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Ccooll · 2022年02月15日

请问A选项什么意思？

  1. CFA III
  2. Behavioral Finance

* 问题详情，请 查看题干

NO.PZ201511190100000302

问题如下：

Which of Tang’s observations is least likely to be the consequence of Jordan demonstrating loss-aversion bias?

选项：

A.

Observation 1.

B.

Observation 2.

C.

Observation 3.

解释：

C is correct.

Loss aversion by itself may cause a sector concentration; however, a market neutral strategy tends to focus on individual stocks without regard to the sector. The sector exposure would be mitigated with the balancing of the individual long and short positions.

position under water 是指现在的持仓太少了么

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1 个答案

王琛_品职助教 · 2022年02月16日

嗨，从没放弃的小努力你好：


1

Certain positions are significantly under water，可以理解为：组合中部分持仓的资产，已经大幅亏损，市场价值远低于成本

Observation 1 整体是在说 Loss aversion bias 的结果，就是持有亏损的资产 holding losers

2

underwater 的两个常见应用场景

场景一是针对期权 underwater stock options，看涨期权的执行价格，比股票的市场价值要高

场景二是针对抵押贷款 underwater mortgages，房屋的抵押贷款，超过了房屋的市场价值

比如房价泡沫的时候，你以 20% 的首付比例，购置了一个市价 100 万的房子，相当于贷款 80 万。结果泡沫破裂了，房价腰斩，现在只指 50 万了，但是你的贷款可还是 80 万啊！

3

所以购房者此时的状态，可谓：水深火热。水深 -> underwater

Investopedia 上面也有一个视频，比较形象，我截图如下

图片来源：https://www.investopedia.com/terms/u/underwater.asp

4

当然这道题并不是考查 underwater 的单词含义，主要是考查 Loss aversion bias 的结果，以上只是顺带和同学介绍一下怎么理解 underwater

这道题的核心，还是在于把握 Loss aversion bias 的结果哈，关于 underwater 了解一下即可

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

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