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一只可爱的猪 · 2021年09月23日

short sale 和security lending

  1. CFA III
  2. Equity

* 问题详情，请 查看题干

NO.PZ201809170400000108

问题如下：

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：

B is correct. 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.

老师可以详细比较一下short sale 和security lending？

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1 个答案

笛子_品职助教 · 2021年09月23日

嗨，从没放弃的小努力你好：


short sale是卖空。


security lending是A持有某只股票，把股票借给B，让B去卖空，A收取出借股票的利息。security lending的时候，一旦上市公司分配股息，B需把股息补偿给A。


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