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moon · 2022年02月07日

请老师可以详细解释下这道题目马?谢谢

* 问题详情,请 查看题干

NO.PZ201812020100000306

问题如下:

The global bond benchmark in Exhibit 3 that is most appropriate for Kiest to use is the:

选项:

A.

Global Aggregate Index.

B.

Global High Yield Index.

C.

Global Aggregate GDP Weighted Index

解释:

C is correct.

Kiest has a young workforce and thus a long-term investment horizon. The Global Aggregate and Global Aggregate GDP Weighted Indexes have the highest durations (7.73 and 7.71, respectively) and would be appropriate for this group. Hudgens also wants to avoid the "bums" problem, however, which arises as a result of a market-cap-weighted portfolio increasing the weight of a particular issuer or sector that has increasing borrowings. The Global Aggregate Index is a market-cap-weighted index. As a result, the Global Aggregate GDP Weighted Index is the most appropriate selection for Kiest.

请老师可以详细解释下这道题目马?谢谢

1 个答案

pzqa015 · 2022年02月07日

嗨,从没放弃的小努力你好:


文中该说,soto的第三个计划是为Kiest公司的养老金直接投资broadly diversified global bonds,Kiest公司的员工很年轻,因此养老金的投资期很长,根据这个信息点,排除Global High Yield index。然后说H同学需要S同学帮助选一个benchmark,要避免bums problem,这是第二个信息点。

Bum problem是指用证券的市值做权重,比如一家公司的债务规模越大,那么它在组合中的权重越大,这样配权重显然是有问题的,债务规模大,则风险大,那么应该降低这家公司的权重而不是提高权重,用GDP 做权重可以避免用证券市值做权重带来的bum problem

Global Aggregate index用market cap weighted,显然会出现bum problem

Global Aggregate GDP与Global Aggregate index类似,但是用GDP做权重,所以,Gloable Aggregate GDP index是最合适的。

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