问题如下图：
选项：
A. 
B. 
C. 
买卖评价公示c+k=p+s
答案里的右边是三项（long put，long risk-free bond 和long forward contract)怎么能等于fiduciary call了？
NO.PZ2016031201000051 问题如下 Combining a protective put with a forwarcontragenerates equivalent outcomes expiration to those of A.ficiary call. B.long call combinewith a short asset. C.forwarcontracombinewith a risk-free bon A is correct.中文解析本题考察的是put-call-forwarparity，它的推导逻辑如下因为 long stock+short forwar可以合成一个无风险头寸，即Long risk-free bon注意这里的bon值为远期合约价格，即FP）将该等式变形可得 long stock=long forwarlong risk-free bon所以long put+long stock中的stock可以用上面的公式替代，可得systhetic proctive put = long put+long forwar+long risk-free bon我们发现无论期末股票价格如何变化，systhetic proctive put的payoff与ficiary call是一样的。具体过程如下图这里再强调一遍，systhetic proctive put中的bon值为FP，而ficiary call中的bon值为X。 protective put 是put + spotprotective put with a forwarcontra为什么就将spot转成了forwar+ rf而不是put + spot + forward
NO.PZ2016031201000051问题如下Combining a protective put with a forwarcontragenerates equivalent outcomes expiration to those of a: A.ficiary call. B.long call combinewith a short asset. C.forwarcontracombinewith a risk-free bon A is correct.Put−call forwarparity monstrates ththe outcome of a protective put with a forwarcontra(long put, long risk-free bon long forwarcontract) equals the outcome of a ficiary call (long call, long risk-free bon. The outcome of a protective put with a forwarcontrais also equto the outcome of a protective put with asset (long put, long asset). 中文解析本题考察的是put-call-forwarparity，它的推导逻辑如下因为 long stock+short forwar可以合成一个无风险头寸，即Long risk-free bon注意这里的bon值为远期合约价格，即FP）将该等式变形可得 long stock=long forwarlong risk-free bon所以proctive put with asset= long put+long stock中的stock可以用上面粗体的公式替代，可得protective put with forwar long put+long forwar+long risk-free bon我们发现无论期末股票价格如何变化，protective put with forwarpayoff与ficiary call是一样的。具体过程如下图这里再强调一遍，protective put with forwar的bon值为FP，而ficiary call中的bon值为X。 put call forwarparity不应该是C+K=P+FORWARBON，题干只说了forwarput，不应该还少了一个bon
long call combinewith a short asset. forwarcontracombinewith a risk-free bon A is correct. Put−call forwarparity monstrates ththe outcome of a protective put with a forwarcontra(long put, long risk-free bon long forwarcontract) equals the outcome of a ficiary call (long call, long risk-free bon. The outcome of a protective put with a forwarcontrais also equto the outcome of a protective put with asset (long put, long asset). p+s=c+k这道题目有其他干扰项，请
请老师给一下protective put 和 ficiary call,对这两个概念还是不懂
1.protective put with a forwarcontract 应该怎么理解？protective put 不是stock加上 put 吗？ with a forwarcontract 那就再long 个 forwarcontract 应该是long put，long stock 和long forwarcontract怎么stock 变成 risk-free bon 2.本题的另一个回答提到long put+long forwar long call 这怎么理解？
