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moon · 2022年05月06日

为什么Strategy 1能够更好满足目标1:未来的负债

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NO.PZ201812020100000202

问题如下:

Strategy 2 is most likely preferred to Strategy 1 for meeting the objective of:

选项:

A.

protecting inflation.

B.

funding future liabilities.

C.

minimizing the correlation of the fund’s domestic bond portfolio and equity portfolio.

解释:

A is correct.

Floating-coupon bonds provide inflation protection for the interest income because the reference rate should adjust for inflation. The purchase of fixed-coupon bonds as outlined in Strategy 1 provides no protection against inflation for either interest or principal. Strategy 1 would instead be superior to Strategy 2 in funding future liabilities (better predictability as to the amount of cash flows) and reducing the correlation between the fund’s domestic bond portfolio and equity portfolio (better diversification).

为什么Strategy 1能够更好满足目标1:未来的负债

2 个答案

pzqa015 · 2022年05月07日

嗨,从没放弃的小努力你好:


我们讲的免疫策略都是用的债券,因为债券有稳定的现金流。相比之下,股票没有稳定的现金流,所以从来不会用股票来cover负债。

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

pzqa015 · 2022年05月07日

嗨,努力学习的PZer你好:


因为strategy买了固定收益的债券,所以,可以cover未来liability的支出。

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

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NO.PZ201812020100000202问题如下 Strategy 2 is most likely preferreto Strategy 1 for meeting the objective of:A.protecting inflation.B.funng future liabilities.C.minimizing the correlation of the funs mestic bonportfolio anequity portfolio. A is correct.Floating-coupon bon provi inflation protection for the interest income because the referenrate shoulaust for inflation. The purchase of fixecoupon bon outlinein Strategy 1 provis no protection against inflation for either interest or principal. Strategy 1 woulinstesuperior to Strategy 2 in funng future liabilities (better prectability to the amount of cash flows) anrecing the correlation between the funs mestic bonportfolio anequity portfolio (better versification). 应该选 strategy 1不是浮动coupon怎么proteinflation呢

2024-06-16 16:06 1 · 回答

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