mark to model是什么

问题如下：

Which is not true of mark-to-model valuations?

选项：

A.Return volatility may be understated B.Returns may be smooth and overstated. C.A calibrated model will produce a reliable liquidation value.

解释：

C is correct. It is not true that a calibrated model will produce a reliable liquidation value in a mark-to-model valuation. The need to use a model for valuation arises when an asset is so illiquid that there are not reliable market values available. A model may reflect only an imperfect theoretical valuation, not a true liquidation value, should liquidation become necessary. The illiquid nature of alternative assets means that estimates, rather than observable transaction prices, may have been used for valuation purposes.A and B are not correct because they are both true statements.

题目问的是mark-to-model可能会产生的现象，就是基于模型的估计会产生平滑的效果，导致收益被高估，但是波动性会被低估，因此选A和B都对，C说它会产生一个可靠的清算价值，这是错误的，因为模型所估计的价值只是一个不完美的理论价值，并不是清算价值。