能中文解释一下答案吗

NO.PZ202105270100000501 问题如下 Whiof the following statements ma Bar’s researassistant is correct? A.Statement 1 B.Statement 2 C.Statement 3 C is correct. Statement 3 is correct. long none of the factors usein a factor-baseVmol are rennt annone of the asset returns are completely terminethe common factors, there will not any portfolios therroneously appeto riskless. Therefore, a factor-baseVmatrix approamresult in some portfolios therroneously appeto riskless if any asset returns ccompletely terminethe common factors or some of the factors are rennt.A is incorrebecause shrinkage estimation of Vmatrices will increase the efficienof the estimates versus the sample Vmatrix, because its mesquareerror (MSE) will in genersmaller ththe MSE of the (unbiase sample Vmatrix. Efficienin this context means a smaller MSE. B is incorrebecause, although the proposeapproais not reliable, the reason is not ththe sample Vmatrix is biaseaninconsistent; on the contrary, it is unbiaseanconsistent. Rather, the estimate of the Vmatrix is not reliable because the number of observations is not least 10 times the number of assets (i.e., with 10 years of monthly return tthere are only 120 observations, but the rule of thumb suggests there shoulleast 200 observations for 20 asset classes).表述三是正确的。只要基于因素的风险现值模型中使用的所有因素都不是冗余的，而且没有任何资产回报完全由公共因素决定，就不会有任何投资组合错误地看起来是无风险的。因此，基于因子的VCV矩阵方法可能导致某些投资组合错误地看似无风险，如果任何资产收益完全由公共因子决定，或某些因子是多余的。A是错误的，因为相对于样本VCV矩阵，收缩估计VCV矩阵会增加估计的效率，因为其均方误差(MSE)一般会小于(无偏)样本VCV矩阵的MSE。在这种情况下，效率意味着较小的MSE。B是错误的，因为虽然所提出的方法是不可靠的，但原因不是样本VCV矩阵有偏差和不一致;相反，它是无偏的和一致的。相反,VCV矩阵的估计不可靠,因为观测的数量不满足至少10倍于资产数目的要求(例如,用十年的月度数据回测,只有120年的观察,但经验法则表明应该有至少200观察20资产类别)。 如果任何资产收益完全由公共因子决定，或某些因子是多余的。那么基于因子的VCV矩阵方法可能导致某些投资组合错误地被认为是无风险的。能解析一下这个中间推导过程吗1、为什么资产收益由完全由公共因子决定，那么基于因子的VCV矩阵方法可能导致某些投资组合错误地被认为是无风险的。2、为什么某些因子是多余的，那么基于因子的VCV矩阵方法可能导致某些投资组合错误地被认为是无风险的。

