NO.PZ201909280100000807
问题如下:
7 Based on the forecasted environment, liquidity planning should take into account that general partners may:
选项:
A.call capital at a slower pace.
make distributions at a faster pace.
exercise an option to extend the life of the fund.
解释:
C is correct.
Park notes that the current macroeconomic environment could lead to a bear market within a few years. Liquidity planning should take into account that under a scenario in which public equities and fixed-income investments are expected to perform poorly, general partners may exercise an option to extend the life of the fund.
这是原版书的一个结论:
这是实证研究的一个结论
主要是因为在熊市时大概率暂时是亏损,这个时候如果进行分配的话,岂不是啪啪打基金的脸,而且熊市的时候是危机,既是“危”又是“机”,所以能在熊市中活下来的资产大概率是好资产,而且去掉了泡沫,投资是正当时机,此时恰是最需要资金的时候,重新投资。而资产回归价值可能需要一段时间(即从熊市走到牛市的顶点),所以要延长投资期。
请问强化班31页时李老师补充一点说,发生金融危机或经济下滑时,LP 的capital contribution会上升,因为公司盈利不好,需要不断注入capital, 那本题选项B不是应该正确吗?