Determine which one asset class in Alonso’s portfolio most closely resembles his current human capital. Justify your response with two reasons.
我的回答：Treasury bills most closely resembles his current human capital.
- Alonso plan to retire as soon as the 10-year contract, meaning his human capital will drop significantly to zero after 10 years and hence now the portion of his human capital accounts for a small portion of his total net worth, similar to treasury bills' 5% weight.
- Since the club owner gurantee his salary over the life of the contract, the certainty of payment is similar to T-bills, which assume to be no default.
标准答案：
A rated Corporate amortizing ABS
Alonso's human capital is bond-like, not equity-like, because of the fixed payments provided in his contract. His contract extends over 10 years, much longer than Treasury bill maturities. His contract is subject to the credit worthiness of the team owner. Such credit risk is similar to corporate securities credit risk, rather than to government credit risk.
Alonso's human capital will gradually deplete(as he works toward age 55), similar to the principal of corporate ABS securities and unlike government bonds
Although amortizing ABS payments are nottypically indexed for inflation (as Alonso's salaryis), the structure and payment stream of corporateamortizing ABS most closelyresemble his human capital, from among thechoices given.
答得牛头不对马嘴，这题目出的也太奇怪了
这是什么考点？今年有吗？
