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必过50 · 2022年08月03日

题干的意思麻烦老师解读一下

NO.PZ2022052301000004

问题如下:

Amelia Montgomery, Philly’s analyst responsible for covering the consumer discretionary sector, attended an investor briefing with the management team for Cole & Garn. Philly’s investment committee is particularly interest in Cole & Garn since the stock is held in many of the portfolios they manage.

Montgomery informs the committee that company management provided a favorable summary of the previous year and offered ambitious guidance for future earnings. She reminds the group that management is susceptible to behavioral biases and that they tend to be overconfident with an inclination to overestimate the likelihood of favorable outcomes. She felt that the best way to deal with management biases was to maintain a disciplined and systematic research approach.

Remembering her days as a junior analyst, Yang cautioned that discounting management’s comments and guidance could be problematic and detrimental to performance.

Who is most likely correct concerning how to deal with the ambitious earnings guidance and the behavioral biases of Cole & Gam’s management team?

选项:

A.

Yang

B.

Montgomery

C.

Neither Montgomery nor Yang

解释:

Montgomery is correct.

The best way to deal with Cole & Gam’s cognitive biases regarding the interpretation of information is by maintaining a disciplined and systematic approach. Focusing on metrics and comparable data rather than what is descriptive or unverifiable, can assist forecast accuracy and consistency of approach across research.

我的理解是他们过度自信,过度自信应该是怎么处理更好?

1 个答案

王琛_品职助教 · 2022年08月04日

嗨,爱思考的PZer你好:


1

这道题的题目来源是 MOCK-2017-PM-10

考查的知识点是「行为金融和分析师预测」中的第二点:对公司管理层分析的影响 "Influence of Company’s Management on Analysis"

背景是:Montgomery 告诉投资委员会,公司管理层对前一年的情况进行了有利的总结,并对未来的收益提供了非常积极的判断 "offered ambitious guidance for future earnings"

2

接着是 Montgomery 和 Yang 两位分析师,对于公司管理层可能出现的行为偏差对分析影响的判断,两个人的判断是对立的

Yang 说,对管理层的评论和指导打折扣可能是有问题的,对业绩不利

言下之意,就是管理层说什么我们就听什么,不需要做审慎的评估和分析

所以这个说法是不对的

3

而 Montgomery 则提醒大家,管理层很容易受到行为偏差的影响,他们往往过于自信,倾向于高估有利结果的可能性

所以应对管理层可能有的偏差,最好的办法,就是通过保持严谨和系统的方法

其实这道 MOCK 题的考法比较僵硬,直接考查的是原版书的原文

4

原版书在介绍时,提到公司管理层也容易受到行为偏差的影响,主要介绍了几个偏差

最后原版书总结到:分析师可以通过保持严谨和系统的方法,处理信息解释中的认知偏差

"Analysts can best deal with cognitive biases in the interpretation of information by maintaining a disciplined and systematic approach."

所以 MOCK 题的题干关键词,考查的就是原版书的这句正文,咱们了解一下即可,不用太纠结哈

讲义中也有总结,请参考基础班讲义 P120

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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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2023-07-05 16:42 2 · 回答