NO.PZ2019012201000044
问题如下：
Smith discusses means of
enhancing income for the three funds with the junior analyst, Kolton Frey, including
engaging in securities lending or writing covered calls. Frey tells Smith the
following:
Statement 1 Securities lending would increase income through
reinvestment of the cash collateral but would require the fund to miss out on
dividend income from the lent securities.
Statement 2 Writing covered calls would generate income, but doing so
would limit the upside share price appreciation for the underlying shares.
Which of Frey’s statements about securities lending and covered call
writing is correct?
选项：
A.Only Statement 1
Only Statement 2
Both Statement 1 and Statement 2
解释：
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.
为什么说doing so would limit the upside share price appreciation for the underlying shares?
