关于shortfall risk

NO.PZ2019100901000014问题如下anna Mark is the chief financiofficer of Antiliaro, a relatively mature textile proction company heauarterein Italy. All of its revenues come from Europe, but the company is losing sales to its Asicompetitors. Earnings have been stea but not growing, anthe balansheet htaken on more in the past few years in orr to maintain liquity. Mark reviews the following facts concerning the company’s finebenefit () pension plan:●The plcurrently h€1 billion in assets anis unrfun€100 million in relation to the projectebenefit obligation (PBO) because of investment losses.●The company to te hma regulcontributions.●The average employee age is 50 years, anthe company hmany retirees owing to its longevity.●The ration of the plan’s liabilities (whiare all Europe base is 10 years.●The scount rate applieto these liabilities is 6%.●There is a high correlation between the operating results of Antiliaro anpension asset returns.termine whether the risk toleranof the plis below average or above average. Justify your response with two reasons.the plis below average这个B plan不是已经unrfun嘛，同时公司未来可以contribute的也一定足够，所以不是应该冒更大的risk去获得更多return吗，我这样的理解问题在哪？

NO.PZ2019100901000014 问题如下 anna Mark is the chief financiofficer of Antiliaro, a relatively mature textile proction company heauarterein Italy. All of its revenues come from Europe, but the company is losing sales to its Asicompetitors. Earnings have been stea but not growing, anthe balansheet htaken on more in the past few years in orr to maintain liquity. Mark reviews the following facts concerning the company’s finebenefit () pension plan:●The plcurrently h€1 billion in assets anis unrfun€100 million in relation to the projectebenefit obligation (PBO) because of investment losses.●The company to te hma regulcontributions.●The average employee age is 50 years, anthe company hmany retirees owing to its longevity.●The ration of the plan’s liabilities (whiare all Europe base is 10 years.●The scount rate applieto these liabilities is 6%.●There is a high correlation between the operating results of Antiliaro anpension asset returns.termine whether the risk toleranof the plis below average or above average. Justify your response with two reasons. the plis below average The risk toleranof the plis below average.The plcurrently is currently unrfunanthe company to te hma regulcontributions.so the risk toleranis low.The average employee age is 50 years, anthe company hmany retirees owing to its longevity. So the liquity nee anthe risk toleranis low in orr to perpare the future payment.There is a high correlation between the operating results of Antiliaro anpension asset returns. Suhigh correlation tirgger the lower risk tolerance.

NO.PZ2019100901000014 问题如下 anna Mark is the chief financiofficer of Antiliaro, a relatively mature textile proction company heauarterein Italy. All of its revenues come from Europe, but the company is losing sales to its Asicompetitors. Earnings have been stea but not growing, anthe balansheet htaken on more in the past few years in orr to maintain liquity. Mark reviews the following facts concerning the company’s finebenefit () pension plan:●The plcurrently h€1 billion in assets anis unrfun€100 million in relation to the projectebenefit obligation (PBO) because of investment losses.●The company to te hma regulcontributions.●The average employee age is 50 years, anthe company hmany retirees owing to its longevity.●The ration of the plan’s liabilities (whiare all Europe base is 10 years.●The scount rate applieto these liabilities is 6%.●There is a high correlation between the operating results of Antiliaro anpension asset returns.termine whether the risk toleranof the plis below average or above average. Justify your response with two reasons. the plis below average The risk toleranof the plis below average.i.The average employee age is 50 years, anthe company hmany retirees owing to its longevity.So the pension funnee to pthe benefit in few years anprepare more to meet the liability e to the longevity.ii.The financisitutation is worsing becausse the balansheet htaken on more in the past few years in orr to maintain liquity.

NO.PZ2019100901000014 问题如下 anna Mark is the chief financiofficer of Antiliaro, a relatively mature textile proction company heauarterein Italy. All of its revenues come from Europe, but the company is losing sales to its Asicompetitors. Earnings have been stea but not growing, anthe balansheet htaken on more in the past few years in orr to maintain liquity. Mark reviews the following facts concerning the company’s finebenefit () pension plan:●The plcurrently h€1 billion in assets anis unrfun€100 million in relation to the projectebenefit obligation (PBO) because of investment losses.●The company to te hma regulcontributions.●The average employee age is 50 years, anthe company hmany retirees owing to its longevity.●The ration of the plan’s liabilities (whiare all Europe base is 10 years.●The scount rate applieto these liabilities is 6%.●There is a high correlation between the operating results of Antiliaro anpension asset returns.termine whether the risk toleranof the plis below average or above average. Justify your response with two reasons. the plis below average 答案说这个pension用了一个aggressive 的 scount rate。请问这个aggressive 是怎么判断出来的？题目中给了ration of liability是10年，请问这个条件对risk toleran有影响么？