问题如下图：
选项：
A. 
B. 
C. 
解释：
请问这个题overvalued 和 undervalued有什么影响，答案没有看懂。
发亮_品职助教 · 2019年02月21日
这个题卖出债券的决策，完全由Overvalued和Undervalued来判断。因为Bond 1是Overvalued的，所以卖出Bond 1更好。
因为这个Foundation投资账户是免税账户，所以在卖出债券时，只用考虑债券是否被高估低估。不用考虑税的影响。
而一些题，投资者是缴税账户，卖出债券时不能仅仅看是否被高估，还要考虑税收的影响因素。
如本题题干的情况，假设是一个缴税账户，Bond 1虽然被高估，但是有400,000的Capital gain；卖出这个债券来满足500,000的现金流需要缴纳一笔税；
有可能缴纳的税比高估的程度还要高，卖出这个债券不划算；
反而对于Bond 2，有400,000的亏损，卖出该债券可以实现tax-loss harvesting能够抵税，同时满足500,000现金流需求。
所以如果是一个缴税账户，卖出Bond 2更划算。而一个免税账户，卖出bond 1更划算。
NO.PZ201812020100000106 问题如下 Cécileis a junior analyst for internationwealth management firm. Hersupervisor, Margit, asks Cécile to evaluate three fixeincome fun part ofthe firm’s globfixeincome offerings. Selectefinancita for the funAschel, Permot, anRosaiso are presentein Exhibit 1. In Cécile’sinitireview, she assumes ththere is no reinvestment income anththeyielcurve remains unchangeAfterfurther review of the composition of eaof the fun, Cécile makes thefollowing notes:Note1: Aschel is the only funof the three thuses leverage.Note2: Rosaiso is the only funof the three thhol a significant number ofbon with embeeoptions.Margitasks Cécile to analyze liability-basemantes for a meeting with VillashFountion. Villash Fountion is a tax-exempt client. Prior to the meeting,Cécile intifies whshe consirs to two key features of aliability-basemante.Feature1: It cminimize the risk of ficient cash inflows for a company.Feature2: It matches expecteliability payments with future projectecash inflows.Twoyears later, Margit learns thVillash Fountion nee $5 million incash to meet liabilities. She asks Cécile to analyze two bon for possibleliquition. Selecteta on the two bon are presentein Exhibit 2. Based on Exhibit 2, the optimstrategy to meet Villash Fountion’s cash nee is the sale of: 100% of Bon1. 100% of Bon2. 50% of Bon1 an50% of Bon2. A is correct. The optimstrategy for Villash is the sale of 100% of Bon1, whiPerreaux consirs to be overvalue Because Villash is a tax-exempt fountion, tconsirations are not relevant anPerreaux’s investment views ive her trang recommentions. 这个问题是关于这道题目的引申。Q1.卖掉bon, 如果要交税，是不是只要交capitgain t，和income t无关(投资收益应该与income tax无关？）？Q2.请老师看下这个公式是否正确？capittto pwith tloss harvesting=(realizegain -realizeloss)*capitgain t
NO.PZ201812020100000106 问题如下 Based on Exhibit 2, the optimstrategy to meet Villash Fountion’s cash nee is the sale of: 100% of Bon1. 100% of Bon2. 50% of Bon1 an50% of Bon2. A is correct. The optimstrategy for Villash is the sale of 100% of Bon1, whiPerreaux consirs to be overvalue Because Villash is a tax-exempt fountion, tconsirations are not relevant anPerreaux’s investment views ive her trang recommentions. 如果这是一个不免税的foun(按30%收税），是应该选B——100%bon还是选C——50% bon1 和50% bon2?
NO.PZ201812020100000106 问题如下 Based on Exhibit 2, the optimstrategy to meet Villash Fountion’s cash nee is the sale of: 100% of Bon1. 100% of Bon2. 50% of Bon1 an50% of Bon2. A is correct. The optimstrategy for Villash is the sale of 100% of Bon1, whiPerreaux consirs to be overvalue Because Villash is a tax-exempt fountion, tconsirations are not relevant anPerreaux’s investment views ive her trang recommentions. 怎么计算出来liquition的份额呢？
NO.PZ201812020100000106