怎么理解呢

问题如下：

The most appropriate response to Boylan’s question about the twins’ relative allocation to high-grade bonds is that, when compared with Jason’s, the proportion in Janice’s investment portfolio should be:

选项：

A.lower. B.the same. C.higher.

解释：

Solution

C is correct. Janice is a stockbroker specializing in medical technology, and her human capital is, therefore, highly correlated with stock market returns. She should balance this risk by having greater exposure to financial assets that are less risky (i.e., high-grade government bonds). Jason’s human capital is less correlated with stock market returns; in addition, his future pension income arising from a defined-benefit plan is quite stable. His optimal portfolio should have a greater allocation to the stock market than Janice.

A is incorrect. Janice’s human capital is more stock like while Jason’s human capital and pension income, which is more stable, is more “bond-like”: to reduce correlation, Janice should hold proportionally more bonds than Jason.

B is incorrect. Asset allocation decisions in financial assets should take into account the correlations of human capital with market returns. Because Janice’s human capital is more stock-like than Jason’s, she should hold a greater proportion of government bonds.