艾同學(xué)
2022-07-12 16:52第4題對(duì)應(yīng)原文的哪句話?。款}干的問(wèn)題對(duì)應(yīng)的回答有yes和no，對(duì)應(yīng)的文章中的哪里呢？另外選項(xiàng)B的期貨是LessLiquid指的是期貨與期權(quán)比較嘛？那么兩者相比，誰(shuí)的流動(dòng)性強(qiáng)呢？
所屬：CFA Level III > Derivatives and Currency Management 視頻位置 相關(guān)試題
來(lái)源： 視頻位置 相關(guān)試題
1個(gè)回答
Chris Lan助教
2022-07-12 17:53
該回答已被題主采納
同學(xué)您好
這段對(duì)應(yīng)的題干是：Wulf recently started investing in securities from Japan. He has been particularly interested in the growth of technology firms in that country. Wulf decides to make an investment of ￥25,000,000 in a small technology enterprise that is in need of start-up capital. The spot exchange rate for the Japanese yen at the time of the investment is ￥135/€. Wulf also implements a cost-effective hedge structure using ￥/€ options that will completely eliminate the downside risk of his portfolio’s exposure to the yen.
但這個(gè)題的線索，主要在三個(gè)選項(xiàng)的表述中。
原版書(shū)中并沒(méi)有提及外匯管理中option的流動(dòng)性問(wèn)題。
不過(guò)有結(jié)論說(shuō)在外匯管理中，遠(yuǎn)期的流動(dòng)性反而比期貨好。原因是遠(yuǎn)期是可以定制化的，比如說(shuō)，名義本金，合約時(shí)間都可以根據(jù)自己的需要來(lái)定制。但流動(dòng)性好壞是相對(duì)的，這樣說(shuō)不代表期貨的流動(dòng)性就非常差。只是沒(méi)有遠(yuǎn)期好。
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追問(wèn)
所以選項(xiàng)B中的less liquid，不是指期貨跟誰(shuí)比較，而是單純地定性期貨是less liquid還是liquid的，對(duì)吧？
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追答
同學(xué)您好
這里的意思應(yīng)該是和put option相比，futures的流動(dòng)性差一些。
解析中這里給了一個(gè)結(jié)論，They are, however, very liquid and are less expensive to use.
意思是說(shuō)期權(quán)和期貨的流動(dòng)性都不差，費(fèi)用也不是很高。這句話原版書(shū)沒(méi)有說(shuō)過(guò)?？梢宰鳛榻Y(jié)論來(lái)記吧。
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