A is correct. For an insurance policy, the amount of the loss that the insured is willing to bear is known as the deductible. For a protective put option, this amount is equivalent to the difference between the stock price and the put exercise price. Bochanski’s statement relates to the deductible. B is incorrect because a protective put’s time value and an insurance policy’s premium are considered to be equivalent. Neither of these are related to the protective put/insurance policy deductible. C is incorrect because a protective put’s stock volatility is analogous to the likelihood of loss for an insurance policy. A protective put’s time until expiration is analogous to the term of an insurance policy. None of these are related to the protective put/insurance policy deductible. A我懂, 但是B, C請老師分別解釋下, 感謝!~
題目: Bochanski cautions that covered call options are not as effective as protective put positions in protecting the portfolio against any future downturn. He comments, “Protective put positions are analogous to insurance policies.” When implementing protective put positions, Bochanski states that factors he considers are stock price and put exercise price. Upon thinking about Bochanski’s statement, Dan Smith states that he would consider time value and upfront premium. Beauregard adds that she considers stock volatility and time until expiration. Q. In comparing insurance policies to protective put positions, whose statements most likely relate to the amount of loss that the investor is willing to bear? A. Bochanski B. Smith C. Beauregard 字?jǐn)?shù)超限了, 老師請refer to 下一題, 謝謝!
老師，針對圖中aggressive 方式下 OCF會下降我不是很理解，我的邏輯是aggressive的方式下revenue會上升啊…這樣OCF怎么會下降呢？煩請老師幫忙解答，謝謝！
如圖, 謝謝!
請問equity method和acquisition method下B/S又有什么區(qū)別 后者是除了equity，asset和liability都合并。前者呢？
老師您好，圖中表格里我有兩點(diǎn)疑問：1.selling expense depreciation 在前面講義中說要用historical currency，為什么這里使用的是average currency. 2. expense前面表格里是說要用average currency，為什么這里使用的是historical currency……煩請老師幫忙解答。
請問n=22是怎么算的，謝謝！
第三小題，答案是c，但是講義根據(jù)annual breakeven volatility的年化計(jì)算方法應(yīng)該是12/3再開根號，為什么答案沒有開根號做年化？
collar: 為什么call 執(zhí)行價＞put的？謝謝！
請問老師，固收講義第21頁的例題到底是為了解釋什么？例題結(jié)論中可以看出S'＜f時，收益率大，但是單老師也沒有從例題中的數(shù)據(jù)直接得出S在上升的assumption?如果這個例題找不出這個assumption，這個例題的意義是什么呢？僅僅是想說明S'＜f時，收益率大？
老師好，例題不理解。為什么是用總體的協(xié)方差除以樣本的標(biāo)準(zhǔn)差呢？難道不應(yīng)該總體的除以總體的嗎？謝謝！
老師您好，在復(fù)習(xí)pension這部分時，對于PBO和period pension expense這兩個概念我有點(diǎn)混淆，一開始誤以為是同一個東西，但是我在PBO的計(jì)算公式中又沒有看到有period pension expense出現(xiàn)。想請老師幫忙解釋并縷清關(guān)系。謝謝！
老師您好， 我想問一下關(guān)于cds的問題， 如果credit spread 是3%，那么CDS buyer付給CDS seller的保費(fèi)是3%。 我好奇的是如果CDS spread這么高，為什么還要買cds, 為什么不直接用CDS spread去cover可能的違約風(fēng)險呢？謝謝
不好意思, 老師, 再補(bǔ)充下剛剛那個問題 還是那句話, 我打錯了, 應(yīng)該是: 到期時候可以進(jìn)入的swap rate, 紀(jì)老師上課的時候說是" (沒有current了!) market swap rate"--->這句話我認(rèn)為沒錯; 但是我的疑問就是--->未來的市場價我現(xiàn)在還不知道, 那怎么定價呢? 謝謝~~
補(bǔ)充一下剛剛那個問題, 第五行, 這句話"到期時候可以進(jìn)入的swap rate, 紀(jì)老師上課的時候說是"current market swap rate""就是圖中的黃色部分.
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