NO.PZ202105270100000502
问题如下：
Based on expectations for changes in integration with the global market, all else being equal, the Singer–Terhaar model implies that Bader should shift capital from Country A to:
选项：
A.only Country B. B.only Country C. C.both Countries B and C.解释：
B is correct.
Bader expects the equity market in Country C (an emerging market) to become more fully integrated with the global market while Country A (a developed market) remains highly integrated. All else being equal, the Singer– Terhaar model implies that when a market becomes more globally integrated (segmented), its required return should decline (rise). As prices adjust to a lower (higher) required return, the market should deliver an even higher (lower) return than was previously expected or required by the market. Therefore, the allocation to markets that are moving toward integration should be increased. If a market is moving toward integration, its increased allocation will come at the expense of markets that are already highly integrated. This will typically entail a shift from developed markets to emerging markets.
Bader预计，C国(新兴市场)的股票市场将与全球市场更加全面地融合，而A国(发达市场)的股票市场仍将高度融合。在其他条件相同的情况下，Singer - Terhaar模型表明，当一个市场变得更加全球一体化(细分)时，其所需回报应该下降(上升)。当价格调整到一个更低(更高)的要求回报时，市场应该提供比先前预期或市场要求更高(更低)的回报。因此，应该增加对正在走向一体化的市场的配置。如果一个市场正在走向一体化，其配置的增加将以已经高度一体化的市场为代价。这需要从发达市场转向新兴市场。
integrated程度低，不是required return更高吗？那应该投新兴市场。C看表述，比A还integrated，用了fully这个词。那就应该投B啊？
然后答案后半段也看不懂，请老师解释一下：As prices adjust to a lower (higher) required return, the market should deliver an even higher (lower) return than was previously expected or required by the market. Therefore, the allocation to markets that are moving toward integration should be increased. If a market is moving toward integration, its increased allocation will come at the expense of markets that are already highly integrated.
