NO.PZ201702190300000106
问题如下：
6. The most appropriate response to Troubadour’s supervisor’s question regarding the TSI forward contract is:
选项：
A. a decrease in TSI’s share price, all else equal.
B. an increase in the risk-free rate, all else equal
C. a decrease in the market price of the forward contract, all else equal.
解释：
B is correct.
From the perspective of the long position, the forward value is equal to the present value of the difference in forward prices:
Vt(T)= PVt,T[Ft(T)-F0(T)]
where Ft(T) =FVt,T(St+θt-γt)
All else equal, an increase in the risk-free rate before contract expiration would cause the forward price, Ft(T), to increase. This increase in the forward price would cause the value of the TSI forward contract, from the perspective of the short, to decrease. Therefore, an increase in the risk-free rate would lead to a loss on the short position in the TSI forward contract.
这道题答案为什么不选A，请用公式解释一下。