问题目

NO.PZ201909280100000901 问题如下 Whiof the IC member’s statements regarng hee funstrategies is incorrect? A.Statement 1 Statement 2 Statement 3 B is correct.Statement 2 is incorrect: Event-iven strategies, sumerger arbitrage,tento exposeto some naturequity market beta risk. Overall market riskcpotentially srupt a merger’s consummation (though heing mpossible).To the extent thals are more likely to fail in market stress perio,event-iven merger arbitrage strategies have market sensitivity anleft-tailrisk attributes. Also, while event-iven strategies mhave less betaexposure thsimple, long-only beta allocations, the higher hee funfeeseffectively result in a particularly expensive form of embeebetEquitymarket-neutrstrategies use a relative value approach, because suchstrategies holbalancelong anshort equity exposures to maintain zero (orclose to zero) net exposure to the equity market ansufactors sector anize. Also, opportunistic strategies have risk exposure to marketrectionality, also calletrenness.A is incorrectbecause equity market-neutrstrategies use a relative value approach.Equity market-neutrstrategies holbalancelong anshort equity exposuresto maintain zero (or close to zero) net exposure to the equity market ansuchfactors sector ansize (i.e., market cap). They then focus on, for example,pairs of long anshort securities whose prices are out of historicalignmentanare expecteto experienmereversion. To take aantage ofiosyncratic short-term mispricing between securities whose prices shoulotherwiseco-integrate equity market-neutrhee funstrategies take opposite(i.e., long anshort) positions in similor relateequities thhavevergent valuations, while also attempting to maintain a nenet zeroportfolio exposure to the market.C is incorrectbecause opportunistic strategies have risk exposure to marketrectionality, also calletrenness. Opportunistic strategies are baseonmacro themes anmulti-asset relationships on a globbasis; therefore, broahemes, globrelationships, market tren, ancycles affetheir returns.Generally, the key sourof returns in globmacro strategies revolves arounorrectly scerning ancapitalizing on tren in globmarkets. For example,globmacro managers typically holviews on tren in inflation (among otherthings). Globmacro strategies are typically top wn anuse a range ofmacroeconomic anfunmentmols to express a view regarng the rectionor relative value of asset or asset class. If the hee funmanager ismaking a rectionbet, then rectionmols will use funmenttaregarng a specific market or asset to termine whether it is unrvalueorovervaluerelative to history anthe expectemacro tren 事件驱动的策略，如并购套利，往往面临一些自然的股票市场贝塔风险。 整体市场风险可能会扰乱合并的完成（尽管可能进行对冲）。 就交易在市场压力时期更容易失败而言，事件驱动的并购套利策略具有市场敏感性和左尾风险属性。 此外，事件驱动策略的 Beta 敞口可能比简单的、只做多头的 Beta 配置少。 股票市场中性策略确实使用相对价值方法，因为此类策略持有平衡的多头和空头股票敞口，以保持对股票市场的净敞口为零（或接近于零）以及作为行业和规模的factor。 此外，opportunistic strategies主要靠市场方向性的风险敞口，也称为趋势性。 3个statement 有对应的讲义内容吗

NO.PZ201909280100000901 问题如下 Whiof the IC member’s statements regarng hee funstrategies is incorrect? A.Statement 1 Statement 2 Statement 3 B is correct.Statement 2 is incorrect: Event-iven strategies, sumerger arbitrage,tento exposeto some naturequity market beta risk. Overall market riskcpotentially srupt a merger’s consummation (though heing mpossible).To the extent thals are more likely to fail in market stress perio,event-iven merger arbitrage strategies have market sensitivity anleft-tailrisk attributes. Also, while event-iven strategies mhave less betaexposure thsimple, long-only beta allocations, the higher hee funfeeseffectively result in a particularly expensive form of embeebetEquitymarket-neutrstrategies use a relative value