NO.PZ2015120601000030
问题如下：
Which flow-of-funds indicator is considered bearish for equities?
选项：
A.A large increase in the number of IPOs.
B.Higher-than-average cash balances in mutual funds.
C.An upturn in margin debt but one that is still below the long-term average.
解释：
A is correct.
A large increase in the number of IPOs increases the supply of equity and if overall demand remains the same, puts downward pressure on equities. Also, companies tend to issue shares of equity when the managers believe they will receive a premium price, which is also an indicator of a market top.
公募基金一般买入后要求尽快把现金按照IPS购买资产，只有当基金经理非常不看好后市的前提下，才会持有现金的。答案给的逻辑没懂，如果市刚筹集到新的资金，还可能是看涨后市的指标。请老师解答一下。
