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CFA二级
包含CFA二级传统在线课程、通关课程及试题相关提问答疑;
专场人数:2058提问数量:51866
Sheroda is considering international securities but does not want to be exposed to foreign currency risk. She asks Parisi if there are derivative contracts to address this risk. Parisi comments, “there is a large market for foreign exchange forward contracts that are used to hedge this risk. Let’s assume you want to hedge a EUR investment back to USD. The carry adjustment in a currency derivative contract is very similar to other carry models such as equity derivatives. In this case, if the USD/EUR forward exchange rate is higher than the current spot rate, then the Eurozone interest rate must be lower than the US interest rate.” Is Parisi most likely correct regarding his comments on foreign exchange contracts? Yes. No, he is incorrect regarding the lower interest rate. No, he is incorrect regarding carry models. A is correct. Parisi is correct with regard to both the carry adjustment in FX forward contracts and that the Eurozone interest rate must be lower than the US interest ra
已解决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请老师分别解释下, 感谢!~
已回答题目: 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 字数超限了, 老师请refer to 下一题, 谢谢!
已回答精品问答
- 这个1.0028的单位是什么 老师说“每一块钱SF的现值” 如果是*1.12 就是期初先 euro 转 sf 然后 期末再 /1.1 就是 sf 转 euro ?
- 第4题 讲义没有讲到,能在详细讲一下吗
- 第六题,视频老师说,对于汇率都是先除老汇率再乘新汇率,不应该吧,对于这个客户而言,因为“paying €1 million at inception.“得出该客户是未来每期是收欧元利息和欧元本金,支瑞士法郎利息和本金。所以期初是每一欧元换1.12瑞士法郎用的是乘呀,估值时的汇率1.1用除。老师帮忙看看逻辑正确不?
- 衍生Q18,请老师忽略题目编号,讲解一下这题,谢谢
- 请问FRA是在1时刻借到钱(面值),2时刻还钱(面值),然后1时刻settle赚的/亏的interest rate吗,然后这个settle的部分是要discount之后结算的? 然后option是在1时刻直接settle不需要discount?
- 为什么gamma在ATM时最大?
- 能否换一个能理解讲明白自己不糊涂的助教来解答一下 1.CDS偿付的顺序为什么是信用水平低的债券违约,信用水平更高的也会一起违约,进行偿付,还是说这里只是cds的条款将高等级的视为违约以保护购买方 2. 违约和破产有区别吗 这里credit event不是单纯违约吗
- 能否解释一下OAS Call/put和Z之间的关系?