NO.PZ2022123002000050
问题如下：
Huanca recently received 3.2 million common stock shares of UrubambaCopper, Ltd. in partial payment for a mining equipment company he sold toUrubamba. The terms of the sale require him to hold this stock for at least 18months before selling it. Although Huanca believes Urubamba is a well-runcompany, its share price is closely tied to commodity prices, which he believesmight decline. He tells Mamani, "I know I can use options on Urubamba tomanage the risk of my concentrated stock position. Either a covered callstrategy or a protective put strategy will reduce the volatility of my positionand establish a minimum value for it, but the covered call strategy will alsoenhance my return if Urubamba's price remains stable, and the protective putstrategy will not."
Huanca'scomment about using options to manage the risk of his Urubamba common stockposition is least likely correct regarding:
选项：
A.
establishinga minimum value
B.
reductionof volatility
C.
returnenhancements
解释：
Correct Answer: A
Although aprotective put establishes a minimum value for the position when the price ofthe underlying stock declines, a covered call does not. Therefore, Huanca'sstatement is incorrect.
题目这里写到了合同约定18个月之内必须持有不能卖出，那protective put策略，如果股价下跌了put option行权卖出股票也会违约啊，所以这个策略执行起来会不会有问题
