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Cooljas · 2025年02月22日

每个选项可以再解释下吗?

NO.PZ2023091802000192

问题如下:

An asset management firm is planning to launch an open-end mutual fund. Risk managers at the firm are concerned about the potential impact of undesirable trading behaviors on the fund. Which of the following correctly identifies such an undesirable behavior and a potential negative impact of this behavior?

选项:

A.

Accepting large buy orders during market trading hours results in unfair treatment of other shareholders of the fund.

B.

Allowing frequent buying and selling by large investors could increase costs for all of the shareholders of the fund.

C.

Prohibiting fund managers from making personal trades in stocks held by the fund could reduce the fund’s returns.

D.

Directing portfolio trades to a brokerage firm that does not offer the mutual fund’s shares to its clients could increase reputational risk.

解释:

B is correct. Frequent buying and selling of fund shares can be done in an attempt at market timing and could increase costs to shareholders as the fund’s assets under management will change frequently and require more trading of underlying shares to handle redemptions and new purchases.

A is incorrect. Accepting large buy orders before the close of trading is a normal course of business. Accepting or changing orders after the close of trading (i.e. late trading) is an undesirable and potentially criminal behavior.

C is incorrect. Prohibiting managers from trading personally in stocks held by the fund reduces the potential for front running, which is when a trader buys or sells shares in a personal account before a large trade in the same direction by the fund. As such, it helps eliminate undesirable and illegal behavior.

D is incorrect. This avoids the problem of directed brokerage, another undesirable behavior.



1 个答案

李坏_品职助教 · 2025年02月22日

嗨,努力学习的PZer你好:


题目让你选出来不正常的交易行为,以及这种行为的后果。


A.在市场交易时间内接受大额买入订单会导致对基金其他股东的不公平待遇。

错误。市场交易时间进行大额买单,是正常行为。在当天收盘后再接受大额订单才是不正常的行为。


B.允许大投资者频繁买卖可能会增加所有基金股东的成本。

这个属于不正常的行为,而且的确会影响所有股东的交易成本,所以本题选B。


C.禁止基金经理交易该基金包含的股票,这个行为可能会降低基金的回报。

“禁止基金经理交易该基金包含的股票”这个行为是正常的风险防范措施,不是不正常行为。


D.将投资组合的交易委托给不销售基金份额的经纪公司,这可能会增加声誉风险。

这是正常行为,并不会有声誉风险,不选D。

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