答案和详解如下： 1.The investment policy statement is important because it helps: A) direct short-term investment portfolio decisions as a result of short-term responses to overreacting markets. B) direct long-term investment portfolio decisions that deter adjustments due to panic and overconfidence. C) direct long-term investment portfolio decisions and promotes adjustments in response to panic and overreaction. D) subsequent managers to radically change portfolio decisions. The correct answer was B) The investment policy statement helps insure against short-term strategy changes due to panic or overconfidence. 2.Which of the following is least likely to be an advantage of a valid investment policy statement? A) Promotes long-term discipline in investment decisions. B) Provides for short-term strategy shifts in response to short-term dramatic value declines. C) Easy implementation by current and future managers. D) Allows for a continual dynamic process in meeting investor objectives. The correct answer was B) The investment policy statement does not provide for shifts in strategy due to value declines. 3.The guidelines in the investment policy statement are important because they: A) dictate how subsequent managers should change portfolio implementation. B) allow continuity in implementation by current and subsequent managers. C) determine how to make portfolio shifts after dramatic short-term value declines. D) determine how to make portfolio shifts after dramatic short-term value increases. The correct answer was B) The investment policy statement creates implementation guidelines so that any competent manager can implement portfolio decisions. | 
发表于 2008-5-20 17:29
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