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ariel · 2021年05月09日

equity,协会官网practice

题目Fund long–short fund seeks to profit from the market inefficiencies that may arise as a result of such corporate events as asset divestitures, mergers and acquisitions, special dividend payments, and share repurchases. The fund utilizes software that searches news sources to identify target companies that are then analyzed by the firm’s analysts.


The analysts made the following points about the potential investments that Fund B might undertake. The fund should be interested in

  • investing in the shares of a potential acquirer, even in a consolidating industry;
  • taking a control position in a distressed selling at a deep discount to its intrinsic value; and
  • .

问题:Q. In the analysts’ discussion about Fund potential investments, the point that is most accurate relates to:

  1. reorganization opportunities.
  2. positions in distressed companies.
  3. acquisitions in a consolidating industry.


可以解释一下这道题吗,答案没看懂。



2 个答案

maggie_品职助教 · 2021年05月10日

嗨,爱思考的PZer你好:


首先这道题考察的是三种主动投资策略的辨析:我们需要先根据题干给出的信息判断三个小点点分别代表哪种策略,请看下面我在每个小点后面的标注。然后根据FUNDB的信息判断它属于下列哪种策略。

(1)investing in the shares of a potential acquirer, even in a consolidating industry; (Event-driven strategies

(2)taking a control position in a distressed selling at a deep discount to its intrinsic value;(Restructuring and Distressed Investing

(3)using its expertise to make long-term investments involving companies in reorganization. (Deep-Value Investing

判断是哪种策略主要看关键词:

Event-driven strategies:这个策略利用的是市场中各种各样事件造成的市场无效的机会进行套利(教材原文:Event-driven strategies exploit market inefficiencies that may occur around corporate events)。能造成市场无效的事件如并购、利润公告、宣告重组、股份回购、特殊股息和资产剥离等。我们在一级就学过套利,套利机会往往是转瞬即逝的,这种策略就是要抓住市场这种暂时的定价不合理而赚取差价。因此,这种策略下基金经理是不会对股票进行深入分析的。

而题干说FUNDB: seeks to profit from the market inefficiencies that may arise as a result of such corporate events as asset divestitures, mergers and acquisitions, special dividend payments, and share repurchases. 所以这道题选acquisitions in a consolidating industry。

 

不管是Restructuring and Distressed Investing还是Deep-Value Investing都是基于价值的策略,说明这两种策略都是要基于深度分析一种长期投资策略。而市场无效(market inefficiencies)是转瞬即逝的。


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努力的时光都是限量版,加油!

maggie_品职助教 · 2021年05月09日

嗨,爱思考的PZer你好:


同学,你的题目没有截全(第三个小点不显示),另外 请把这道题的解析也一并发给我。我们没有官网权限,所以看不到这道题。谢谢配合。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

ariel · 2021年05月09日

题目中缺的部分: using its expertise to make long-term investments involving companies in reorganization.

ariel · 2021年05月09日

C is correct. Fund B fund seeks to profit from the market inefficiencies that may arise as a result of corporate events. It can hold either long or short positions in the acquiring and target companies as appropriate to produce a profitable position.

ariel · 2021年05月09日

(续)This would be true even in consolidating industries as long as it believed that a market inefficiency existed. A is incorrect because Fund B fund seeks to profit from the market inefficiencies that may arise as a result of corporate events.

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