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加加大 · 2022年08月29日

为何B不对?

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NO.PZ202206210100000505

问题如下:

In the general comments about asset classes that Fox noted, the most accurate comment is the one regarding:

选项:

A.the overlap of sources of risk. B.emerging markets. C.the return premiums from asset classes.

解释:

SolutionC is correct. Asset classes should have a return premium based on an underlying market risk factor (e.g., beta) and not any underlying skill of the investor. Strategies, on the other hand, involve combinations of asset classes with the objective of earning a return based on investment skill.

C is correct. Asset classes should have a return premium based on an underlying market risk factor (e.g., beta) and not any underlying skill of the investor. Strategies, on the other hand, involve combinations of asset classes with the objective of earning a return based on investment skill.

A is incorrect. There will be overlap of sources of risk when asset classes are defined, e.g., US and non-US equities, or even US small and large cap equities will have some risks in common, but there should be as few common risk factors as possible, and they should have only modest correlations.

B is incorrect. Emerging markets equities should be considered a distinct asset class as they differ from other equities in terms of diversification potential, informational efficiency, corporate governance, taxation, and currency convertibility.

为何B不对?

1 个答案
已采纳答案

lynn_品职助教 · 2022年08月29日

嗨,努力学习的PZer你好:


题中B那句话的意思是global equity中可以单独分出emerging market equity这一类,也就是说,global equity是一个大类,里面可以分为比如US equity、non US developed equity、emerging market equity这样的三类。换而言之,我们不能只把global equities分为US与Non US,而在Non US中应该有单独的一类emerging market equity,也就是说,emerging market equity是作为单独一类,归属于global equity。

这句话确实很绕。

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