approach, because suchstrategies holbalancelong anshort equity exposures to maintain zero (orclose to zero) net exposure to the equity market ansufactors sector anize. Also, opportunistic strategies have risk exposure to marketrectionality, also calletrenness.A is incorrectbecause equity market-neutrstrategies use a relative value approach.Equity market-neutrstrategies holbalancelong anshort equity exposuresto maintain zero (or close to zero) net exposure to the equity market ansuchfactors sector ansize (i.e., market cap). They then focus on, for example,pairs of long anshort securities whose prices are out of historicalignmentanare expecteto experienmereversion. To take aantage ofiosyncratic short-term mispricing between securities whose prices shoulotherwiseco-integrate equity market-neutrhee funstrategies take opposite(i.e., long anshort) positions in similor relateequities thhavevergent valuations, while also attempting to maintain a nenet zeroportfolio exposure to the market.C is incorrectbecause opportunistic strategies have risk exposure to marketrectionality, also calletrenness. Opportunistic strategies are baseonmacro themes anmulti-asset relationships on a globbasis; therefore, broahemes, globrelationships, market tren, ancycles affetheir returns.Generally, the key sourof returns in globmacro strategies revolves arounorrectly scerning ancapitalizing on tren in globmarkets. For example,globmacro managers typically holviews on tren in inflation (among otherthings). Globmacro strategies are typically top wn anuse a range ofmacroeconomic anfunmentmols to express a view regarng the rectionor relative value of asset or asset class. If the hee funmanager ismaking a rectionbet, then rectionmols will use funmenttaregarng a specific market or asset to termine whether it is unrvalueorovervaluerelative to history anthe expectemacro tren 事件驱动的策略，如并购套利，往往面临一些自然的股票市场贝塔风险。 整体市场风险可能会扰乱合并的完成（尽管可能进行对冲）。 就交易在市场压力时期更容易失败而言，事件驱动的并购套利策略具有市场敏感性和左尾风险属性。 此外，事件驱动策略的 Beta 敞口可能比简单的、只做多头的 Beta 配置少。 股票市场中性策略确实使用相对价值方法，因为此类策略持有平衡的多头和空头股票敞口，以保持对股票市场的净敞口为零（或接近于零）以及作为行业和规模的factor。 此外，opportunistic strategies主要靠市场方向性的风险敞口，也称为趋势性。 为何说市场中性是相对价值策略？这个不是属于equity的策略吗？

NO.PZ201909280100000901 问题如下 Whiof the IC member’s statements regarng hee funstrategies is incorrect? A.Statement 1 Statement 2 Statement 3 B is correct.Statement 2 is incorrect: Event-iven strategies, sumerger arbitrage,tento exposeto some naturequity market beta risk. Overall market riskcpotentially srupt a merger’s consummation (though heing mpossible).To the extent thals are more likely to fail in market stress perio,event-iven merger arbitrage strategies have market sensitivity anleft-tailrisk attributes. Also, while event-iven strategies mhave less betaexposure thsimple, long-only beta allocations, the higher hee funfeeseffectively result in a particularly expensive form of embeebetEquitymarket-neutrstrategies use a relative value approach, because suchstrategies holbalancelong anshort equity exposures to maintain zero (orclose to zero) net exposure to the equity market ansufactors sector anize. Also, opportunistic strategies have risk exposure to marketrectionality, also calletrenness.A is incorrectbecause equity market-neutrstrategies use a relative value approach.Equity market-neutrstrategies holbalancelong anshort equity exposuresto maintain zero (or close to zero) net exposure to the equity market ansuchfactors sector ansize (i.e., market cap). They then focus on, for example,pairs of long anshort securities whose prices are out of historicalignmentanare expecteto experienmereversion. To take aantage ofiosyncratic short-term mispricing between securities whose prices