问FORWARD 与 CALL PUT 的不同

nysloth

4590

收藏 2007-12-07

看到一道题目，不理解,

I bought 100 shares of RB corp six months ago and make a profit of $50 per share. but now want to get rid of my exposure ot RB'S share price movement, However, I do not want to sell the stock for another six months because I want to take advantage of the lower capital gains tax on securities held 12 months or longer. Which strategy would all ow me to get rid of my exposure to RB share prices without having to sell the stock I held?

A) entering a 6-month forward contract to sell RB share

B) entering a 6-month forward contract to buy RB share

C) buying a put option on RB shares

D) selling a put option on RB shares

E) Selling a call option on RB shares

答案是A, 但是自己不理解,为什么不是选D, 而且FORWARD CONTRACT 跟PUT OPTION有什么不同.

请高手指点.在线等.多谢!

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全部回复

newtype050

2007-12-7 02:30:00

FORWARD CONTRACT 远期合约是可以自订制的，比如大客户和银行可以签订人民币兑外币的远期合约，其中价格、合约大小、合约保证金、履约方式(轧差还是交付)等都可以商量，并不集中在交易所买卖

PUT OPTION是一份法律合约，它给予期权的持有者在给定的时间点，或者该时点之前的任意时刻，按事先规定的价格卖出一定数量证券的权利。

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fj102

2007-12-7 02:50:00

the major difference between forward and option is that forward contract must be exercised ; option you donot really need to exercise it at the due date, you can choose to exercise or give up the right on the option contract

In the question above, it points out that he want to get rid of his exposure ot RB'S share price movement, so he should take forward contract, he wont face any up or downside risk at the due date. You choose A

However, usually people prefer upside risk and in the real world, we will take put option, this is a bit different from the question. If in the final date, the real price of stock share is above the contract price, they may decide not to exercise the option, sell at the stock market instead.

[此贴子已经被作者于2007-12-9 19:07:33编辑过]