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

返回

Ccooll · 2022年02月15日

请问A选项什么意思？

  1. CFA III
  2. Behavioral Finance

* 问题详情，请 查看题干

NO.PZ201511190100000302

问题如下：

Which of Tang’s observations is least likely to be the consequence of Jordan demonstrating loss-aversion bias?

选项：

A.

Observation 1.

B.

Observation 2.

C.

Observation 3.

解释：

C is correct.

Loss aversion by itself may cause a sector concentration; however, a market neutral strategy tends to focus on individual stocks without regard to the sector. The sector exposure would be mitigated with the balancing of the individual long and short positions.

position under water 是指现在的持仓太少了么

添加评论
1 个答案

王琛_品职助教 · 2022年02月16日

嗨，从没放弃的小努力你好：


1

Certain positions are significantly under water，可以理解为：组合中部分持仓的资产，已经大幅亏损，市场价值远低于成本

Observation 1 整体是在说 Loss aversion bias 的结果，就是持有亏损的资产 holding losers

2

underwater 的两个常见应用场景

场景一是针对期权 underwater stock options，看涨期权的执行价格，比股票的市场价值要高

场景二是针对抵押贷款 underwater mortgages，房屋的抵押贷款，超过了房屋的市场价值

比如房价泡沫的时候，你以 20% 的首付比例，购置了一个市价 100 万的房子，相当于贷款 80 万。结果泡沫破裂了，房价腰斩，现在只指 50 万了，但是你的贷款可还是 80 万啊！

3

所以购房者此时的状态，可谓：水深火热。水深 -> underwater

Investopedia 上面也有一个视频，比较形象，我截图如下

图片来源：https://www.investopedia.com/terms/u/underwater.asp

4

当然这道题并不是考查 underwater 的单词含义，主要是考查 Loss aversion bias 的结果，以上只是顺带和同学介绍一下怎么理解 underwater

这道题的核心，还是在于把握 Loss aversion bias 的结果哈，关于 underwater 了解一下即可

----------------------------------------------
就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

  • 1

    回答

  • 0

    关注

  • 785

    浏览
相关问题

NO.PZ201511190100000302问题如下 Whiof Tang’s observations is least likely to the consequenof Jorn monstrating loss-aversion bias?A.Observation 1.B.Observation 2.C.Observation 3.C is correct.Loss aversion itself mcause a sector concentration; however, a market neutrstrategy ten to focus on invistocks without regarto the sector. The sector exposure woulmitigatewith the balancing of the invilong anshort positions.高风险，持有时间很长，unrwater不都是loss aversion的表现吗？

2022-12-22 15:30 3 · 回答

NO.PZ201511190100000302 问题如下 Whiof Tang’s observations is least likely to the consequenof Jorn monstrating loss-aversion bias? A.Observation 1. B.Observation 2. C.Observation 3. C is correct.Loss aversion itself mcause a sector concentration; however, a market neutrstrategy ten to focus on invistocks without regarto the sector. The sector exposure woulmitigatewith the balancing of the invilong anshort positions. Observation 2: The trang volume of the funhcreasemore th40 percent ring the past year.Observation 3: The portfolio is more concentratein a few sectors thin the past.他loss aversion 就将亏损的股票全部持有，好的股票都卖了，trang volume为什么会下降啊？不是应该不变或者上升吗？C亏的都留着在，那就是可能集中在某些行业，因为行业风险的原因一亏都亏，所以更集中C应该是对的的呀 B是错的呀，求解

2022-11-29 13:56 1 · 回答

NO.PZ201511190100000302 问题如下 Whiof Tang’s observations is least likely to the consequenof Jorn monstrating loss-aversion bias? A.Observation 1. B.Observation 2. C.Observation 3. C is correct.Loss aversion itself mcause a sector concentration; however, a market neutrstrategy ten to focus on invistocks without regarto the sector. The sector exposure woulmitigatewith the balancing of the invilong anshort positions. loss-aversion会增加交易量，说交易量会下降，所以不对啊。为什么答案关注点在于long/short策略

2022-07-04 11:59 2 · 回答

NO.PZ201511190100000302 Observation 2. Observation 3. C is correct. Loss aversion itself mcause a sector concentration; however, a market neutrstrategy ten to focus on invistocks without regarto the sector. The sector exposure woulmitigatewith the balancing of the invilong anshort positions. 如果一直存有亏损的头寸也会导致头寸集中吧

2022-03-22 16:52 1 · 回答