问题如下图：
选项：
A. 
B. 
C. 
解释：
老师好，关于第一个statement，我理解的是，lend后可以卖空，则所有权其实已经转移，按照结算公司原则，分红应该给borrower，而lender损失的这部分分红，是通过fee来返还的，所以我觉得有点模凌两可…
NO.PZ2019012201000008问题如下 Whiof the following statements about securities lenng ancoverecall writing is incorrect? Statement 1 Securities lenng woulincrease income through reinvestment of the cash collateral but woulrequire the funto miss out on vinincome from the lent securities. Statement 2 Writing coverecalls woulgenerate income, but ing so it requires portfolio manager simultaneously posits money equto the exercise price into a signateaccount. Only Statement 1 Only Statement 2 Both Statement 1 anStatement 2 C is correct. 考点：Income in equity portfolio 解析：表述1是错误的，因为出借股票的股利是由股票借款人为股票出借人\"制造\"的——也就是说，股票借款人要确保股票出借人在没有出借股票的情况下获得的股利得到了补偿。因此，表述一是不正确的。 表述2也是错误的，因为需要将与行权价格相等的款项存入指定账户，这是卖出看跌期权的要求，而不是卖出看涨期权需要做的。 用c+k=p+s，因为是coverecall，所以变形为-c+s=-p+k，由这个变形的公式的等式左边可以看出，coverecall 是跟long stock组合的，而跟不是posit money（即k）组合的。可以这么理解statement2吗
NO.PZ2019012201000008问题如下 Whiof the following statements about securities lenng ancoverecall writing is incorrect? Statement 1 Securities lenng woulincrease income through reinvestment of the cash collateral but woulrequire the funto miss out on vinincome from the lent securities. Statement 2 Writing coverecalls woulgenerate income, but ing so it requires portfolio manager simultaneously posits money equto the exercise price into a signateaccount. Only Statement 1 Only Statement 2 Both Statement 1 anStatement 2 C is correct. 考点：Income in equity portfolio 解析：表述1是错误的，因为出借股票的股利是由股票借款人为股票出借人\"制造\"的——也就是说，股票借款人要确保股票出借人在没有出借股票的情况下获得的股利得到了补偿。因此，表述一是不正确的。 表述2也是错误的，因为需要将与行权价格相等的款项存入指定账户，这是卖出看跌期权的要求，而不是卖出看涨期权需要做的。 对于short call 还是short put，都是义务，当long方执行权力，short方不都是需要履行亏钱的义务吗？
NO.PZ2019012201000008 问题如下 Whiof the following statements about securities lenng ancoverecall writing is incorrect? Statement 1 Securities lenng woulincrease income through reinvestment of the cash collateral but woulrequire the funto miss out on vinincome from the lent securities. Statement 2 Writing coverecalls woulgenerate income, but ing so it requires portfolio manager simultaneously posits money equto the exercise price into a signateaccount. Only Statement 1 Only Statement 2 Both Statement 1 anStatement 2 C is correct. 考点：Income in equity portfolio 解析：表述1是错误的，因为出借股票的股利是由股票借款人为股票出借人\"制造\"的——也就是说，股票借款人要确保股票出借人在没有出借股票的情况下获得的股利得到了补偿。因此，表述一是不正确的。 表述2也是错误的，因为需要将与行权价格相等的款项存入指定账户，这是卖出看跌期权的要求，而不是卖出看涨期权需要做的。 答案说选C，但是解析里说1号statment错误，那就不应该选c吧
NO.PZ2019012201000008 问题如下 Whiof the following statements about securities lenng ancoverecall writing is incorrect? Statement 1 Securities lenng woulincrease income through reinvestment of the cash collateral but woulrequire the funto miss out on vinincome from the lent securities. Statement 2 Writing coverecalls woulgenerate income, but ing so it requires portfolio manager simultaneously posits money equto the exercise price into a signateaccount. Only Statement 1 Only Statement 2 Both Statement 1 anStatement 2 C is correct. 考点：Income in equity portfolio 解析：表述1是错误的，因为出借股票的股利是由股票借款人为股票出借人\"制造\"的——也就是说，股票借款人要确保股票出借人在没有出借股票的情况下获得的股利得到了补偿。因此，表述一是不正确的。 表述2也是错误的，因为需要将与行权价格相等的款项存入指定账户，这是卖出看跌期权的要求，而不是卖出看涨期权需要做的。 老师好，我隐约记着何老师好像说过write coverecall就是指的coverecall，有没有这个说法，是不是我记差了，再次求证下。如果是的话用CK=PS,coverecall不是应该等于short put吗，short put 执行的时候不是有义务买股票，不是手上要有钱吗，感觉没错啊
NO.PZ2019012201000008 问题如下 Whiof the following statements about securities lenng ancoverecall writing is incorrect? Statement 1 Securities lenng woulincrease income through reinvestment of the cash collateral but woulrequire the funto miss out on vinincome from the lent securities. Statement 2 Writing coverecalls woulgenerate income, but ing so it requires portfolio manager simultaneously posits money equto the exercise price into a signateaccount. Only Statement 1 Only Statement 2 Both Statement 1 anStatement 2 C is correct. 考点：Income in equity portfolio 解析：表述1是错误的，因为出借股票的股利是由股票借款人为股票出借人\"制造\"的——也就是说，股票借款人要确保股票出借人在没有出借股票的情况下获得的股利得到了补偿。因此，表述一是不正确的。 表述2也是错误的，因为需要将与行权价格相等的款项存入指定账户，这是卖出看跌期权的要求，而不是卖出看涨期权需要做的。 所以statement1的问题是？
