No.PZ2020012001000024 (问答题)
来源: 原版书
Consider the situation where the cost of an asset to be purchased in the future is being hedged. What is the impact of a positive basis when the hedge is closed out?
解析
The cost of the asset is the initial futures price plus the basis. A positive basis therefore worsens the hedger’s situation.
问题：①A positive basis therefore worsens the hedger’s situation.——这个hedger怎么理解，对哪个hedger是不利的影响，是对t=0时刻，现货空头，在t=t时刻，要买现货的hedger来说，还是对t=0时刻，现货多头，在t=t时刻，要卖现货的hedger来说，还是两者都包括？
②对于cost of asset的原理请再说一遍，感觉课上说的不是很清晰
