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lemmon · 2021年04月29日

标准答案要写多长？我写两句简短的话可以拿满分吗？

  1. CFA III
  2. Capital Market Expectations

NO.PZ2020012102000007

问题如下：

Describe the main issues that arise when conducting historical analysis of real estate returns.

选项：

解释：

Properties trade infrequently so there is no data on simultaneous periodic transaction prices for a selection of properties. Analysis therefore relies on appraisals. Secondly, each property is different, it is said to be heterogenous. The returns calculated from appraisals represent weighted averages of unobservable returns. Published return series is too smooth and the sample volatility understates the true volatility of returns. It also distorts estimates of correlations.

解析:房地产交易不频繁，因此没有选择房地产的同时定期交易价格的数据。因此，分析依赖于评价。其次，每个属性都是不同的，它被称为异质的。从估价中计算出的收益是不可观察到的收益的加权平均数。公布的收益序列过于平滑，样本波动率低估了收益的真实波动率。它还扭曲了对相关性的估计。

标准答案通常都非日常冗长。请大神指导，以下两句为例的解答可否拿满分。


Real estate market has infrequent trading, thus there are no same period transaction prices.


Real estate market returns are based on appraisal data, as the result the returned are smoothed. It also distort correlations.

添加评论
Marina_0122 · 2021年05月28日

要加个低估了volatility吧

2 个答案

源_品职助教 · 2021年05月28日

嗨，努力学习的PZer你好：



同学，加上去这么一条自然OK。

预祝考试顺利~


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虽然现在很辛苦，但努力过的感觉真的很好，加油！

源_品职助教 · 2021年04月29日

嗨，从没放弃的小努力你好：


对于考试，关键不是写多长，而是在于答题点有没有都覆盖到。没门科目和每种题型的解答模板不仅相同。我们正在做类似的总结工作。

就本题而言，我觉得同学写的还是可以的。但是有一个关键词你们有写到， heterogenous.。如果把特异性写上就更好了。

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努力的时光都是限量版，加油！

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