NO.PZ202105270100000501 问题如下 Juth Bar is a senior analyst for a company thspecializes in managing internationvelopeanemerging markets equities. Next week, Bar must present proposechanges to client portfolios to the Investment Committee, anshe is preparing a presentation to support the views unrlying her recommentions. Bar begins analyzing portfolio risk. She cis to forecast a variance– covarianmatrix (VCV) for 20 asset classes, using 10 years of monthly returns anincorporating both the sample statistianthe factor-mol metho. To mitigate the impaof estimation error, Bar is consiring combining the results of the two metho in alternative target Vmatrix, using shrinkage estimation. Bar asks her researassistant to comment on the two approaches anthe benefits of applying shrinkage estimation. The assistant makes the following statements: Statement 1 Shrinkage estimation of Vmatrices will crease the efficienof the estimates versus the sample Vmatrix. Statement 2 Your proposeapproafor estimating the Vmatrix will not reliable because a sample Vmatrix is biaseaninconsistent. Statement 3 A factor-baseVmatrix approamresult in some portfolios therroneously appeto riskless if any asset returns ccompletely terminethe common factors or some of the factors are rennt. Bar then uses the Singer–Terhamol anthe finshrinkage-estimateVmatrix to termine the equilibrium expecteequity returns for all internationasset classes country. Three of the markets unr consiration are locatein Country A (velopemarket), Country B (emerging market), anCountry C (emerging market). Bar projects thin relation to the globmarket, the equity market in Country A will remain highly integrate the equity market in Country B will become more segmente anthe equity market in Country C will become more fully integrate Next, Bar applies the GrinolKroner mol to estimate the expecteequity returns for the various markets unr consiration. For Country Bar assumes a very long-term corporate earnings growth rate of 4% per ye(equto the expectenominG growth rate), a 2% rate of net share repurchases for Country A’s equities, anexpansion rate for P/E multiples of 0.5% per year. In reviewing Countries B anBar’s researassistant comments themerging markets are especially risky owing to issues relateto politics, competition, anaccounting stanr. example, Bar anher assistant scuss the risk implications of the following information relateto Country Experiencing clining per capita income Expecteto continue its persistent current account ficit below 2% of G Transitioning to InternationFinanciReporting Stanr, with full convergenscheleto completewithin two yearsBar shifts her focus to currenexpectations relative to clients’ base currenansummarizes her assumptions in Exhibit 1. ring a conversation about Exhibit 1, Bar anher researassistant scuss the composition of eacountry’s currenportfolio anthe potentifor triggering a crisis. Bar notes thsome flows anholngs are more or less supportive of the currency, stating thinvestments in private equity make up the majority of CountryA’s currenportfolio, investments in public equity make up the majority of Country B’s currenportfolio, aninvestments in public make up the majority of Country C’s currenportfolio. Whiof the following statements ma Bar’s researassistant is correct? A.Statement 1 B.Statement 2 C.Statement 3 C is correct. Statement 3 is correct. long none of the factors usein a factor-baseVmol are rennt annone of the asset returns are completely terminethe common factors, there will not any portfolios therroneously appeto riskless. Therefore, a factor-baseVmatrix approamresult in some portfolios therroneously appeto riskless if any asset returns ccompletely terminethe common factors or some of the factors are rennt.A is incorrebecause shrinkage estimation of Vmatrices will increase the efficienof the estimates versus the sample Vmatrix, because its mesquareerror (MSE) will in genersmaller ththe MSE of the (unbiase sample Vmatrix. Efficienin this context means a smaller MSE. B is incorrebecause, although the proposeapproais not reliable, the reason is not ththe sample Vmatrix is biaseaninconsistent; on the contrary, it is unbiaseanconsistent. Rather, the estimate of the Vmatrix is not reliable because the number of observations is not least 10 times the number of assets (i.e., with 10 years of monthly return tthere are only 120 observations, but the rule of thumb suggests there shoulleast 200 observations for 20 asset classes).表述三是正确的。只要基于因素的风险现值模型中使用的所有因素都不是冗余的，而且没有任何资产回报完全由公共因素决定，就不会有任何投资组合错误地看起来是无风险的。因此，基于因子的VCV矩阵方法可能导致某些投资组合错误地看似无风险，如果任何资产收益完全由公共因子决定，或某些因子是多余的。A是错误的，因为相对于样本VCV矩阵，收缩估计VCV矩阵会增加估计的效率，因为其均方误差(MSE)一般会小于(无偏)样本VCV矩阵的MSE。在这种情况下，效率意味着较小的MSE。B是错误的，因为虽然所提出的方法是不可靠的，但原因不是样本VCV矩阵有偏差和不一致;相反，它是无偏的和一致的。相反,VCV矩阵的估计不可靠,因为观测的数量不满足至少10倍于资产数目的要求(例如,用十年的月度数据回测,只有120年的观察,但经验法则表明应该有至少200观察20资产类别)。 1.factor-basevcv和factor-mol-basevcv是同一个东西吗？2.框架图里面some portfolios therroneously appeto riskless是sample statistics（vcv）的缺点，题目里factor basevcv也有这个特点。那么这两者的关系是什么？

NO.PZ202105270100000501 问题如下 Whiof the following statements ma Bar’s researassistant is correct? A.Statement 1 B.Statement 2 C.Statement 3 C is correct. Statement 3 is correct. long none of the factors usein a factor-baseVmol are rennt annone of the asset returns are completely terminethe common factors, there will not any portfolios therroneously appeto riskless. Therefore, a factor-baseVmatrix approamresult in some portfolios therroneously appeto riskless if any asset returns ccompletely terminethe common factors or some of the factors are rennt.A is incorrebecause shrinkage estimation of Vmatrices will increase the efficienof the estimates versus the sample Vmatrix, because its mesquareerror (MSE) will in genersmaller ththe MSE of the (unbiase sample Vmatrix. Efficienin this context means a smaller MSE. B is incorrebecause, although the proposeapproais not reliable, the reason is not ththe sample Vmatrix is biaseaninconsistent; on the contrary, it is unbiaseanconsistent. Rather, the estimate of the Vmatrix is not reliable because the number of observations is not least 10 times the number of assets (i.e., with 10 years of monthly return tthere are only 120 observations, but the rule of thumb suggests there shoulleast 200 observations for 20 asset classes).表述三是正确的。只要基于因素的风险现值模型中使用的所有因素都不是冗余的，而且没有任何资产回报完全由公共因素决定，就不会有任何投资组合错误地看起来是无风险的。因此，基于因子的VCV矩阵方法可能导致某些投资组合错误地看似无风险，如果任何资产收益完全由公共因子决定，或某些因子是多余的。A是错误的，因为相对于样本VCV矩阵，收缩估计VCV矩阵会增加估计的效率，因为其均方误差(MSE)一般会小于(无偏)样本VCV矩阵的MSE。在这种情况下，效率意味着较小的MSE。B是错误的，因为虽然所提出的方法是不可靠的，但原因不是样本VCV矩阵有偏差和不一致;相反，它是无偏的和一致的。相反,VCV矩阵的估计不可靠,因为观测的数量不满足至少10倍于资产数目的要求(例如,用十年的月度数据回测,只有120年的观察,但经验法则表明应该有至少200观察20资产类别)。 看到助教有回复“只要基于因素的风险现值模型中使用的所有因素都不是多余的，而且没有任何资产回报完全由共同因素决定，那么投资组合就不会被错误地认为是无风险的。这是咱们讲义P201第一段的原话。”课程视频里老师有讲解这句话吗？在哪个视频哪个位置？谢谢。

NO.PZ202105270100000501 不仅仅是翻译原文，就是彻底一下statement3是想表达个什么意思