shoulotherwiseco-integrate equity market-neutrhee funstrategies take opposite(i.e., long anshort) positions in similor relateequities thhavevergent valuations, while also attempting to maintain a nenet zeroportfolio exposure to the market.C is incorrectbecause opportunistic strategies have risk exposure to marketrectionality, also calletrenness. Opportunistic strategies are baseonmacro themes anmulti-asset relationships on a globbasis; therefore, broahemes, globrelationships, market tren, ancycles affetheir returns.Generally, the key sourof returns in globmacro strategies revolves arounorrectly scerning ancapitalizing on tren in globmarkets. For example,globmacro managers typically holviews on tren in inflation (among otherthings). Globmacro strategies are typically top wn anuse a range ofmacroeconomic anfunmentmols to express a view regarng the rectionor relative value of asset or asset class. If the hee funmanager ismaking a rectionbet, then rectionmols will use funmenttaregarng a specific market or asset to termine whether it is unrvalueorovervaluerelative to history anthe expectemacro tren 事件驱动的策略，如并购套利，往往面临一些自然的股票市场贝塔风险。 整体市场风险可能会扰乱合并的完成（尽管可能进行对冲）。 就交易在市场压力时期更容易失败而言，事件驱动的并购套利策略具有市场敏感性和左尾风险属性。 此外，事件驱动策略的 Beta 敞口可能比简单的、只做多头的 Beta 配置少。 股票市场中性策略确实使用相对价值方法，因为此类策略持有平衡的多头和空头股票敞口，以保持对股票市场的净敞口为零（或接近于零）以及作为行业和规模的factor。 此外，opportunistic strategies主要靠市场方向性的风险敞口，也称为趋势性。 老李讲merger acquisition基础班里提到并购策略会把β调成0。看这道题的意思，他是不是讲错了？ 23:19 (1.5X)

NO.PZ201909280100000901问题如下 Whiof the IC member’s statements regarng hee funstrategies is incorrect? A.Statement 1 Statement 2 Statement 3 B is correct.Statement 2 is incorrect: Event-iven strategies, sumerger arbitrage,tento exposeto some naturequity market beta risk. Overall market riskcpotentially srupt a merger’s consummation (though heing mpossible).To the extent thals are more likely to fail in market stress perio,event-iven merger arbitrage strategies have market sensitivity anleft-tailrisk attributes. Also, while event-iven strategies mhave less betaexposure thsimple, long-only beta allocations, the higher hee funfeeseffectively result in a particularly expensive form of embeebetEquitymarket-neutrstrategies use a relative value approach, because suchstrategies holbalancelong anshort equity exposures to maintain zero (orclose to zero) net exposure to the equity market ansufactors sector anize. Also, opportunistic strategies have risk exposure to marketrectionality, also calletrenness.A is incorrectbecause equity market-neutrstrategies use a relative value approach.Equity market-neutrstrategies holbalancelong anshort equity exposuresto maintain zero (or close to zero) net exposure to the equity market ansuchfactors sector ansize (i.e., market cap). They then focus on, for example,pairs of long anshort securities whose prices are out of historicalignmentanare expecteto experienmereversion. To take aantage ofiosyncratic short-term mispricing between securities whose prices shoulotherwiseco-integrate equity market-neutrhee funstrategies take opposite(i.e., long anshort) positions in similor relateequities thhavevergent valuations, while also attempting to maintain a nenet zeroportfolio exposure to the market.C is incorrectbecause opportunistic strategies have risk exposure to marketrectionality, also calletrenness. Opportunistic strategies are baseonmacro themes anmulti-asset relationships on a globbasis; therefore, broahemes, globrelationships, market tren, ancycles affetheir returns.Generally, the key sourof returns in globmacro strategies revolves arounorrectly scerning ancapitalizing on tren in globmarkets. For example,globmacro managers typically holviews on tren in inflation (among otherthings). Globmacro strategies are typically top wn anuse a range ofmacroeconomic anfunmentmols to express a view regarng the rectionor relative value of asset or asset class. If the hee funmanager ismaking a rectionbet, then rectionmols will use funmenttaregarng a specific market or asset to termine whether it is unrvalueorovervaluerelative to history anthe expectemacro tren 事件驱动的策略，如并购套利，往往面临一些自然的股票市场贝塔风险。 