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Wheel · 2022年05月11日

B选项不太理解

NO.PZ2018062007000098

问题如下:

The derivative markets tend to:

选项:

A.

transfer liquidity from the broader financial markets.

B.

not reflect fundamental value after it is restored in the underlying market.

C.

offer a less costly way to exploit mispricing in comparison to other free and competitive financial markets.

解释:

C is correct. When prices deviate from fundamental values, derivative markets offer a less costly way to exploit mispricing in comparison to other free and competitive financial markets. A is incorrect because derivative markets tend to transfer liquidity to (not from) the broader financial markets, because investors are far more willing to trade if they can more easily manage their risk, trade at lower cost and with less capital, and go short more easily. An increased willingness to trade leads to a more liquid market. B is incorrect because it is likely (not unlikely) that fundamental value will be reflected in the derivative markets both before and after it is restored in the underlying market owing to lower capital requirements and transaction costs in the derivative markets.

中文解析:

C正确,当价格偏离基本价值时,与其他自由和竞争的金融市场相比,衍生品市场提供了一种利用错误定价的成本更低的方式。

A是不正确的,因为衍生品市场倾向于将流动性转移到更广泛的金融市场,应该把from改为 to 才正确

B是不正确的,因为由于衍生品市场的资本要求和交易成本较低,基本价值很可能(并非不太可能)在其恢复到基础市场之前和之后都将反映在衍生品市场上。

after it is restored in the underlying market.这个怎么理解

1 个答案

Lucky_品职助教 · 2022年05月12日

嗨,爱思考的PZer你好:


不论before 还是after ,衍生品市场都可以reflect fundamental value,所以b选项不对。在交易前,利用衍生品的价值发现功能,所以可以反映;当资产回归其价值后,衍生品市场同样可以反映其价值。

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NO.PZ2018062007000098问题如下The rivative markets tento: transfer liquity from the broar financimarkets. B.not reflefunmentvalue after it is restorein the unrlying market.C.offer a less costly wto exploit mispricing in comparison to other free ancompetitive financimarkets. C is correct. When prices viate from funmentvalues, rivative markets offer a less costly wto exploit mispricing in comparison to other free ancompetitive financimarkets. A is incorrebecause rivative markets tento transfer liquity to (not from) the broar financimarkets, because investors are fmore willing to tra if they cmore easily manage their risk, tra lower cost anwith less capital, ango short more easily. increasewillingness to tra lea to a more liquimarket. B is incorrebecause it is likely (not unlikely) thfunmentvalue will reflectein the rivative markets both before anafter it is restorein the unrlying market owing to lower capitrequirements antransaction costs in the rivative markets. 中文解析C正确,当价格偏离基本价值时,与其他自由和竞争的金融市场相比,衍生品市场提供了一种利用错误定价的成本更低的方式。A是不正确的,因为衍生品市场倾向于将流动性转移到更广泛的金融市场,应该把from改为 to 才正确 。B是不正确的,因为由于衍生品市场的资本要求和交易成本较低,基本价值很可能(并非不太可能)在其恢复到基础市场之前和之后都将反映在衍生品市场上。 如题。流动性转到更广泛的金融市场是什么意思?

2024-07-13 11:11 1 · 回答

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