新用户扫码下载
扫码下载APP
及时接收最新考试资讯及
备考信息
"Derivative"exercise:Transaction costs
学习是一个不断积累的过程，每天学习一点，每天进步一点！为了帮助大家更高效地备考2021年CFA考试，正保会计网校每日为大家上新CFA习题供大家练习。让网校与您一起高效备考2021年CFA考试，梦想成真！
Questions 1:
What is the most likely reason why arbitrage will not completely eliminate all pricing discrepancies for derivatives?
A 、Differences in risk aversion
B 、Transaction costs
C 、Inaccurate forecasts
Questions 2:
Over time, a forward contract most likely has variable:
A、 value and constant price.
B 、price and constant value.
C 、value and variable price.
View answer resolution
【Answer to question 1】B
【analysis】
B is correct. Transaction costs may render an arbitrage strategy unprofitable and can therefore prevent precise convergence of prices.
A is incorrect. Differences in risk aversion are irrelevant for arbitrage because arbitrage transactions are riskless.
C is incorrect. No forecasts are needed in implementing an arbitrage position.
【Answer to question 2】A
【analysis】
A is correct. The price of a forward contract remains constant throughout its life. It is set as part of the contract specifications. The value varies with changes in the price of the underlying.
B is incorrect. The price is constant, but value varies with changes in the price of the underlying.
C is incorrect. The price is constant, but value varies with changes in the price of the underlying.
成功=时间+方法，自制力是这个等式的保障。世上无天才，高手都是来自刻苦的练习。而人们经常只看到“牛人”闪耀的成绩，其成绩背后无比寂寞的勤奋。小编相信，每天都在勤奋练习，即使是一点点的进步，大家一定可以成为人人称赞的“牛人”。
推荐阅读
新用户扫码下载
京公网安备 11010802044457号
