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albee · 2024年08月13日

B错在哪里了不太明白

  1. CFA I
  2. Quantitative

NO.PZ2023052302000011

问题如下：

An investment manager’s gross return is:

选项：

A.

an after-tax nominal, risk-adjusted return.

B.

the return earned by the manager prior to deduction of trading expenses.

C.

an often used measure of an investment manager’s skill because it does not include expenses related to management or administration.

解释：

C is correct. Gross returns are calculated on a pre-tax basis; trading expenses are accounted for in the computation of gross returns as they contribute directly to the returns earned by the manager. A is incorrect because investment managers’

gross returns are pre-tax and not adjusted for risk. B is incorrect because managers’ gross returns do reflect the deduction of trading expenses since they contribute directly to the return earned by the manager.

RT

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1 个答案

品职助教_七七 · 2024年08月13日

嗨，爱思考的PZer你好：


gross return是扣减完了trading expense后的return。所以B选项的prior to（在扣减之前）就是不对的。

gross return没有扣的是管理费。

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