit obligation (PBO) because of investment losses.●The company to te hma regulcontributions.●The average employee age is 50 years, anthe company hmany retirees owing to its longevity.●The ration of the plan’s liabilities (whiare all Europe base is 10 years.●The scount rate applieto these liabilities is 6%.●There is a high correlation between the operating results of Antiliaro anpension asset returns.termine whether the risk toleranof the plis below average or above average. Justify your response with two reasons. the plis below average 答案说这个pension用了一个aggressive 的 scount rate。请问这个aggressive 是怎么判断出来的？题目中给了ration of liability是10年，请问这个条件对risk toleran有影响么？

NO.PZ2019100901000014 问题如下 anna Mark is the chief financiofficer of Antiliaro, a relatively mature textile proction company heauarterein Italy. All of its revenues come from Europe, but the company is losing sales to its Asicompetitors. Earnings have been stea but not growing, anthe balansheet htaken on more in the past few years in orr to maintain liquity. Mark reviews the following facts concerning the company’s finebenefit () pension plan:●The plcurrently h€1 billion in assets anis unrfun€100 million in relation to the projectebenefit obligation (PBO) because of investment losses.●The company to te hma regulcontributions.●The average employee age is 50 years, anthe company hmany retirees owing to its longevity.●The ration of the plan’s liabilities (whiare all Europe base is 10 years.●The scount rate applieto these liabilities is 6%.●There is a high correlation between the operating results of Antiliaro anpension asset returns.termine whether the risk toleranof the plis below average or above average. Justify your response with two reasons. the plis below average NO.PZ2019100901000014问题如下anna Mark is the chief financiofficer of Antiliaro, a relatively mature textile proction company heauarterein Italy. All of its revenues come from Europe, but the company is losing sales to its Asicompetitors. Earnings have been stea but not growing, anthe balansheet htaken on more in the past few years in orr to maintain liquity. Mark reviews the following facts concerning the company’s finebenefit () pension plan:●The plcurrently h€1 billion in assets anis unrfun€100 million in relation to the projectebenefit obligation (PBO) because of investment losses.●The company to te hma regulcontributions.●The average employee age is 50 years, anthe company hmany retirees owing to its longevity.●The ration of the plan’s liabilities (whiare all Europe base is 10 years.●The scount rate applieto these liabilities is 6%.●There is a high correlation between the operating results of Antiliaro anpension asset returns.termine whether the risk toleranof the plis below average or above average. Justify your response with two reasons.the plis below average老师好，我的回答如下，请批改The risk toleranof the plis below average, because the plnow is unrfun€100 million in relation to the projectebenefit obligations. For plan, if the funstatus is unrfun then the risk toleranshoulmore prunt anbelow average. Besis, there is a high correlation between the operating results of Antiliaro anpension asset returns, therefore above average risk toleranis not appropriate. 这种回答能拿满分吗？谢谢

NO.PZ2019100901000014 问题如下 anna Mark is the chief financiofficer of Antiliaro, a relatively mature textile proction company heauarterein Italy. All of its revenues come from Europe, but the company is losing sales to its Asicompetitors. Earnings have been stea but not growing, anthe balansheet htaken on more in the past few years in orr to maintain liquity. Mark reviews the following facts concerning the company’s finebenefit () pension plan:●The plcurrently h€1 billion in assets anis unrfun€100 million in relation to the projectebenefit obligation (PBO) because of investment losses.●The company to te hma regulcontributions.●The average employee age is 50 years, anthe company hmany retirees owing to its longevity.●The ration of the plan’s liabilities (whiare all Europe base is 10 years.●The scount rate applieto these liabilities is 6%.●There is a high correlation between the operating results of Antiliaro anpension asset returns.termine whether the risk toleranof the plis below average or above average. Justify your response with two reasons. the plis below average below average.osing sales, Earnings have been stea but not growing, more bt, unrfun plan, employee age is 50 years, anthe company hmany retirees owing to its longevity. The ration of the plan’s liabilities is not long, The scount rate applieto these liabilities is high, high correlation between the operating results of Antiliaro anpension asset returns.

NO.PZ2019100901000014 问题如下 anna Mark is the chief financiofficer of Antiliaro, a relatively mature textile proction company heauarterein Italy. All of its revenues come from Europe, but the company is losing sales to its Asicompetitors. Earnings have been stea but not growing, anthe balansheet htaken on more in the past few years in orr to maintain liquity. Mark reviews the following facts concerning the company’s finebenefit () pension plan:●The plcurrently h€1 billion in assets anis unrfun€100 million in relation to the projectebenefit obligation (PBO) because of investment losses.●The company to te hma regulcontributions.●The average employee age is 50 years, anthe company hmany retirees owing to its longevity.●The ration of the plan’s liabilities (whiare all Europe base is 10 years.●The scount rate applieto these liabilities is 6%.●There is a high correlation between the operating results of Antiliaro anpension asset returns.termine whether the risk toleranof the plis below average or above average. Justify your response with two reasons. the plis below average 关于这道题可以答的点很多，都能证明是below averagethe risk toleranof the plis below average. because the earning of company hnot grown with less strong finance.the pension plis unrfune to investment losses, whibrings lower risk tolerance.the average employee age is 50 years, the pension asset neeenough liquity to meet future benefit payment, whimakes a lower risk tolerance.the other, a high correlation between the operating results of Antiliaro anpension asset returns makes risk toleranbelow average. 这样答可以不？

NO.PZ2019100901000014 问题如下 anna Mark is the chief financiofficer of Antiliaro, a relatively mature textile proction company heauarterein Italy. All of its revenues come from Europe, but the company is losing sales to its Asicompetitors. Earnings have been stea but not growing, anthe balansheet htaken on more in the past few years in orr to maintain liquity. Mark reviews the following facts concerning the company’s finebenefit () pension plan:●The plcurrently h€1 billion in assets anis unrfun€100 million in relation to the projectebenefit obligation (PBO) because of investment losses.●The company to te hma regulcontributions.●The average employee age is 50 years, anthe company hmany retirees owing to its longevity.●The ration of the plan’s liabilities (whiare all Europe base is 10 years.●The scount rate applieto these liabilities is 6%.●There is a high correlation between the operating results of Antiliaro anpension asset returns.termine whether the risk toleranof the plis below average or above average. Justify your response with two reasons. the plis below average It is below average. The average employee age is 50 years ol whimeans there are a lot of employees are going to retire soon, anthe liquity nee is high.The is unrfun 是不是得太少了？