NO.PZ201709270100000208
问题如下：
8. Should Honoré have estimated the models in Exhibit 1 and Exhibit 2 using probit or logit models instead of traditional regression analysis?
选项：
A.Both should be estimated with probit or logit models.
B.Neither should be estimated with probit or logit models.
C.Only the analysis in Exhibit 1 should be done with probit or logit models.
解释：
B is correct. Probit and logit models are used for models with qualitative dependent variables, such as models in which the dependent variable can have one of two discreet outcomes (i.e., 0 or 1). The analysis in the two exhibits are explaining security returns, which are continuous (not 0 or 1) variables.
Exhibit 2：.....establish whether bond market returns (proxied by returns of long-term US Treasuries) and stock market returns(proxied by returns of the S&P 500 Index) explain the returns of a portfolio of utility stocks being recommended to clients.
这句话的意思不是说，是否bond market returns和stock market returns可以解释什么什么吗？答案不就是要么能解释，要么不能解释吗？这个不是逻辑函数吗？
