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北欧神父 · 2024年06月25日

ACTIVIST和积极投资者

NO.PZ2023010903000044

问题如下:

The Cherry Street Foundation is a nonprofit institution who has experienced a significant increase in donations over the last several years. Consequently, Ellie Blumenstock, CFA, Cherry Street's founder, recently concluded that the time had come to hire a professional chief investment officer(CIO) to manage this large pool of assets. Today, Blumenstock is interviewing A.J. Gelormini,a portfolio manager with over two decades of experience, for the CIO role.

Before concluding the interview, Blumenstock mentions that she recently read several articles regarding shareholder engagement and activist investing strategies. She was particularly intrigued by the role of activists in advocating for the implementation of ESG standards at large companies. Blumenstock asks Gelormini if it would make sense for Cherry Street to participate in shareholder engagement activities or to commit to a firm that engages in activist investing, and, if so, what approach would make the most sense. Gelormini’s response included the following statements.

Statement 4: Plenty of activist managers focusing on ESG issues exist, and investing with one could make sense for Cherry Street. Managers of these strategies utilize the same tactics as more traditional activist investors because they both typically have shorter time horizons and take stakes in target companies greater than 10% of the target’s outstanding equity. Some of these tactics include proposing significant changes in corporate governance, seeking board representation and engaging in proxy contests.

Gelormini's comments about activists in Statement 4 are most likely incorrect because:

选项:

A.

activist investors typically have a longer time horizon

B.

ESG-focused activists use different processes and tactics than traditional activists

C.

activist investors typically take a stake of less than 10%

解释:

Activists typically aim to achieve their goals with smaller stakes in their target companies, usually with a less than 10% stake in the target's equity.

这两个分别是哪两部分的知识点,还有区别是什么呢

1 个答案
已采纳答案

笛子_品职助教 · 2024年06月26日

嗨,爱思考的PZer你好:


这两个分别是哪两部分的知识点,还有区别是什么呢

积极投资者,翻译为active investor,是指通过运用投资技巧,企图跑赢benchmark的投资者。

active 投资者会使用各种策略,来跑赢市场。

而activsit翻译为股东积极注意,是active中的一个策略,是指:投资者买入公司有一定持续经营能力,但公司治理不好的公司,然后对公司施加影响,迫使管理层改善公司治理,从而获利。

两者是包含关系,activist属于active中的一种。




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