麻烦解释一下potin 2为什么不对么？

NO.PZ202209060200004701问题如下Shrewsbury is least likely correon whipoint?A.Point 1B.Point 2C.Point 3SolutionB is correct. Shrewsbury is incorrewith regarto Point 2. Financing companies thaccumulate suassets loans a result of their unrlying business use As to structure their liabilities in a wthmatches the maturities of the assets. In this manner, the manager is seeking to minimize interest rate risk better matching the ration of assets anliabilities. With L, the liabilities are given anthe assets are managein a wthconsirs the structure of the liabilities, Shrewsbury correctly states in Point 1. L strategy requires ththe liabilities moleto measure their interest rate sensitivity, he correctly states in Point 3.A is incorrect. With L, the liabilities are given anthe assets are managein a wthconsirs the structure of the liabilities, Shrewsbury correctly states in Point 1. C is incorrect. L strategy requires ththe liabilities moleto measure their interest rate sensitivity, he correctly states in Point 3.Point 1: Life-insurancompanies anfinebenefit () pension schemes both use liability-iven investing (L), whiis a speciform of asset–liability management (ALM). In both cases, the liabilities are fineanassets are managein a wthconsirs the profile ancharacteristiof the liability.请，liab不是不确定的吗？谢谢

NO.PZ202209060200004701 问题如下 Rumson Shrewsbury anSan Silver are fielconsultants with Fair Haven Aisers, LLinvestment consultant firm specializing in fixeincome investing. They plto expantheir practito focus on suclients retirement schemes, insurancompanies, anothers threquire solutions to meet liability streams. They meet to scuss Fair Haven’s approato this new business segment, anShrewsbury makes the following points to Silver.Point 1: Life-insurancompanies anfinebenefit () pension schemes both use liability-iven investing (L), whiis a speciform of asset–liability management (ALM). In both cases, the liabilities are fineanassets are managein a wthconsirs the profile ancharacteristiof the liability. Point 2: Asset-iven liabilities (As), like L, are specicases of ALM. Financing companies accumulate assets a result of their unrlying business. They use As to structure their assets in a wthmatches the maturities of the liabilities. Point 3: L strategy requires estimating the amount antiming of cash outlays in orr to estimate the interest rate sensitivity of the liabilities. Silver tells Shrewsbury, “Managing fixeincome portfolios to meet obligations requires unrstanng of the nature of the liabilities. Clients with liability types suthose listein Exhibit 1 use yielstatistics, suMacaulay, mofieration, money rations, anthe present value of a basis point (PVBP), when implementing immunization strategies.” Exhibit 1 Classification of LiabilitiesShrewsbury respon, “Only Type I clients cmeasure the interest rate sensitivity of liabilities using yielstatistics. Those with Type II, III, anIV liabilities must use a curve ration statistisueffective ration, to estimate interest rate sensitivity.”Silver anShrewsbury begin scussing a client thsponsors a US plan. The client wants to immunize the liabilities suthchanges in interest rates unr various scenarios will not cause a terioration in funstatus. Key ta for the plassets anliabilities are proviin Exhibit 2. Silver’s forecast is thinterest rates will rise in a non-parallel fashion. In fact, he expects a besteepening of the curve inflation accelerates because of rising wages. Exhibit 2 fineBenefit PlCharacteristics*Projectebenefit obligation.Silver anShrewsbury continue their scussion regarng heing the economic anmarket risks for a plan. Shrewsbury explains thany heing progrcfall short of its objective owing to a number of risks. Silver believes they cuse various instruments to hee interest rate risk but thcertain risks cmore fficult to aress. He tells Silver, “One risk you fain heing the liabilities is ththe yielof high-quality bon is usein the scounting process, wheremost investment solutions use a more versifieanlower-quality portfolio of corporate bon. Conversely, you cfathe opposite problem, if you use Treasury futures or interest rate swaps to hee the liabilities.” Silver consirs alternatives to a cash bonportfolio for heing the liabilities because he is concernethtime passes anmarket contions change, the initially establisheheing progrmift from target levels. Some of his clients with plans are unrfunanhave interest rate hee ratios well below 100%. These clients experates to rise, anshoultheir view prove correct, the ration gwill improve funstatus. He believes these clients shoulleast consir a costless rivative position to protefrom rates falling further if their view is incorrewhile also increasing the hee ratio if rates rise. Shrewsbury knows thsome of his clients not favor active portfolio management strategies, particularly given their higher fee structures relative to passive strategies. He evaluates alternate ways to establish passive bonmarket exposure. His preferenis to seleinstrument thhees not only the interest rate component of the liability’s scount rate but also the cret component. The obligation shoulreferena corporate boninx but structurea synthetic securefinancing transaction. Question Shrewsbury is least likely correon whipoint? A.Point 1 B.Point 2 C.Point 3 SolutionB is correct. Shrewsbury is incorrewith regarto Point 2. Financing companies thaccumulate suassets loans a result of their unrlying business use As to structure their liabilities in a wthmatches the maturities of the assets. In this manner, the manager is seeking to minimize interest rate risk better matching the ration of assets anliabilities. With L, the liabilities are given anthe assets are managein a wthconsirs the structure of the liabilities, Shrewsbury correctly states in Point 1. L strategy requires ththe liabilities moleto measure their interest rate sensitivity, he correctly states in Point 3.A is incorrect. With L, the liabilities are given anthe assets are managein a wthconsirs the structure of the liabilities, Shrewsbury correctly states in Point 1. C is incorrect. L strategy requires ththe liabilities moleto measure their interest rate sensitivity, he correctly states in Point 3. Point 2: Asset-iven liabilities (As), like L, are specicases of ALM. Financing companies accumulate assets a result of their unrlying business. They use As to structure their assets in a wthmatches the maturities of the liabilities.finan公司应该是发了很多债务，所以需要asset来cover，所以也应该用L，对吗？

