如题

问题如下：

Two analysts make the following statements about the transfer coefficient in the full fundamental law of active management:

• Analyst One says, “The transfer coefficient measures how well the realized returns correlate with the anticipated returns, adjusted for risk.”
• Analyst Two says, “The transfer coefficient measures how well the realized returns correlate with the active weights, adjusted for risk.”

选项：

A.

Only Analyst One is correct.

B.

Only Analyst Two is correct

C.

Neither analyst is correct.

解释：

The transfer coefficient measures how well the anticipated (ex-ante), risk adjusted returns correlate with the risk-adjusted active weights. This is also expressed in the equation for the transfer coefficient:

\[TC=COR({}^{{{\mu }_{i}}}/{}_{{{\sigma }_{i}}},\Delta {{w}_{i}}{{\sigma }_{i}})\]