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HLR · 2019年05月08日

问一道题:NO.PZ2019012201000008 [ CFA III ]

问题如下图:

选项:

A.

B.

C.

解释:

没理解第二问为啥卖看跌要提前存款项 卖看涨不需要 无论哪一种不都有被行权的可能么 谢谢

1 个答案

maggie_品职助教 · 2019年05月08日

卖covered put=sell put +存款是因为,如果未来股价下降,买put option的人会行权把股票卖还给你,你作为short 方是有义务要把股票买回来的,所以你需要存一笔钱以备未来买股票之需。

而covered call= sell call +long stock, 当未来股价上升,long call 的一方要行权,要以约定好的价格买入股票,那么此时你只需把手里的股票给long 方即可。

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