Board logo

标题: L3, reading 27 full replication到底成本是高还是低? [打印本页]

作者: wanghaha    时间: 2013-4-3 00:10     标题: L3, reading 27 full replication到底成本是高还是低?

book 4, page260, 第17题和20题的答案是不是相反的啊,我越看越模糊17题答案说: Full replication is likely to have the highest investment cost
19题答案说: Full replication has self-rebalancing properties when used for float-weight index, which would translate into lower transaction fees.
这两个怎么理解?求教各位大牛
作者: cloudfengchao    时间: 2013-4-7 14:44

这两种cost不是一个概念:
full replication has highest construction cost (b/c each piece of the index has to be purchased when the replication strategy is initially setup) but lowest rebalance cost (b/c full replication only needs to rebalance when a component get deleted or added to the index)
作者: riki930    时间: 2013-4-15 16:37

当时看书时就经常有坑爹的感觉,只有L3有这种感觉
作者: 必胜2012    时间: 2013-4-17 07:21

一个是前期投入资本成本;一个是后期交易成本吧。
作者: ivygmat    时间: 2013-5-29 08:14

组建成本最高,但是因为自身self rebalance的优势,交易成本会低,我这么理解地~
作者: ivygmat    时间: 2013-5-29 08:14

组建成本最高,但是因为自身self rebalance的优势,交易成本会低,我这么理解地~




欢迎光临 CFA论坛 (http://forum.theanalystspace.com/) Powered by Discuz! 7.2