An investment policy statement for a firm’s short-term cash management function would least appropriately include :（）
A. a list of permissible securities.
B. procedures to follow if the investment guidelines are violated.
C. limits on the proportion of the portfolio which can be invested in each permitted security type.
参考答案：A
解析：
An investment policy statement typically begins with a statement of the purpose and objective of the investment portfolio, some general guidelines about the strategy to be employed to achieve those objectives, and the types of securities that will be used. A list of permitted securities for investment would be limited and likely too restrictive. A list of permitted security types is appropriate and can provide the necessary flexibility to increase yield within the safety and liquidity constraints appropriate for the firm.
