NO.PZ202212270100005102
问题如下：
Based on the fee schedules in Exhibit 1, the portfolio manager of which fund has the greatest incentive to assume additional risk to earn a higher investment management fee?
选项：
A.Red Grass
Blue Water
Yellow Wood
解释：
Correct Answer: A
Red Grass’s fee arrangement allows for unlimited performance-based fees on the upside and no negative consequences on the downside.
我也选的A。但还想进一步确认下，这里是不是因为Yellow中的激励包含负向激励，所以在yellow考虑要不要为了多拿carry而多承担一些风险时，她要多考虑下多承担风险导致的惩罚。而对于Red而言，她没太多顾虑，多承担风险对她来说不会有惩罚，所以red动机最强？
