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NEW QUESTION: 1
Tamara Ogle, CFA, and Isaac Segovia, CAIA, are portfolio managers for Luca's Investment Management (Luca's). Ogle and Segovia both manage large institutional investment portfolios for Luca's and are researching portfolio optimization strategies.
Ogle and Segovia begin by researching the merits of active versus passive portfolio management. Ogle advocates a passive approach, pointing out that on a risk-adjusted basis, most managers cannot beat a passive index strategy. Segovia points out that there will always be a need for active portfolio managers because as prices deviate from fair value, active managers will bring prices back into equilibrium. They determine that Treynor-Black models permit active management within the context of normally efficient markets.
Ogle decides to implement Treynor-Black models in her practice and starts the implementation process. In conversations with her largest client's risk manager, Jim King, FRM, she is asked about separation theorem in relation to active portfolio management. She responds that separation theorem more properly relates to asset prices deviating from and gravitating toward their theoretical fair price. King next asks Ogle about the differences between the Sharpe ratio and the information ratio and the difference between the security market line (SML) and the capital market line (CML).
After reallocating her client portfolios based on using the Treynor-Black model, Ogle discusses the results with Segovia. Ogle states that she is satisfied with the current methodology, but given her preference for passive management, she is still concerned about relying on analyst's forecasts. Segovia tells Ogle that he will research methods for modifying the Treynor-Black model to account for analyst forecasts.
Modifying a Treynor-Black model to account for a lack of precision in an analyst's forecast is most likely to include:
A. a correction to the analyst's forecast of alphas based on their prior bias.
B. reducing portfolio weights by the reciprocal of the analyst's average alpha forecast error as a percentage of expected excess returns.
C. adjusting the Treynor-Black actively managed portfolio weights using the square of the correlation between the analyst's forecast and realized alphas.
Answer: C
Explanation:
Explanation/Reference:
Explanation:
An analyst's forecasting ability can be judged based on past performance. The Treynor-Black weightings within actively managed portfolios can be adjusted based on an analyst's prior forecasting ability. The process is to:
* Collect the time-series alpha forecasts for the analyst.
* Calculate the correlation between the alpha forecasts and the realized alphas.
* Square the correlation to derive the .
* Adjust (shrink) a forecast alpha by multiplying it by the analysts .
(Study Session 18, LOS 67.c)

NEW QUESTION: 2
The administrator has created a data flow that contains a fact table to a dimension table join. Which operators will allow for inserting the output into a permanent database table?
A. Add a Data Station operator and select create suitable table on the output port.
B. Add a Custom SQL operator and a Table Target operator and connect the output of the Custom SQL to the input of the Table Target.
C. Add a Table Target operator and give the target a table name for output.
D. Add a File Export operator and write the data to a file; add a Table Target to load the exported data.
Answer: A

NEW QUESTION: 3
ContosoDbという名前のMicrosoft Azure SQLデータベースインスタンスを使用します。 ContosoDbには、既存のレコードを持つProductsという名前のテーブルが含まれています。
Productsテーブルには、CodeおよびQuantityOnHandという名前の列があります。
Productsテーブルに、Categoryという名前の新しい列を作成して、null値を許可し、既存のすべてのレコードのCategory列の値をGeneralに設定する必要があります。
ソリューションの開発に使用する必要があるTransact-SQLセグメントはどれですか?回答するには、適切なTransact-SQLセグメントをTransact-SQLセグメントのリストから回答エリアに移動し、正しい順序で並べます。

Answer:
Explanation:

Explanation:
NULL or NOT NULL specifies whether the column can accept null values. Columns that do not allow null values can be added with ALTER TABLE only if they have a default specified or if the table is empty. NOT NULL can be specified for computed columns only if PERSISTED is also specified. If the new column allows null values and no default is specified, the new column contains a null value for each row in the table. If the new column allows null values and a default definition is added with the new column, WITH VALUES can be used to store the default value in the new column for each existing row in the table.
Reference:
https://docs.microsoft.com/en-us/sql/t-sql/statements/alter-table-transact-sql

NEW QUESTION: 4

A. Option C
B. Option B
C. Option D
D. Option A
Answer: B
Explanation:
http://technet.microsoft.com/en-us/library/cc816733(v=ws.10).aspx
* For users in a trusted Windows Server 2008 or Windows Server 2003 domain or forest to be able to access resources in a trusting Windows Server 2008 or Windows Server 2003 domain or forest where the trust authentication setting has been set to selective authentication, each user must be explicitly granted the Allowed to Authenticate permission on the security descriptor of the computer objects (resource computers) that reside in the trusting domain or forest.

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