粉红豹 · 2020年01月03日
* 问题详情，请 查看题干
问题如下：
Which of the following behavioral biases would be most relevant in constructing a portfolio for Johnson?
选项：
A.Home bias.
B.Overconfidence.
C.Inertia and default.
解释：
A is correct.
Home bias is evident in Johnson’s questionnaire. Johnson has expressed an aversion to investing in non-US equities. Familiarity with their country may lead investors to own high concentrations of domestic assets and ignore the benefits of international diversification.
老师，这道题目做对了，但是想请教下相关的知识点。谢谢
企鹅_品职助教 · 2020年01月09日
B选项overconfidence指的是过度自信，主要分为self-attribution和illusion of knowlege。self-attribution指的是把成功归于自己，把错误推给别人。illusion of knowlege指的是觉得自己很懂。自己是某一方面的专家。overconfidence是一个很重要的知识点，这个知识点的相关讲义在基础班94-96页。
C选项Inertia and default 惯性和默认。
Inertia和status quo 懒得动是一致的。比如，DC plan中，投资者在年轻的时候要多投股票少投债券，随着年龄的增长，他们应该把portfoilo中股票的占比减少，债券增加。但是由于他们懒得去改变，就维持了原有的投资。
Inertia会导致投资者直接接受默认的选项，也就是default。比如，DC plan（或其他投资）中，一开始有个默认选项，一般都是短期的风险小投资回报率低的，需要投资者自己去改成长期的或高风险但是投资回报率高的。但是如果投资者懒得去改，就只能一直收到低的回报率了。
这个知识点的相关讲义在基础班135页。
NO.PZ201511190100000403 问题如下 Whiof the following behaviorbiases woulmost relevant in constructing a portfolio for Johnson? A.Home bias. B.Overconfince. C.Inertia anfault. A is correct.Home biis evint in Johnson’s questionnaire. Johnson hexpresseaversion to investing in non-US equities. Familiarity with their country mleinvestors to own high concentrations of mestic assets anignore the benefits of internationversification. 如题
NO.PZ201511190100000403问题如下 IWang, CFis a financiaisor Garnier Brothers, a US money management firm. He became a financiaisor severyears ago after receiving his CFA charter ancurrently hthree high-net-worth invials clients. Wang is concting his annureview of eaclient’s investment polistatement along with their recently completerisk toleranquestionnaires. He is reflecting on their varying psychographic characteristics:Michael Perez is a successful 45-year-olinvestment banker. Wang scribes Perez a passive investor who is sensible ansecure. Perez exhibits low to meum risk toleranbut often overestimates his risk tolerance. His biases inclu hinight, framing, anregret aversion. On his questionnaire, Perez incatea sire for wealth preservation while wanting to invest a significant portion of his assets in his employer’s stock.SarJohnson is inpennt-min45-year-olreestate veloper who hhistorically utilizesignificant amounts of financileverage. Prior to becoming a Garnier client, Johnson manageher own investment portfolio, whiwconcentratein just a few stocks. Johnson exhibits a greof confinanhigh risk tolerance. Johnson’s biases inclu illusion of control anoverconfince. On her questionnaire, Johnson incatea sire for wealth accumulation anaversion to investing in non-US equities. In aition, she incatethher risk tolerantowara stoinvestment woulincrease significantly if she knew thmore thone of Garnier’s researanalysts supporteit.NePatel is a 66-year-olbillionaire who accumulatehis wealth starting a successful retail business. Wang scribes Patel cautious anconcerneabout the future. Patel is concerneabout protecting his assets anoften seeks aifrom those he perceives being more knowleeable thhimself. Patel exhibits low risk tolerance. Patel’s biases inclu enwment, loss aversion, anstatus quo. Patel incatethhis risk toleranwoulincrease significantly if he knew thinvestment hthe unanimous support of Garnier’s Private Wealth Investment Committee.There wone common observation thWang notein all three questionnaires: All three clients incateththey woulperceive a company with a googrowth recorangooprevious share priperformana gooinvestment.OnWang completes his annureview, he revises the investment polistatement for the client’s approval. After the client approves the revisepolistatement, the portfolio for the client will revieweto termine any necessary reallocations. Wang is limiteGarnier to the specific investment options thcplacein a client’s portfolio; only securities thare covereGarnier’s researanalysts anapprovethe Private Wealth Investment Committee cplacein a client’s portfolio. Garnier is confint thits analysts provi superior forecasts anratings because they use a Bayesiapproach. Garnier is also prouof its investment approvprocess. The Private Wealth Investment Committee regularly meets to scuss anbate easecurity anthen votes on whiwill approveWang is scheleto meet with his supervisor next week to scuss the results of his annureview anrecommenportfolio reallocations. Whiof the following behaviorbiases woulmost relevant in constructing a portfolio for Johnson?A.Home bias.B.Overconfince.C.Inertia anfault.A is correct.Home biis evint in Johnson’s questionnaire. Johnson hexpresseaversion to investing in non-US equities. Familiarity with their country mleinvestors to own high concentrations of mestic assets anignore the benefits of internationversification.J这个人已经说他sire non-us equity了，所以更应该说明他没有home bias啊
NO.PZ201511190100000403 问题如下 Whiof the following behaviorbiases woulmost relevant in constructing a portfolio for Johnson? A.Home bias. B.Overconfince. C.Inertia anfault. A is correct.Home biis evint in Johnson’s questionnaire. Johnson hexpresseaversion to investing in non-US equities. Familiarity with their country mleinvestors to own high concentrations of mestic assets anignore the benefits of internationversification. 只是因为greof confin= overconfince太简单了吗？我知道home bias是对的，但是overconfince不是也展现出来了，所以是emotion才判断出他是AA的吗？
NO.PZ201511190100000403 问题如下 Whiof the following behaviorbiases woulmost relevant in constructing a portfolio for Johnson? A.Home bias. B.Overconfince. C.Inertia anfault. A is correct.Home biis evint in Johnson’s questionnaire. Johnson hexpresseaversion to investing in non-US equities. Familiarity with their country mleinvestors to own high concentrations of mestic assets anignore the benefits of internationversification. 如题
NO.PZ201511190100000403 问题如下 Whiof the following behaviorbiases woulmost relevant in constructing a portfolio for Johnson? A.Home bias. B.Overconfince. C.Inertia anfault. A is correct.Home biis evint in Johnson’s questionnaire. Johnson hexpresseaversion to investing in non-US equities. Familiarity with their country mleinvestors to own high concentrations of mestic assets anignore the benefits of internationversification. J推断为AA，为什么不是overconfince
