金程問(wèn)答
Reading 25 課后19題，為什么high risk appetite 是high risk aversion？“The portfolio managers at North Circle and Valley Ranch have different aversions to risk, with North Circle’s managers having higher risk aversion than the Valley Excerpt From 2022 CFA Program Level III Volume 5 Institutional Investors, Other Topics in Portfolio Management, and Cases CFA Institute This material may be protected by copyright.
vwap是將預(yù)計(jì)的交易量分配在全天，如果當(dāng)天交易量少，也會(huì)無(wú)法完成交易，和pov一樣的問(wèn)題對(duì)吧？
high touch這句話哪里錯(cuò)了呢？
Zeta公司的激勵(lì)制度好像也沒(méi)有什么問(wèn)題吧？return超過(guò)benchmark 就調(diào)整工資，這不就是激勵(lì)費(fèi)嗎？
官網(wǎng)題：While the buy-side trader executes the BYYP trade, Harding and Yellow review ValleyRise's trade policy document. After reviewing the document, Yellow recommends several changes: 1) add a policy for the treatment of trade errors; 2) add a policy that ensures over-the-counter derivatives are traded on venues with rules that ensure minimum price transparency; and 3) alter the list of eligible brokers to include only those that provide execution at the lowest possible trading cost. Q. As it relates to the trade policy document, ValleyRise should implement Yellow's recommendation related to: A. the list of eligible brokers. B. a policy for the treatment of trade errors. C. a policy for over-the-counter derivatives trades. 這道題請(qǐng)問(wèn)A和C為什么不對(duì)？
原版書(shū)習(xí)題R26第12題，Selection指的是廣義的概念，即Selection部分?interaction部分。如何區(qū)分什么時(shí)候用單獨(dú)selection，什么時(shí)候用廣義的selection呢？
請(qǐng)問(wèn)r25第22題的decision price為什么是23.01？
原版書(shū)P250（R26）第二題具體這個(gè)表格是怎么看的呀？怎么計(jì)算出來(lái)DC ratio的呢？
為什么mkt-adjusted cost，要用arrival cost去減市場(chǎng)的表現(xiàn)，而不是用execution cost 去減市場(chǎng)的表現(xiàn)？ 我理解，execution cost才是最終成交的價(jià)格，arrival cost只是下單時(shí)的價(jià)格.
麻煩解釋下第三題
Excess return gross of base fee是Rp-Rb Return net of base fee是Rp-base fee 那如果問(wèn)Excess return net of base fee是Rp-Rb-base fee嗎？
原版書(shū)后題： Statement 5 The high-touch agency approach is typically used to execute large, non-urgent trades in fixed-income and exchange-traded derivatives markets. 請(qǐng)問(wèn)老師，這句話為什么不正確
固收Case 8 Q 5 Criterion 2 中關(guān)于分解歷史收益。我記憶中，分解歷史收益后就可以判斷基金精力的風(fēng)格，比如Growth-based，如果和他陳述的風(fēng)格相同，則可以表明他的策略是consistent.這樣是否也能側(cè)面說(shuō)明他當(dāng)前的Alpha是可持續(xù)的？
請(qǐng)問(wèn)老師TWAP,VWAP是適用交易量大的還是小的情況？
老師好第二題第一問(wèn)，F(xiàn)I的風(fēng)險(xiǎn)不是應(yīng)該最低嗎? 為什麼不是選FI?
程寶問(wèn)答
