答案和详解如下： Q3. In creating an investment policy statement, a portfolio manager needs to be aware that an investor’s psychological profile may impact: A) neither the investor’s risk tolerance nor their return objective. B) the investor’s risk tolerance and return objective. C) the investor’s risk tolerance only. Correct answer is B) Psychological profiling is important for understanding individual investor behavior because defense mechanisms of the brain often cause investors to violate standard finance assumptions (MPT), resulting in irrational decisions. These psychological tendencies can impact client preferences, goals and constraints. When constructing an investment policy statement, these psychological preferences can have a direct impact on a client’s willingness to take risk as well as their desired return. Q4. Dan Newsmith is 35 and was recently promoted to regional sales manager of a national trading company. Newsmith has no credit card debt, he does not have an automobile loan, and his home is mortgage free. Newsmith’s salary and bonus more than adequately cover living expenses. Given this brief profile, classify Newsmith’s tolerance to risk taking when investing excess funds.
A) Moderate-to-high risk. B) Low-to-moderate risk. C) Not enough information to tell. Correct answer is A) Newsmith’s stage of life (young age) and low requirement for current liquidity (no debts, living expenses covered) indicate a situational profile to tolerate moderate-to-high risk. Q5. Kent Andling is 55 years old and recently sold his high tech manufacturing company, which was started in his father’s basement 35 years ago. Andling’s two children are grown and have been featured in recent entrepreneur magazine articles as up and coming entrepreneurs. How would Andling be classified given this brief profile?
A) Not enough information to tell. B) Moderate-to-high risk tolerant. C) Low-to-moderate risk tolerant. Correct answer is B) Although Andling is approaching the latter stage of life, his participation as an entrepreneur of a high-tech manufacturing firm indicates knowledge of risk-taking activities. Apparently, he has brought up his children to understand risk-taking activities, too. These factors indicate a moderate-to-high risk tolerant profile. Q6. Steve Smith is 55 years old. He has just been promoted to VP of manufacturing of a well established manufacturing conglomerate. Recently, Smith received a substantial inheritance from a wealthy relative. Given this information, how would Smith be classified along a risk tolerance spectrum?
A) Low-to-moderate. B) Not enough information to tell. C) Moderate-to-high. Correct answer is A) Steve Smith could be classified on the low-to-moderate range of a risk tolerance spectrum. His age classifies him as getting closer to retirement. His sources of wealth have been attained through relatively passive means (inheritance and well-established conglomerate). His perception of wealth, however, may be high given the recent inheritance and may indicate a moderating risk stance. | 
发表于 2009-1-19 16:50
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