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落了一地 · 2021年10月08日

您好,三个小问题

* 问题详情,请 查看题干

NO.PZ201511190100000401

问题如下:

When advising his clients, Wang is least likely to:

选项:

A.

educate Perez on the benefits on portfolio diversification.

B.

limit Johnson’s role in the investment decision-making process.

C.

provide Patel with details like standard deviations and Sharpe ratios.

解释:

C is correct.

This would not be an effective way to advise Patel. Given Patel’s information, he is likely to be more receptive to “big picture” advice that does not dwell on details like standard deviations and Sharpe ratios. He is emotionally biased and providing excessive cognitive detail will lose his attention. He needs to be convinced of his advisor’s general philosophy first and then, as trust is gained, he will respond to advice and take action. (Patel is a Passive Preserver.)


1)这个问题中第三个人petal虽然说他risk tolerance是low,但又说他是创业的,所以收入是active的,所以不应该是AA么?这里是不是有点矛盾?那这种条件矛盾要怎么选择?


2)还有这个题目哪里暗示要用Pompian Behavior Model分析?为什么不能用BB&K Model?所以遇到这种分析客户的题目到底要用哪个模型分析?


3)这个问题中没有II,如果有II,那和FF要怎么区分?对于II需要提供什么建议?


谢谢

落了一地 · 2021年10月08日

第一小问再加一点,比如Johnson应该是AA,但又说他会听analyst的意见,分析师说好的股票他愿意承担更多风险,不是说明他愿意听别人意见么?AA不是overconfidence觉得自己最厉害么?所以这种的到底要怎么分析?

1 个答案

王琛_品职助教 · 2021年10月10日

嗨,从没放弃的小努力你好:


1)这个问题中第三个人petal虽然说他risk tolerance是low,但又说他是创业的,所以收入是active的,所以不应该是AA么?这里是不是有点矛盾?那这种条件矛盾要怎么选择?

2)还有这个题目哪里暗示要用Pompian Behavior Model分析?为什么不能用BB&K Model?所以遇到这种分析客户的题目到底要用哪个模型分析?

我把同学的前两问,放到一起回答了,因为是关联的

这道题我的理解是这样,首先从题干角度分析:关于 Patel 的描述,其实第二句和第三句,如果严格追溯,说的并不是 Pompian Behavior Model 中的 PP 的特点,而是 BB&K Model 中的 Guardian 的特点

请参考原版书 P114 表格 2 中的 Guardian 的特点描述。课后题的题干,几乎就是 Guardian 特点的简单改写

但是从课后题的角度出发,协会似乎是把 Guardian 和 PP 当成相同或相似的投资者类型了,请参考课后题第 10 题的解析:"Neilson would be classified as a guardian or passive-preserver investment type"

在介绍 BB&K Model 模型时,原版书只是一笔带过,并没有详细介绍:各种类型的投资者,顾问应该怎么建议;相反,大部分笔墨,都放在 Pompian Behavior Model 了

这里有一个背景,就是 2021 考纲中,行为金融学三个 Reading 原版书的参考书,作者都是这个模型的提出者 Michael M. Pompian

这道题从协会的解析来看,如果硬说,也能说的通,因为在 PP 的特点介绍中,虽然确实有提到获取财富的方式,是通过继承遗产、高薪,总之不是创业,但是前缀加了一个 many,即大部分的 PP 是满足这个特点的,只能说题目中的 Patel 是那另外的一小撮人吧

关于这道题,咱们只要把握好 PP 的建议方式即可,真题不会出成这样的,我们也没必要花太多时间精力在可能不太严谨的题干上哈

3)这个问题中没有II,如果有II,那和FF要怎么区分?对于II需要提供什么建议?

区分投资者分类时,思路都是从两个方面出发对比

第一个方面是投资者分类的三个主要区别,即:投资风格是主动还是被动、风险容忍度、主要偏差

第二个方面是投资者分类的特点

同学把 FF 的特点多熟悉一下,自然可以区分出不是 II 哈

可以做一下 R9 的课后题第 16 题,我个人偏见是考主观题概率不大,但是解析写的确实是考客观题的思路,解题思路请参考:https://class.pzacademy.com/qa/81755

关于 II 的建议方式:以尊重 II 智商的方式提出合理的建议 "presented in a way that respects their intelligence";和客户进行定期的教育讨论 "A good approach is to have regular educational discussions during client meetings."

4)第一小问再加一点,比如Johnson应该是AA,但又说他会听analyst的意见,分析师说好的股票他愿意承担更多风险,不是说明他愿意听别人意见么?AA不是overconfidence觉得自己最厉害么?所以这种的到底要怎么分析?

同学说的,其实是 R9 课后题第 5 题

这道题协会出的我也觉得不太好,题干之所以会那样说,其实想考查的,并不是关于 AA 客户如何建议或者是否会听分析师的建议,而是:Analyst Biases in Conducting Research

请参考:https://class.pzacademy.com/qa/85334

因为协会想考查某一个知识点,只能通过题干描述的关键词,让我们产生联想。只不过有时候题干的描述,可能会让我们想偏或者多想,这时我们只能建议,要么尽量往协会的出题角度想,要么就不要管那种题目

关于行为金融学的学习建议,从真题和课后题的题目来看,建议我们掌握好偏差和投资者分类,最经典的考法即可。有些有争议或者不那么严谨的题干,我们就不需要纠结哈,毕竟不像定量计算,一是一二是二

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