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一只可爱的猪 · 2022年03月29日

关于notes3的理解

NO.PZ2019012201000068

问题如下:

Hans Smith, an Albright portfolio manager, makes the following notes after examining these funds:

Note 2 The DoGood Fund invests in Fleeker Corporation stock, which is rated high in the ESG space, and Fleeker’s pension fund has a significant investment in the DoGood Fund. This dynamic has the potential for a conflict of interest on the part of Fleeker Corporation but not for the DoGood Fund.

Note 3 The DoGood Fund’s portfolio manager has written policies stating that the fund does not engage in shareholder activism. Therefore, the DoGood Fund may be a free-rider on the activism by these shareholders.

Which of the following notes about the DoGood Fund is correct?

选项:

A.

Only Note 2

B.

Only Note 3

C.

Both Note 2 and Note 3

解释:

because the fund becomes a free-rider if it allows other shareholders to engage in actions that benefit the fund, and therefore Note 3 is correct. In theory, some investors could benefit from the shareholder engagement of others under the so-called “free rider problem.” Specifically, assume that a portfolio manager using an active strategy actively engages with a company to improve its operations and was successful in increasing the company’s stock price. The manager’s actions in this case improved the value of his portfolio and also benefitted other investors that own the same stock in their portfolios. Those investors that did not participate in shareholder engagement benefit from improved performance but without the costs necessary for engagement.

Note 2 is incorrect because a conflict of interest arises on the part of the DoGood Fund if it owns shares of a company that invests in the fund. Conflicts of interest can result for a company. For example, a portfolio manager could engage with a company that also happens to be an investor in the manager’s portfolio. In such a situation, a portfolio manager may be unduly influenced to support the company’s management so as not to jeopardize the company’s investment mandate with the portfolio manager.

老师的解答,我不是很明白?

既然都没有shareholder activism,怎么会有free rider的问题?

2 个答案

笛子_品职助教 · 2023年03月16日

嗨,爱思考的PZer你好:


“它自己不做hareholder activism,但是这个股票会有其他投资者做shareholder activism,所以它自己受益了,他自己是free rider”这层英文真的没有读出来...都是套路


是的。是这么理解。

----------------------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!

笛子_品职助教 · 2022年03月29日

嗨,从没放弃的小努力你好:


既然都没有shareholder activism,怎么会有free rider的问题?


就这道题而言,这就涉及free rider的定义。它自己不做hareholder activism,但是这个股票会有其他投资者做shareholder activism,所以它自己受益了,他自己是free rider


拓展一下

如果它自己有做shareholder activism,也会有free rider,因为它自己做shareholder activism会使其他投资者受益,其他投资者就是free rider


所以,只要一个股票上,有一个投资者做shareholder activism,就会有free rider problem,不管这个做shareholder activism的投资者是不是自己。

----------------------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!

Yiyun · 2023年03月15日

“它自己不做hareholder activism,但是这个股票会有其他投资者做shareholder activism,所以它自己受益了,他自己是free rider”这层英文真的没有读出来...都是套路

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