NO.PZ202209060200004701 问题如下 Shrewsbury is least likely correon whipoint? A.Point 1 B.Point 2 C.Point 3 SolutionB is correct. Shrewsbury is incorrewith regarto Point 2. Financing companies thaccumulate suassets loans a result of their unrlying business use As to structure their liabilities in a wthmatches the maturities of the assets. In this manner, the manager is seeking to minimize interest rate risk better matching the ration of assets anliabilities. With L, the liabilities are given anthe assets are managein a wthconsirs the structure of the liabilities, Shrewsbury correctly states in Point 1. L strategy requires ththe liabilities moleto measure their interest rate sensitivity, he correctly states in Point 3.A is incorrect. With L, the liabilities are given anthe assets are managein a wthconsirs the structure of the liabilities, Shrewsbury correctly states in Point 1. C is incorrect. L strategy requires ththe liabilities moleto measure their interest rate sensitivity, he correctly states in Point 3. 老师请详解下为啥point 2不对，谢谢！

NO.PZ202209060200004701问题如下Shrewsbury is least likely correon whipoint?A.Point 1B.Point 2C.Point 3SolutionB is correct. Shrewsbury is incorrewith regarto Point 2. Financing companies thaccumulate suassets loans a result of their unrlying business use As to structure their liabilities in a wthmatches the maturities of the assets. In this manner, the manager is seeking to minimize interest rate risk better matching the ration of assets anliabilities. With L, the liabilities are given anthe assets are managein a wthconsirs the structure of the liabilities, Shrewsbury correctly states in Point 1. L strategy requires ththe liabilities moleto measure their interest rate sensitivity, he correctly states in Point 3.A is incorrect. With L, the liabilities are given anthe assets are managein a wthconsirs the structure of the liabilities, Shrewsbury correctly states in Point 1. C is incorrect. L strategy requires ththe liabilities moleto measure their interest rate sensitivity, he correctly states in Point 3.寿险和都不是fine债吧？时间和现值都不确定…