anina
2022-04-06 10:34R27第31題，Aspen的描述中是不是還有另外一個(gè)問題，“We pursue a passive investment strategy, which seeks to identify and exploit structural inefficiencies through identifying mispricings created by loss aversion”這里mispricings created by loss aversion 應(yīng)該是behavioral inefficiencies 吧？書上說：“Behavioral inefficiencies are perceived mispricings created by the actions of other market participants, usually associated with biases, such as trend following or loss aversion. These inefficiencies are temporary, lasting long enough for the manager to identify and exploit them before the market price and perceived intrinsic value converge. Structural inefficiencies are perceived mispricings created by external or internal rules and regulations. These inefficiencies can be long lived and assume a continuation of the rules and regulations rather than a convergence.”
所屬：CFA Level III > Trading, Performance Evaluation, and Manager Selection 視頻位置 相關(guān)試題
來源： 視頻位置 相關(guān)試題
1個(gè)回答
開開助教
2022-04-07 09:44
該回答已被題主采納
同學(xué)你好，這題問A基金是否有一致的投資理念。是包含你說的這種，但因?yàn)轭}目說只要說兩個(gè)，所以任選兩個(gè)寫。
A表示自己采用的被動(dòng)策略，但后面又說自己利用的是structural inefficiency，方法為定位那些因?yàn)橥顿Y者loss aversion產(chǎn)生的定價(jià)錯(cuò)誤。A還宣稱他們的投資策略和理念會(huì)隨著市場(chǎng)和基金表現(xiàn)而變化。
A基金的投資理念是inconsistent的，理由有如下幾點(diǎn)：
1）利用結(jié)構(gòu)性無效性和采用被動(dòng)策略矛盾，采用被動(dòng)策略的投資通常認(rèn)為市場(chǎng)足夠有效；
2）因?yàn)橥顿Y者loss aversion產(chǎn)生的定價(jià)錯(cuò)誤不屬于structural inefficiency，屬于behaviroal inefficiency；
3）A的投資理念會(huì)隨市場(chǎng)變化，也說明其理念是inconsistent的。
選其中兩個(gè)回答即可。
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