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.
- Observation 2: The trading volume of the fund has decreased by more than 40 percent during the past year.
- Observation 3: The portfolio is more concentrated in a few sectors than in the past.
B: 他loss aversion 就将亏损的股票全部持有，好的股票都卖了，trading volume为什么会下降啊？不是应该不变或者上升吗？
C：亏的都留着在，那就是可能集中在某些行业，因为行业风险的原因一亏都亏，所以更集中
C应该是对的的呀 B是错的呀，求解
