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dognmnm · 2022年04月25日

利益冲突

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.

A选项可以解释一下利益冲突的逻辑吗? 不能互相持股吗?

2 个答案

笛子_品职助教 · 2022年04月27日

嗨,爱思考的PZer你好:


公司养老金投在基金里,会影响基金的判断,可能这家公司本身不符合基金的标准,但是基金出于利益相关考虑,还是买了公司股票。

同理,因为基金投了公司股票,所以公司的养老金一直放在这家基金里,即使有其他更好的基金。

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努力的时光都是限量版,加油!

笛子_品职助教 · 2022年04月26日

嗨,爱思考的PZer你好:


可以相互持股,但是相互持股就有利益冲突,应该披露。而且相互都有利益冲突,公司养老金投基金,有利益冲突。基金投公司股票,也有利益冲突。两者都有利益冲突,而不只是一方有利益冲突。



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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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