岳同学2020-07-23 10:41:31
The mandate of Pool 2 also consists of two primary goals: A goal that the overall stock portfolio should consist of mature companies that have stable net incomes and high dividend yields A goal of expressing strong views on many major corporate issues through proxy voting Gentry interviews a potential investment manager, who explains that his expertise lies in being able to enhance return or reduce cost using three techniques: 1. Dividend capture 2. Security lending 3. Covered-call writing Q. Of the three techniques mentioned by the potential investment manager, which is most likely to interfere with Pool 2’s goal associated with corporate governance issues? A. Technique 1 B. Technique 2 C. Technique 3 請問為什麼答案是B
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Kevin2020-07-23 13:39:52
同学你好!
Security lending是融券,想做空某只股票用的。步骤如下:借入证券,卖出,股票下跌后,买回。
注意:卖出之后,股票已经不在Pool 2的名下。所以第二个目标明显不满足。
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但是如果做covered call 過了exercise price 之後也是會賣出 .Divdidend capture過了 ex-dividend date之後也是會賣掉.都有機會不在Pool2
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同学你好!
注意题目问的是什么策略会影响两个目标,而不是策略结束后是否会影响两个目标。
1.covered call在执行价格以上的时候,不影响两个目标。如果低于执行价格,的确会引起组合净值的波动,但是不一定会如你说的选择卖出。此时可以平仓期权(以市价或者限价买入该期权),再卖出更低执行价格的call就行,此时仍是covered call策略,仍然不会影响两个目标。
2.融券的过程:开始时,借入证券,卖出,股票下跌后,买回。至此,融券的过程就结束了。整个融券的期间,必定会影响目标2。
3.Dividend capture:在获得股利后,的确会卖出,但是整个策略期间,的确是拥有股份,不影响两个目标的实现。


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