NO.PZ201809170400000108
问题如下：
Which of Frey’s statements about securities lending and covered call writing is correct?
选项：
A.Only Statement 1
B.Only Statement 2
C.Both Statement 1 and Statement 2
解释：
B is correct. Writing covered calls also generates additional income for an equity portfolio, but doing so limits the upside from share price appreciation of the underlying shares. Therefore, Statement 2 is correct.
A is incorrect because dividends on loaned stock are "manufactured" by the stock borrower for the stock lender—that is, the stock borrower ensures that the stock lender is compensated for any dividends that the lender would have received had the stock not been loaned. Therefore, Statement 1 is incorrect. Frey is incorrect in stating that the funds would miss out on dividend income on lent securities.
请问可以总结一下作为security lender是否继续保留投票权和能否拿到dividend？是不是作为lender投票权没有了，但是dividend还是有的，borrower要给lender的？
另外如果是equity swap的话又是什么情况呢？作为付equity的swap payer是不是保留投票权，但是拿不到dividend，要把dividend付给swap receiver？因为receiver享有equity的所有income？
麻烦总结一下，谢谢！
