珊同学2022-05-10 19:31:11

CFA网站上的题目：The fund owns 10,000 shares of Inwood Industries, Inc., which is currently trading at US$100.00. Bennett believes that Inwood’s next five quarterly earnings reports will miss consensus estimates but, longer term, there is value in the equity given the company’s strong backlog of new products. The shares are very illiquid to trade, so Tryon wants to hedge the position over this time frame without selling the shares. Park suggests three total return equity swaps for Tryon to consider. Question Which type of total return swap is Tryon most likely to use given his view on Inwood stock equity? Buy a one-year: cash-settled total return payer swap. cash-settled total return receiver swap. physically settled total return payer swap. 为什么选cash-settled total return payer？payer是指付固定，收浮动；我预计到浮动的收入会降低，应该想要收固定，付浮动去对冲。我认为应该选receiver swap。