"Alternative Investments":Prevention of fraud
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Questions 1:
Which of the following is least likely to reduce the likelihood of being defrauded by a dishonest money manager?
A 、Third-party custody of assets under management
B 、Strong and consistent reported investment performance
C、 Independent verification of investment results
Questions 2:
Alternative investments that rely on estimates rather than observable market prices for valuation purposes are most likely to report:
A、 returns that are understated.
B 、volatility of returns that is understated.
C 、correlations of returns with the returns of traditional assets that are overstated
B is correct. To prevent fraud, involvement of third parties in the reporting and asset management process is helpful. A strong and consistent reported investment performance that lacks outside verification may actually be a warning sign.
A is incorrect. Third-party custody of assets under management helps to reduce the possibility of fraud.
C is incorrect. Independent verification of investment results helps to reduce the possibility of fraud.
B is correct. The use of estimates tends to smooth the return series. As a consequence, the volatility of returns will be understated.
A is incorrect. There is a tendency for returns to be overestimated or at least smoothed.
C is incorrect. Correlations of returns with the returns of traditional assets tend to be understated as a consequence of smoothing the return series.
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