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基拉夫 · 2023年10月02日

问题如下

  1. CFA I
  2. FRA

NO.PZ2023081403000083

问题如下：

Q. Which of the following is a potential drawback of compensating employees with stock options?

选项：

A.The grant may make employees adverse to risk.

B.The grant may make employees seek more risk.

C.Both of the above are potential drawbacks.:

解释：

C is correct. Stock option grants may lead managers to be either risk adverse or have the opposite effect (i.e., encourage excessive risk taking). Therefore, B and C are both potential drawbacks.

讲义上写的：excessive risk taking can occur with the awarding of stock options. 讲义没有提及stock option会产生风险厌恶。

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1 个答案

lynn_品职助教 · 2023年10月03日

嗨，努力学习的PZer你好：


是的，这道题是讲了一个新的角度，讲义没有提及（当然讲义这句话也是对的，角度不同）


我们都知道，stock option有买方和卖方两种，买option的人是为了赚取超额收益，这一方一般都是为了投机，是risk seeking的一类人。


卖option的人是为了对冲风险，举一个期货的例子哈，假如我是一个卖米的农民，我今年春天播种，万一秋天的时候谷贱伤农，今年就亏了，因此我约好一个价格卖出，只是为了对冲风险而已，属于风险厌恶。


股票期权当然也是一样的，卖出方就是赚一个期权费而已，风险厌恶。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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