CFANS

有记得8080北京考场上午那个H modle得答案是多少的吗，是1200多吗？

CFANS

回复 154# liten333


    我写的more cash flow can be used for reinvestment

CFANS

有谁记得上午那个leverage后return和duration变化的题，我记得变化后的duration是11或11.5的样子

CFANS

回复 246# tt501916

please look at page 57 of volume 5 textbook, you can see the most powerful hedger is the GSCI energy and its correlation with unexpected inflation is a positive number o.46
    so there should be no dispute about this problem

CFANS

回复 252# tt501916


    So how will you explain the positive number of 0.46 for energy with unexpected inflation shown in page 57 of reading 36? why isn't it negative?

CFANS

回复 260# tt501916


     so you believe only underlying assets can be hedged. under this precondition, i agree with you about a negative correlation hedger. But can't we hedge the inflation without considering underlying asset, i believe it is reasonable to do that and then the correlation of the hedger with inflation should be positive. that is the point

CFANS

回复 271# tt501916

这个真记不清了，到底是least likely 还是most likely，还是考卷不一样啊

CFANS

human capital 那题，哪种证券更能代表它，ABS，government bond，A corporate bond，large cap or small cap？我比较困惑，觉得应首先排除equity，因为the payout is not guaranteed。但文章中还提到他的收入是inflation－indexed，bond好像不能提供通胀保护，从这个角度讲，equity却看起来更适合。最后我选的是A－corporate bond，好像很多人选的也是这个，但有any supporting 理由说它能提供inflation-protection吗？

CFANS

回复  CFANS

选a corporate的主要理由是主角工作单位由国有转私有
问题是这题的题眼是哪个，题眼判断不同 ...
542000 发表于 2012-6-9 20:28

    这个题貌似没有TIPS的选项吧？

CFANS

回复  CFANS


    tips是treasury的一种啊
542000 发表于 2012-6-9 20:35

但是其一，题目没有指明TIPS，其二，公司的guarantee仍然有default risk，所以觉着government bond不合适