NO.PZ2018062007000024
问题如下：
Stock A and Stock B are both traded at $50 per share in the same market. Stock A is a growth stock with no dividend payment plans, while Stock B is a value stock and plans to pay dividend in next month. Assuming all else equal, the three-months forward price of:
选项：
A.Stock A is expected to be higher than Stock B
B.Stock A is expected to be lower than Stock B
C.Stock A cannot be determined compared to Stock B
解释：
A is correct.
The forward transaction will forgo the benefits and avoid cost. Dividend payment is benefit to stock holders. Therefore, the forward price is the spot price compounded at the risk-free rate over the life of the contract minus the future value of those benefits. Stock A, which has no dividend payment plan, will have a higher forward price than Stock B.
中文解析：
现货持有方是可以获得红利的，而远期合约的long方无法获得，因而远期合约的价格应当在现货价格基础上扣除红利的影响。这道题A股票没有红利，B股票有红利，两者价格相等，但B需要扣除红利影响，所以A股票为标的资产的期货价格会更高。
按照公式可以做出来，但是解析中“现货持有方是可以获得红利的，而远期合约的long方无法获得” 不是很理解，可否解释一下，谢谢。
