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shengjiban2004 · 2023年09月02日

cfaIIICME经典题

NO.PZ2020012102000003

问题如下:

Jo Akumba’s portfolio is invested in a range of developed markets fixed income securities. She asks her adviser about the possibility of diversifying her investments to include emerging and frontier markets government and corporate fixed income securities. Her adviser makes the following comment regarding risk:

“All emerging and frontier market fixed income securities pose economic, political and legal risk. Economic risks arise from the fact that emerging market countries have poor fiscal discipline, rely on foreign borrowing, have less diverse tax base and significant dependence on specific industries. They are susceptible to capital flight. Their ability to pay is limited. In addition, weak property rights, weak enforcement of contract laws and political instability pose hazard for emerging markets debt investors.”

Discuss the statement made.

解释:

The statement correctly identifes economic, political and legal risk. The adviser has correctly identifed some of the characteristics typically associated with emerging and frontier markets that may affect their governments’ and corporate borrowers’ ability and willingness to pay bondholders. However, the assertion that all emerging and frontier market fixed income securities pose such risk is incorrect, as many countries classifIed as “emerging” are considered to be healthy and prosperous economies.

解析:

这个说法明正确地识别了经济、政治和法律风险。这位顾问正确地识别出了一些通常与新兴市场和前沿市场相关的特征,这些特征可能会影响这些市场的政府和企业借款者向债券持有人支付利息的能力和意愿。然而,他说所有新兴市场和前沿市场的固定收益证券都构成这种风险是不正确的,因为许多被归类为“新兴”的国家,但其实是可以被被认为是健康和繁荣的经济体。

​请问这类问题属于典型的主观题考法么?如果是的话,回答思路是什么呢?(题目的答案感觉还是略开放的思路,有点摸不到回答思路)谢谢

1 个答案

源_品职助教 · 2023年09月04日

嗨,从没放弃的小努力你好:



本题是常规考法,它的理论依据是我们上课讲的一个点“新兴市场国家相比成熟市场多了很多风险,但是也不能把新兴市场国家一棒子都打死”

这个结论可以参考基础班讲义P137内容,所以其实只要考前记忆一下就好了。

不客气

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努力的时光都是限量版,加油!

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