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Tong · 2025年06月01日

请老师解释一下statement 1是什么意思?

NO.PZ2019012201000044

问题如下:

Smith discusses means of enhancing income for the three funds with the junior analyst, Kolton Frey, including engaging in securities lending or writing covered calls. Frey tells Smith the following:

Statement 1 Securities lending would increase income through reinvestment of the cash collateral but would require the fund to miss out on dividend income from the lent securities.

Statement 2 Writing covered calls would generate income, but doing so would limit the upside share price appreciation for the underlying shares.

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:

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.

请老师解释一下statement 1是什么意思?融券过程中发生分红,分红收益归谁?

1 个答案

笛子_品职助教 · 2025年06月01日

嗨,从没放弃的小努力你好:


Hello,亲爱的同学~

这里有一个结论,需要同学借助这道题记忆一下:

在security lending中,当公司分红的时候, Browwer需自掏腰包,把等同于分红的金额,给lender。

因此可以认为:dividend归lender所有。

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