开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

这个四月不太冷 · 2025年06月22日

还是不理解ABC选项

NO.PZ2024010506000002

问题如下:

Successful investor engagement tends to have the most positive impact:

选项:

A.on restructuring and financial policies.

B.on changes to remuneration policies.

C.within six months of the initial engagement contact.

解释:

CFA协会202442日官方勘误:将选项A. On abnormal financial returns替换为A. On restructuring and financial policies. 即该题修改为:

Successful investor engagement tends to have the most positive impact: (课后题#2)

A. On restructuring and financial policies.

B. On changes to remuneration policies.

C. Within six months of the initial engagement contact.

Correct Answer: A

One of the earliest articles to provide a detailed academic analysis of engagement impact is “Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes UK Focus Fund" (Becht et al. 2006), which looked at the early years of the Hermes Focus Fund business (launched in late 1998) and considered the first 41 investments by the fund. The authors studied the internal records of Focus Fund team activities and considered their impact in terms of delivering both change at the companies in question and returns for the investors. To assess this, the authors sought to identify engagement success by analyzing the objectives that were set for each engagement at the start. They found that most of the stated objectives were achieved, with a 65% success rate overall, with the greatest success in restructuring and financial policies and slightly less success with regard to board change.

最早提供参与影响详细学术分析的文章之一是《股东激活回报:来自Hermes UK Focus Fund临床研究的证据》(Becht等,2006年),该研究回顾了Hermes Focus Fund业务的早期年份(于1998年末启动),并考察了该基金的前41项投资。作者研究了Focus Fund团队活动的内部记录,并考虑了这些活动在实现公司变革和为投资者带来回报方面的影响。为了评估这一点,作者试图通过分析每次参与开始时设定的目标来识别参与成功。他们发现,大部分明确的目标都已实现,总体成功率为65%在重组和财务政策方面取得了最大的成功,而在董事会变动方面的成功略少。详见教材第358页。

还是不理解ABC选项,我记得课上讲要initial engagement,为什么选A呢

1 个答案

Carol文_品职助教 · 2025年06月22日

嗨,努力学习的PZer你好:


同学,你好。

首先建议你一定要看冲刺经典题课程,另外一定要看2025版的加餐课程,这道题在两个课程中都有。以下是2025版课程第六章水印版讲义的第19-20页。

该知识点来自 Becht et al. (2006) 关于 Hermes UK Focus Fund 的实证研究,是 ESG 课程中最早引用的经典研究之一,专门评估 engagement 成效。

正确理解 3 个选项的含义:

A. On restructuring and financial policies(正确)

  • 学术研究结果表明:在所有 engagement 类型中,公司重组(如拆分、并购)和财务政策(如资本结构调整)是最容易推动成功的。
  • 这是基于回顾性数据分析出来的“成功率最高的类型”。

B. On changes to remuneration policies(错误)

  • 研究发现:
  • 尽管薪酬问题(remuneration)是投资者最常参与的议题之一,但成功率最低。
  • 可能是因为这类问题高度敏感、公司抵抗大,容易引发矛盾或僵局。

C. Within six months of the initial engagement contact(错误但容易被误选)

  • 很多同学记得:“初次接触开始计时”,这没有错,但问题是:
  • 研究发现 engagement 通常在1.5年后才见效(来自另一篇文献 Dimson, Karakaş & Li, 2015)
  • 所以说“6个月内就成功”是不准确的,哪怕确实 engagement 的计时是从首次接触开始。

----------------------------------------------
加油吧,让我们一起遇见更好的自己!

  • 1

    回答
  • 0

    关注
  • 4

    浏览
相关问题

NO.PZ2024010506000002 问题如下 Successful investor engagement ten to have the most positive impact: A.on restructuring anfinancipolicies. B.on changes to remuneration policies. C.within six months of the initiengagement contact. CFA协会2024年4月2日官方勘误将A.On abnormfinancireturns替换为Onrestructuring anfinancipolicies. 即该题修改为Successfulinvestor engagement ten to have the most positive impact: (课后题#2) On restructuring anfinancipolicies. On changes to remuneration policies. Within six months of the initiengagement contact.CorreAnswer: AOne of the earliest articles to provi a taileacamic analysis ofengagement impais “Returns to Shareholr Activism: Evinfrom a ClinicalStu of the Hermes UK Focus Fun" (Becht et al. 2006), whilookeatthe early years of the Hermes Focus Funbusiness (launchein late 1998) anonsirethe first 41 investments the fun The authors stuethe internalrecor of Focus Funteactivities anconsiretheir impain terms oflivering both change the companies in question anreturns for theinvestors. To assess this, the authors sought to intify engagement success byanalyzing the objectives thwere set for eaengagement the start. Theyfounthmost of the stateobjectives were achieve with a 65% success rateoverall, with the greatest success in restructuring anfinancipoliciesanslightly less success with regarto boarchange. 最早提供参与影响详细学术分析的文章之一是《股东激活回报来自HermesUK Focus Fun床研究的证据》(Becht等,2006年),该研究回顾了Hermes Focus Fun务的早期年份(于1998年末启动),并考察了该基金的前41项投资。作者研究了Focus Fun队活动的内部记录,并考虑了这些活动在实现公司变革和为投资者带来回报方面的影响。为了评估这一点,作者试图通过分析每次参与开始时设定的目标来识别参与成功。他们发现,大部分明确的目标都已实现,总体成功率为65%,在重组和财务政策方面取得了最大的成功,而在董事会变动方面的成功略少。详见教材第358页。

2025-02-15 14:11 1 · 回答

错误 1 on后面没空格

2024-10-14 18:53 1 · 回答

NO.PZ2024010506000002 问题如下 Successful investor engagement ten to have the most positive impact: A.on restructuring anfinancipolicies. B.on changes to remuneration policies. C.within six months of the initiengagement contact. CFA协会2024年4月2日官方勘误将A.On abnormfinancireturns替换为Onrestructuring anfinancipolicies. 即该题修改为Successfulinvestor engagement ten to have the most positive impact: (课后题#2) On restructuring anfinancipolicies. On changes to remuneration policies. Within six months of the initiengagement contact.CorreAnswer: AOne of the earliest articles to provi a taileacamic analysis ofengagement impais “Returns to Shareholr Activism: Evinfrom a ClinicalStu of the Hermes UK Focus Fun" (Becht et al. 2006), whilookeatthe early years of the Hermes Focus Funbusiness (launchein late 1998) anonsirethe first 41 investments the fun The authors stuethe internalrecor of Focus Funteactivities anconsiretheir impain terms oflivering both change the companies in question anreturns for theinvestors. To assess this, the authors sought to intify engagement success byanalyzing the objectives thwere set for eaengagement the start. Theyfounthmost of the stateobjectives were achieve with a 65% success rateoverall, with the greatest success in restructuring anfinancipoliciesanslightly less success with regarto boarchange. 最早提供参与影响详细学术分析的文章之一是《股东激活回报来自HermesUK Focus Fun床研究的证据》(Becht等,2006年),该研究回顾了Hermes Focus Fun务的早期年份(于1998年末启动),并考察了该基金的前41项投资。作者研究了Focus Fun队活动的内部记录,并考虑了这些活动在实现公司变革和为投资者带来回报方面的影响。为了评估这一点,作者试图通过分析每次参与开始时设定的目标来识别参与成功。他们发现,大部分明确的目标都已实现,总体成功率为65%,在重组和财务政策方面取得了最大的成功,而在董事会变动方面的成功略少。详见教材第358页。 C的知识点在哪里

2024-09-01 17:11 1 · 回答