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Behavioral Finance - Reading 13: Alpha Hunters and Beta Gra

Q6. Frank Mercer invests on the behalf of institutional clients and tracks the MSCI World index. Which of the following is the best characterization of Mercer as an investor? Mercer is a(n):

A)   beta grazer.

B)   delta hedger.

C)   alpha hunter.

Q7. Which of the following market actor’s trades would be most likely to have no affect on movements in the overall stock market?

A)   Contrarian valuators.

B)   Rebalancers.

C)   Holders.

答案和详解如下:

Q6. Frank Mercer invests on the behalf of institutional clients and tracks the MSCI World index. Which of the following is the best characterization of Mercer as an investor? Mercer is a(n):

A)   beta grazer.

B)   delta hedger.

C)   alpha hunter.

Correct answer is A)

A beta grazer uses a passive strategy to track an index. Mercer is therefore a beta grazer. These investors believe that markets are efficient. Alpha hunters search for undervalued stocks using an active strategy. Delta hedging typically refers to using options to hedge the value of a portfolio.

Q7. Which of the following market actor’s trades would be most likely to have no affect on movements in the overall stock market?

A)   Contrarian valuators.

B)   Rebalancers.

C)   Holders.

Correct answer is C)

Holders invest for the long term and their trades are not related to overall market movements. So their trades do not affect the overall market. Contrarian valuators and rebalancers tend to dampen overall market movements because they buy stock as the market falls and sell stock as the market rises.

 

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