NO.PZ2016031201000024
问题如下：
Stocks BWQ and ZER are each currently priced at $100 per share. Over the next year, stock BWQ is expected to generate significant benefits whereas stock ZER is not expected to generate any benefits. There are no carrying costs associated with holding either stock over the next year. Compared with ZER, the one-year forward price of BWQ is most likely:
选项：
A.
lower.
B.
the same.
C.
higher.
解释：
A is correct.
The forward price of each stock is found by compounding the spot price by the risk-free rate for the period and then subtracting the future value of any benefits and adding the future value of any costs. In the absence of any benefits or costs, the one-year forward prices of BWQ and ZER should be equal. After subtracting the benefits related to BWQ, the one-year forward price of BWQ is lower than the one-year forward price of ZER.
中文解析：
由上述公式可知：
远期价格是通过将现货价格与该时期的无风险利率复利，然后减去任何收益的未来价值，再加上任何成本的未来价值得到的。
在没有任何收益或成本的情况下，BWQ和ZER的一年期远期价格应该是相等的。
减去BWQ的好处后，BWQ的远期一年价格低于ZER的远期一年价格。
明年有分红拿的股票反倒期货定价更低，那么大家岂不是都去long这家股票期货了？无论是有分红拿的这件事，还是期货价格便宜这件事，都比另一家股票有魅力，虽然我知道题目只是问了哪家期货定价高，可是比较完之后对两家股票的经济意义是什么呢？投资者会采取什么行动呢？
