题目
Which is not true of mark-to-model valuations?
选项
A.Return volatility may be understated.
B.Returns may be smooth and overstated.
C.A calibrated model will produce a reliable liquidation value.
答案
C
解析
C is correct. It is not true that a calibrated model will produce a reliable liquidation value in a mark-to-model valuation. The need to use a model for valuation arises when an asset is so illiquid that there are not reliable market values available. A model may reflect only an imperfect theoretical valuation, not a true liquidation value, should liquidation become necessary. The illiquid nature of alternative assets means that estimates, rather than observable transaction prices, may have been used for valuation purposes. A and B are not correct because they are both true statements.：C是正确的。在按模型定价的估值中，经校准的模型会产生可靠的清算价值，这是不正确的。当一项资产流动性极低，没有可靠的市场价值可用时，就需要使用估值模型。如果需要清算，模型可能只反映不完善的理论估值，而不是真实的清算价值。另类资产的低流动性意味着，可将估计值而非观察的交易价格用于估值。A和B是不正确的，因为它们都是正确的陈述。