标题: Reading 34: Alternative Investm....olio Management－LOS i [打印本页]
作者: tycoon 时间: 2008-9-16 12:08 标题: [2008] Session 11－Reading 34: Alternative Investm....olio Management－LOS i
CFA Institute Area 8-11, 13: Asset Valuation
Session 11: Alternative Investments for Portfolio Management
Reading 34: Alternative Investments Portfolio Management
LOS i: Compare and contrast venture capital funds to buyout funds.
作者: tycoon 时间: 2008-9-16 12:09
In contrast to venture capital funds, buyout funds usually have a:
| A) | lower level of leverage and earlier and steadier cash flows. |
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B) | higher level of leverage and earlier and steadier cash flows. |
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| C) | lower level of leverage and later and more erratic cash flows. |
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| D) | higher level of leverage and later and more erratic cash flows. |
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Answer and Explanation
Buyout funds are usually investing in later-stage companies where the risks are lower. The cash flows are steadier and the investors can use more leverage.
作者: tycoon 时间: 2008-9-16 12:11
In contrast to venture capital funds, buyout funds usually have:
| A) | less frequent losses and more upside potential. |
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| B) | more frequent losses and more upside potential. |
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C) | less frequent losses and less upside potential. |
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| D) | more frequent losses and less upside potential. |
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Answer and Explanation
These differences are the natural consequence of the buyout funds purchasing entities in later stages of development or even established companies where the risks are lower.
[此贴子已经被作者于2008-9-18 17:16:53编辑过]
作者: tycoon 时间: 2008-9-16 12:11
With respect to venture capital (VC) funds and buyout funds, measuring returns accurately is:
| A) | less difficult with VC funds than with buyout funds. |
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| B) | equally difficult with VC funds as it is with buyout funds. |
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C) | more difficult with VC funds than with buyout funds. |
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| D) | not an issue with either VC funds or buyout funds. |
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Answer and Explanation
The difference is a natural consequence of the buyout funds purchasing entities in later stages of development.
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