整体市场风险可能会扰乱合并的完成（尽管可能进行对冲）。 就交易在市场压力时期更容易失败而言，事件驱动的并购套利策略具有市场敏感性和左尾风险属性。 此外，事件驱动策略的 Beta 敞口可能比简单的、只做多头的 Beta 配置少。 股票市场中性策略确实使用相对价值方法，因为此类策略持有平衡的多头和空头股票敞口，以保持对股票市场的净敞口为零（或接近于零）以及作为行业和规模的factor。 此外，opportunistic strategies主要靠市场方向性的风险敞口，也称为趋势性。 事件驱动不是经常把beta对冲掉么？使之只受到事件公司本身的影响，对冲掉市场对公司的影响一个long同时一个short，对冲掉beta

NO.PZ201909280100000901问题如下 Whiof the IC member’s statements regarng hee funstrategies is incorrect? A.Statement 1 Statement 2 Statement 3 B is correct.Statement 2 is incorrect: Event-iven strategies, sumerger arbitrage,tento exposeto some naturequity market beta risk. Overall market riskcpotentially srupt a merger’s consummation (though heing mpossible).To the extent thals are more likely to fail in market stress perio,event-iven merger arbitrage strategies have market sensitivity anleft-tailrisk attributes. Also, while event-iven strategies mhave less betaexposure thsimple, long-only beta allocations, the higher hee funfeeseffectively result in a particularly expensive form of embeebetEquitymarket-neutrstrategies use a relative value approach, because suchstrategies holbalancelong anshort equity exposures to maintain zero (orclose to zero) net exposure to the equity market ansufactors sector anize. Also, opportunistic strategies have risk exposure to marketrectionality, also calletrenness.A is incorrectbecause equity market-neutrstrategies use a relative value approach.Equity market-neutrstrategies holbalancelong anshort equity exposuresto maintain zero (or close to zero) net exposure to the equity market ansuchfactors sector ansize (i.e., market cap). They then focus on, for example,pairs of long anshort securities whose prices are out of historicalignmentanare expecteto experienmereversion. To take aantage ofiosyncratic short-term mispricing between securities whose prices shoulotherwiseco-integrate equity market-neutrhee funstrategies take opposite(i.e., long anshort) positions in similor relateequities thhavevergent valuations, while also attempting to maintain a nenet zeroportfolio exposure to the market.C is incorrectbecause opportunistic strategies have risk exposure to marketrectionality, also calletrenness. Opportunistic strategies are baseonmacro themes anmulti-asset relationships on a globbasis; therefore, broahemes, globrelationships, market tren, ancycles affetheir returns.Generally, the key sourof returns in globmacro strategies revolves arounorrectly scerning ancapitalizing on tren in globmarkets. For example,globmacro managers typically holviews on tren in inflation (among otherthings). Globmacro strategies are typically top wn anuse a range ofmacroeconomic anfunmentmols to express a view regarng the rectionor relative value of asset or asset class. If the hee funmanager ismaking a rectionbet, then rectionmols will use funmenttaregarng a specific market or asset to termine whether it is unrvalueorovervaluerelative to history anthe expectemacro tren 事件驱动的策略，如并购套利，往往面临一些自然的股票市场贝塔风险。 整体市场风险可能会扰乱合并的完成（尽管可能进行对冲）。 就交易在市场压力时期更容易失败而言，事件驱动的并购套利策略具有市场敏感性和左尾风险属性。 此外，事件驱动策略的 Beta 敞口可能比简单的、只做多头的 Beta 配置少。 股票市场中性策略确实使用相对价值方法，因为此类策略持有平衡的多头和空头股票敞口，以保持对股票市场的净敞口为零（或接近于零）以及作为行业和规模的factor。 此外，opportunistic strategies主要靠市场方向性的风险敞口，也称为趋势性。 讲义里面Relative Value Strategies都是FixeIncome的策略？