CFA三级写作课后题（2020.12）2.pdf

2020 年12 月CFA 三级写作题 BEHAVIORAL FINANCE 今年由于疫情的缘故，CFA 考试被迫延期。虽然给了大家更多的复习时间，但也不可掉 以轻心。近年来，CFA 考试的难度在逐步提高，并且在三级中更偏向实务与理论结合的考察。 相比2019 年考纲，2020 年考纲发生了较多的变化。其中关于经济学的部分，更名为资本市 场预期，并进行了重大改变；衍生产品与资产配置中的外汇管理合并在一起，并进行了较大 的改写；另类投资的内容完全重新改写；交易与业绩评估合并在一起，并重新编写。而一向 是考试重点的私人财富管理和机构组合管理也发生了较大变化，其中私人财富管理的第一个 Reading 重新编写，而机构组合管理也进行了重新编写，这些变化需引起考生重视。为了全 面应对考试，我们全面推出了的各种学习平台，如金程网校、手机APP、金程CFA 答疑等活 动，请各位充分利用。如有学术问题，请登录至金程网校提问。祝大家好运，顺利通过CFA 三级考试，加油！ 1-18 Behavioral Finance Case 1: Professor Mehul Liu Professor Mehul Liu teaches several behavioral finance courses at a local university. In his current lecture, he discusses how behavioral finance differs from traditional finance. Liu discusses how loss-averse investors assess risk and return. Liu then presents two investment choices to the students: Exhibit 1 Investment Expected Return Expected Range of Returns A 6% 0% to 11% B 12% – 10% to 20% The topic of another lecture is prospect theory. Liu presents the students with the following two situations and asks them if they would accept or reject each one:  Situation 1 A 50% probability of winning $10,000 and a 50% probability of losing $4,000  Situation 2 A 50% probability of winning $10,000 and a 50% probability of losing $8,000 The students vote to accept Situation 1 but reject Situation 2. Liu then presents a third situation:  Situation 3 Choosing between losing $12,000 with 100% certainty, or accepting a gamble that offers a 50% probability of winning $6,000 and a 50% probability of losing $24,