安同學
2020-06-21 18:55本章11題能講一下嗎?什么時候用significant 現(xiàn)金流，什么時候用large cash flow？
所屬：CFA Level III > Ethical and Professional Standards 視頻位置 相關試題
來源： 視頻位置 相關試題
1個回答
Chris Lan助教
2020-06-22 10:25
該回答已被題主采納
同學你好
這個規(guī)定是他自己公司的，如果他要遵守GIPS，就必須按GIPS的要求來操作。
Provision I.2.A.2 specifies the use of time-weighted rates of return that adjust for external cash flows. For periods beginning on or after 1 January 2005, firms must approximate rates of return that adjust for daily weighted external cash flows, and we have seen that for periods beginning on or after 1 January 2010, firms must value portfolios on the date of all large external cash flows.
GIPS是有這么一條規(guī)定的，從2005年1月號開始要基于每日加權進行計算收益率的。所以他必須按GIPS的規(guī)定來做，因此要用TWRR。
significant CF是在站在composite角度的大額現(xiàn)金流；large CF是計算portfolio收益率時的大額現(xiàn)金流
large cash flow
For periods >= 2010, on the date of all large cash flows. Firms must define large cash flow for each composite to determine when portfolios in that composite must be valued.
significant cash flow
3.A.10 Firms that wish to remove portfolios from composites in cases of significant cash flows must define “significant” on an ex-ante, composite-specific basis and must consistently follow the composite-specific pol
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