Emma
2024-01-17 19:38我怎么記得之前老師說(shuō)美國(guó)借出股票的時(shí)候，voting rights會(huì)被轉(zhuǎn)移，所以有的時(shí)候投資者會(huì)借入股票進(jìn)行投票，我又記錯(cuò)了？
所屬：CFA Level III > Equity Portfolio 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
王蘇云助教
2024-01-19 13:31
該回答已被題主采納
同學(xué)，你好：
你記得是對(duì)的喲，當(dāng)投資者出借股票時(shí)，該交易在技術(shù)上是一種具有回購(gòu)期權(quán)的所有權(quán)轉(zhuǎn)讓；也就是說(shuō)，投票權(quán)被轉(zhuǎn)讓給借款人。原版書對(duì)這個(gè)知識(shí)點(diǎn)的講解，權(quán)益第167頁(yè)，我找到放在下面了，同學(xué)可以看一看~
When an investor loans shares, the transaction is technically an assignment of title
with a repurchase option; that is, the voting rights are transferred to the borrower. The
transfer of voting rights with stock lending could potentially result in the borrower
having different voting opinions from the lending investor. To mitigate this problem,
some stock lenders recall shares ahead of voting resolutions to enable exercise of their
voting rights. The downside of this action would be the loss of stock lending revenue
during the period of stock loan recall and potential reputation risk as an attractive
lender. Investors, in some cases, may borrow shares explicitly to exercise the voting
rights attached. This process is called empty voting, whereby no capital is invested in
the voted shares.
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追問(wèn)
那這個(gè)百題，王老師講錯(cuò)了喲
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追答
同學(xué)你好，可能是口誤也說(shuō)不好，考試都是以原版書為主呀，我跟班班反饋一下這個(gè)題目，再次感謝提醒喲~
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