Q. To the holder of a long position, it is more desirable to own a forward contract than a futures contract when interest rates and futures prices are:
- negatively correlated.
- uncorrelated.
- positively correlated.
老师,官网这道题,我选3,思路是这样的,为什么不对,请帮忙解析下:
题干中说,投资者更想要forward说明不想要期间现金流,说明reinvestment收益不好,那就代表着i下降。所以当i下降,future对投资者的吸引力下降,投资者对future的需求下降,那么future的价格也下降。所以他俩应该是同向关系啊?