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shadow · 2020年06月05日

问一道题:NO.PZ201512300100000101

* 问题详情,请 查看题干

问题如下:

1. Based on Statement 2, which of the following sources of perceived mispricing do active investment managers attempt to identify? The differencebetween:

选项:

A.

intrinsic value and market price.

B.

estimated intrinsic value and market price.

C.

intrinsic value and estimated intrinsic value.

解释:

A is correct.

The difference between the true (real) but unobservable intrinsic value and the observed market price contributes to the abnormalreturn or alpha which is the concern of active investment managers.

老师,这道题是什么意思?

1 个答案
已采纳答案

Debrah_品职答疑助手 · 2020年06月05日

同学你好,这道题目问的是下面哪个perceived mispricing的source是主动投资的基金经理在投资过程中需要加以识别并且避免的。在下面画框公式中,等式右边第一项,IVactual-price这一项会产生active return。因此,主动投资的基金经理就是在试图找到这部分的定价误差,而IVanaylst-IVactual是分析师估值的误差,是分析师试图避免的。