【咨询】CFA三级Behavioral Finance教材Reading 5课后题咨询

CFA三级Behavioral Finance教材Reading 5课后题：
The following information relates to Questions 1–6

Mimi Fong, CFA, a private wealth manager with an asset management firm, has been asked                     to make a presentation to her colleagues comparing traditional and behavioral finance.                     She decides to enliven her presentation with statements from colleagues and clients.                     These statements are intended to demonstrate some key aspects of and differences between                     traditional and behavioral finance.                  

• Statement 1

  (from a colleague): “When new information on a company becomes available, I adjust                              my expectations for that company’s stock based on past experiences with similar information.”                           
  
  

• Statement 2

  (from a client): “When considering investments, I have always liked using long option                              positions. I like their risk/return tradeoffs. My personal estimates of the probability                              of gains seem to be higher than that implied by the market prices. I am not sure how                              to explain that, but to me long options provide tremendous upside potential with little                              risk, given the low probability of limited losses.”                           
  
  

• Statement 3

  (from a client): “I have always followed a budget and have been a disciplined saver                              for decades. Even in hard times when I had to reduce my usual discretionary spending,                              I always managed to save.”
  
  
  

Statement 4

(from a colleague): “While I try to make decisions analytically, I do believe the                              markets can be driven by the emotions of others. So I have frequently used buy/sell                              signals when investing. Also, my 20 years of experience with managers who actively                              trade on such information makes me think they are worth the fees they charge.”                             

Statement 5

(from a colleague): “Most of my clients need a well-informed advisor to analyze investment                              choices and to educate them on their opportunities. They prefer to be presented with                              three to six viable strategies to achieve their goals. They like to be able to match                              their goals with specific investment allocations or layers of their portfolio.”                             

Statement 6

(from a client): “I follow a disciplined approach to investing. When a stock has appreciated                              by 15 percent, I sell it. Also, I sell a stock when its price has declined by 25 percent                              from my initial purchase price.”                              

Statement 7

(from a client): “Overall, I have always been willing to take a small chance of losing up to 8 percent of the portfolio annually. I can accept any asset classes to meet my financial goals if this constraint is considered. In other words, an acceptable portfolio will satisfy the following condition: Expected return – 1.645 × Expected standard deviation ≥ –8%.”







Which of the following statements is most consistent with expected utility theory?                        

• Statement 1.
  
• Statement 2.
  
• Statement 3
  
  

• C is correct. Statement 3 is most consistent with expected utility theory. The client exhibits self-control and is able to defer consumption. This client is considering short-term and long-term goals and attempting to maximize the present value of utility. In Statement 1, beliefs are being updated using heuristics rather than Bayes’ formula. Statement 2 is consistent with prospect theory; the client is overweighting the probability of a high financial impact outcome (gains on options) and underweighting the probability of a loss (the option premium cost).
  
  

我不太明白为什么是C的表述是正确的。A表述有什么问题吗？


The client of Statement 6 is most likely behaving consistently with:                        

• prospect theory.
  
• expected utility theory.
  
• behavioral portfolio theory
  
  

C is correct. The client of Statement 6 is behaving consistently with behavioral portfolio                        theory. The client sells and holds a stock not because of the stock’s potential, but                        rather from a fear of the stock declining in value and gains dissipating and an aversion                        to realizing losses. Loss-aversion in prospect theory is discussed from a different                        perspective.


这题我觉得答案解释的也很奇怪。表述中明明体现的就是LOSS AVERSION，上涨15%就卖，下跌25%才卖。BPT明明是个根据不同目标投资的理论，体现的是MENTAL ACCOUNTING 和CLASSIFYING WEALTH啊。怎么会是这个呢




咨询各位大神。。。。

请问这是哪本书啊，能发给我一份吗？

Statement 1 is behavior finance as investor made subjective update (e.g. base on past experience) while for traditional finance, investor should make objective update (e.g. on the basis of Bayer formula). Statement 6 is not loss aversion. Loss aversion means investor intend to be risk aversion when he/she faces gain but risk seeking when she/he faces loss. That means she/he intends to realize a small gain but keep loss position for long time. Hope it helps.