问题如下图：
选项：
A. 
B. 
C. 
D. 
解释：
根据alfa的公式 =Rp-Rf - beta(Rm-Rf), Rm上行， Rm-Rf>0， 如果alfa 很大， 那么beta 应该是小于0， 如果>0， 不就越减越小了吗？
NO.PZ2016071602000007 问题如下 Assume tha hee funprovis a large positive alphThe functake leveragelong anshort positions in stocks. The market went up over the perio Baseon this information, A.If the funhnet positive betall of the alpha must come from the market. B.If the funhnet negative betpart of the alpha comes from the market. C.If the funhnet positive betpart of the alpha comes from the market. If the funhnet negative betall of the alpha must come from the market. C is correct. Because the market went up, a portfolio with positive beta will have part of its positive performane to the market effect. A portfolio with negative beta will have in part a negative performane to the market. Answer is incorrebecause the funmanager coulstill have generatesome of its alpha through jucious stopicking. Answers an are incorrebecause a negative beta combinewith a market going up shoulleto a negative, not positive, return. 如题
NO.PZ2016071602000007 问题如下 Assume tha hee funprovis a large positive alphThe functake leveragelong anshort positions in stocks. The market went up over the perio Baseon this information, A.If the funhnet positive betall of the alpha must come from the market. B.If the funhnet negative betpart of the alpha comes from the market. C.If the funhnet positive betpart of the alpha comes from the market. If the funhnet negative betall of the alpha must come from the market. C is correct. Because the market went up, a portfolio with positive beta will have part of its positive performane to the market effect. A portfolio with negative beta will have in part a negative performane to the market. Answer is incorrebecause the funmanager coulstill have generatesome of its alpha through jucious stopicking. Answers an are incorrebecause a negative beta combinewith a market going up shoulleto a negative, not positive, return. 老师这道题我仔细想了一下，是不是理解为基金经理获得的超额α收益的来源有两部分，一部分是asset allocation，即和大盘的股票构成一致，只是权重不同带来的超额收益。一部分是security selection个人选股技能带来的α。而这道题背景是市场出于went up的状态，所以如果基金的β是正的，那么一部分的超额收益α就是来源于市场部分，还有一部分可能是来自基金经理选股的能力。如果基金的β是负的，说明市场上涨，而你管理的基金的收益反而是下降的，但如果这个时候还存在超额收益α，那不可能是asset allocation获得的，只可能是基金经理选股技能所获得的。这样理解ok吗？
NO.PZ2016071602000007 问题如下 Assume tha hee funprovis a large positive alphThe functake leveragelong anshort positions in stocks. The market went up over the perio Baseon this information, A.If the funhnet positive betall of the alpha must come from the market. B.If the funhnet negative betpart of the alpha comes from the market. C.If the funhnet positive betpart of the alpha comes from the market. If the funhnet negative betall of the alpha must come from the market. C is correct. Because the market went up, a portfolio with positive beta will have part of its positive performane to the market effect. A portfolio with negative beta will have in part a negative performane to the market. Answer is incorrebecause the funmanager coulstill have generatesome of its alpha through jucious stopicking. Answers an are incorrebecause a negative beta combinewith a market going up shoulleto a negative, not positive, return. 解析说A portfolio with negative beta will have in part a negative performane to the market.我没理解，题干不是说市场现在是表现比较好，是 went up in the perio这时候你在获得negative的 alpha不就是你自己的问题了吗？A portfolio with negative beta will have in part a negative performane to manager ability才对吧
NO.PZ2016071602000007问题如下Assume tha hee funprovis a large positive alphThe functake leveragelong anshort positions in stocks. The market went up over the perio Baseon this information, A.If the funhnet positive betall of the alpha must come from the market. B.If the funhnet negative betpart of the alpha comes from the market. C.If the funhnet positive betpart of the alpha comes from the market. If the funhnet negative betall of the alpha must come from the market.C is correct. Because the market went up, a portfolio with positive beta will have part of its positive performane to the market effect. A portfolio with negative beta will have in part a negative performane to the market. Answer is incorrebecause the funmanager coulstill have generatesome of its alpha through jucious stopicking. Answers an are incorrebecause a negative beta combinewith a market going up shoulleto a negative, not positive, return.如果beta是负数 那超额收益不应该全是市场带来的吗？
怎么区分是parts还是all？ 还有怎么看是positive还是negative
