怎么区分PRE TRADE 和 PRICE TARGET

NO.PZ202110280100000401 问题如下 Intify the likely appropriate pribenchmark for theLIM tra. Justify your response. Apre-tra benchmark is a referenprithis known before the start of the periover whitrang will take place. For example, pre-tra benchmarks inclu cisionprice, previous close, opening price, anarrivprice. A pre-tra benchmarkis often specifieportfolio managers who are buying or selling securitieson the basis of cision prices. In this case, Braey’s target prihbeenset baseon his valuation principles before the opening, wherewaiting forthe other benchmarks inputs woulresult in the perceiveopportunityexpiring before it coulexploiteForBraey anhis trar, two of these pre-tra benchmarks are potentiallyappropriate. Those are either the cision price, whiwthe priwhenBraey ma the cision to buy or sell the security, or the arrivprice,whiis the priof the security the time the orr is entereinto themarket for execution. Portfolio managers who are buying or selling on the basisof alpha expectations or a current market mispricing will often specify anarrivpribenchmark. 根据Although focuseon long-term value, Nwill exploit temporary mispricing，和fair value 28llar的句子，这不就是seeking short term alpha并设置了pribenchmark吗？并且课件中给出的例子也是认为当前市场价格比分析师认为的价值低了0.5，因此把20.5的价值设为了benchmark price。

NO.PZ202110280100000401 问题如下 Intify the likely appropriate pribenchmark for theLIM tra. Justify your response. Apre-tra benchmark is a referenprithis known before the start of the periover whitrang will take place. For example, pre-tra benchmarks inclu cisionprice, previous close, opening price, anarrivprice. A pre-tra benchmarkis often specifieportfolio managers who are buying or selling securitieson the basis of cision prices. In this case, Braey’s target prihbeenset baseon his valuation principles before the opening, wherewaiting forthe other benchmarks inputs woulresult in the perceiveopportunityexpiring before it coulexploiteForBraey anhis trar, two of these pre-tra benchmarks are potentiallyappropriate. Those are either the cision price, whiwthe priwhenBraey ma the cision to buy or sell the security, or the arrivprice,whiis the priof the security the time the orr is entereinto themarket for execution. Portfolio managers who are buying or selling on the basisof alpha expectations or a current market mispricing will often specify anarrivpribenchmark. pritarget的 不是用在判断fair value的时候选择的benchmark吗？题目不是已经出现了 高估 fair value的题眼了吗？这个价格就是 target price啊，我们卖订单，肯定要比这个小，但是越接近这个价格不就赚的越多吗？为啥选pre呢？ 没看出来为啥要选pre

NO.PZ202110280100000401 问题如下 Intify the likely appropriate pribenchmark for theLIM tra. Justify your response. Apre-tra benchmark is a referenprithis known before the start of the periover whitrang will take place. For example, pre-tra benchmarks inclu cisionprice, previous close, opening price, anarrivprice. A pre-tra benchmarkis often specifieportfolio managers who are buying or selling securitieson the basis of cision prices. In this case, Braey’s target prihbeenset baseon his valuation principles before the opening, wherewaiting forthe other benchmarks inputs woulresult in the perceiveopportunityexpiring before it coulexploiteForBraey anhis trar, two of these pre-tra benchmarks are potentiallyappropriate. Those are either the cision price, whiwthe priwhenBraey ma the cision to buy or sell the security, or the arrivprice,whiis the priof the security the time the orr is entereinto themarket for execution. Portfolio managers who are buying or selling on the basisof alpha expectations or a current market mispricing will often specify anarrivpribenchmark. 老师您好，关于这道题我看李老师讲的是pritarget适用于长期，但是讲义里又写这是寻找短期alpha，这个不矛盾么？怎么理解呢？