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holly081011 · 2020年04月06日

问一道题:NO.PZ2019093001000011 [ CFA III ]

老师,C选项为什么说要大于AUM和其他竞争者?考点我知道,C后半句没理解。谢谢

问题如下图:

选项:

A.

B.

C.

解释:

1 个答案
已采纳答案

星星_品职助教 · 2020年04月07日

同学你好,

题干问的是在哪一种情况下该(基金经理)可以重复的通过这种structural inefficiency获利。关键词是repeatable

C选项的意思是这种无效的影响的资产规模是非常大的,所以才可以反复的通过这种无效获利。如果无效的资产规模很小,甚至小于了各个manager的AUM,则可能利用一次后,买卖导致价格回归价值,这种无效就消失了,无法“repeatable”

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NO.PZ2019093001000011 问题如下 Whiof the following is consistent with the expectation thexploiting a structurinefficienis repeatable? A.The inefficienis a unique event thoccurs infrequently. B.The level of gross return is equto the amount of transaction costs anexpenses. C.The aggregate value of all assets affectethe inefficienis larger ththe AUM of the manager anits competitors. C is correct. Given the amount of inefficient assets comparewith the AUM of managers likely to exploit them provis some assuranththe inefficienis repeatable. It woullikely take some time for the inefficiento converge to efficient valuation. The infrequent nature of the inefficienanthe zero marginreturn suggest ththe inefficienis probably not worthwhile to pursue. 可以通过排除法选出来,但是没找到基础班讲义原文对照。这是一个原文考点,还是一个根据structurinefficiency延伸理解的点?

2023-07-12 11:16 1 · 回答

The level of gross return is equto the amount of transaction costs anexpenses. The aggregate value of all assets affectethe inefficienis larger ththe AUM of the manager anits competitors. C is correct. Given the amount of inefficient assets comparewith the AUM of managers likely to exploit them provis some assuranththe inefficienis repeatable. It woullikely take some time for the inefficiento converge to efficient valuation. The infrequent nature of the inefficienanthe zero marginreturn suggest ththe inefficienis probably not worthwhile to pursue. 请问这个考点重要吗?在讲义那一页哈

2020-03-18 11:16 1 · 回答

请问这道题的考点是什么?也请助教讲解一下解题思路,谢谢!

2020-02-13 09:50 1 · 回答