之前的问题没有追问按钮，所以就重新提问一下

NO.PZ202108100100000104 问题如下 The most appropriate response to Troubaur’s supervisor’s question regarng the TSI forwarcontrais: A.a crease in TSI’s share price, all else equal. B.increase in the risk-free rate, all else equ C.a crease in the market priof the forwarcontract, all else equal. B is correct. From the perspective of the long position, the forwarvalue is equto the present value of the fferenin forwarprices:Vt = PV[Ft – F0]whereFt = FV(St +C–CBt)All else equal, increase in the risk-free rate before contraexpiration woulcause the forwarprice, Ft, to increase. This increase in the forwarpriwoulcause the value of the TSI forwarcontract, from the perspective of the short, to crease. Therefore, increase in the risk-free rate woulleto a loss on the short position in the TSI forwarcontra中文解析首先需要明确现在是远期合约的short头寸，问的是下列那种情况会产生损失。Ashort 远期合约，希望将来标的资产下跌。因此当标的价格下降，其他条件不变的情况下，short头寸会有gain,而不是loss；B根据公式F= S0(1 + Rf) T可知，当Rf增加，forwar约价格上升，对于short forwar方来说会产生损失；选BC作为short forwar一方，当forwar格下跌时，会有gain，而不是loss，C不能选。 公式上显示FP减小，VS确实是减小的呀

NO.PZ202108100100000104 问题如下 The most appropriate response to Troubaur’s supervisor’s question regarng the TSI forwarcontrais: A.a crease in TSI’s share price, all else equal. B.increase in the risk-free rate, all else equ C.a crease in the market priof the forwarcontract, all else equal. B is correct. From the perspective of the long position, the forwarvalue is equto the present value of the fferenin forwarprices:Vt = PV[Ft – F0]whereFt = FV(St +C–CBt)All else equal, increase in the risk-free rate before contraexpiration woulcause the forwarprice, Ft, to increase. This increase in the forwarpriwoulcause the value of the TSI forwarcontract, from the perspective of the short, to crease. Therefore, increase in the risk-free rate woulleto a loss on the short position in the TSI forwarcontra中文解析首先需要明确现在是远期合约的short头寸，问的是下列那种情况会产生损失。Ashort 远期合约，希望将来标的资产下跌。因此当标的价格下降，其他条件不变的情况下，short头寸会有gain,而不是loss；B根据公式F= S0(1 + Rf) T可知，当Rf增加，forwar约价格上升，对于short forwar方来说会产生损失；选BC作为short forwar一方，当forwar格下跌时，会有gain，而不是loss，C不能选。 根据课后题老师的说法，对于空头short来说，FP下降才能获利得到profit，FP上升会产生loss。但是从整个pofit的角度， 麻烦老师看看理解对不对？long 头寸profit = St - FP St上涨或者FP下跌产生利润？short 头寸profit = FP- St FP上涨或者St下跌产生利润？

NO.PZ202108100100000104问题如下 The most appropriate response to Troubaur’s supervisor’s question regarng the TSI forwarcontrais: A.a crease in TSI’s share price, all else equal.B.increase in the risk-free rate, all else equalC.a crease in the market priof the forwarcontract, all else equal. B is correct. From the perspective of the long position, the forwarvalue is equto the present value of the fferenin forwarprices:Vt = PV[Ft – F0]whereFt = FV(St +C–CBt)All else equal, increase in the risk-free rate before contraexpiration woulcause the forwarprice, Ft, to increase. This increase in the forwarpriwoulcause the value of the TSI forwarcontract, from the perspective of the short, to crease. Therefore, increase in the risk-free rate woulleto a loss on the short position in the TSI forwarcontra中文解析首先需要明确现在是远期合约的short头寸，问的是下列那种情况会产生损失。Ashort 远期合约，希望将来标的资产下跌。因此当标的价格下降，其他条件不变的情况下，short头寸会有gain,而不是loss；B根据公式F= S0(1 + Rf) T可知，当Rf增加，forwar约价格上升，对于short forwar方来说会产生损失；选BC作为short forwar一方，当forwar格下跌时，会有gain，而不是loss，C不能选。 因为是short，所以合约value=FP/（1+rf）^T—S0，然后因为rf增加，所以value就下降，可以这样理解吗

NO.PZ202108100100000104问题如下 The most appropriate response to Troubaur’s supervisor’s question regarng the TSI forwarcontrais: A.a crease in TSI’s share price, all else equal.B.increase in the risk-free rate, all else equalC.a crease in the market priof the forwarcontract, all else equal. B is correct. From the perspective of the long position, the forwarvalue is equto the present value of the fferenin forwarprices:Vt = PV[Ft – F0]whereFt = FV(St +C–CBt)All else equal, increase in the risk-free rate before contraexpiration woulcause the forwarprice, Ft, to increase. This increase in the forwarpriwoulcause the value of the TSI forwarcontract, from the perspective of the short, to crease. Therefore, increase in the risk-free rate woulleto a loss on the short position in the TSI forwarcontra中文解析首先需要明确现在是远期合约的short头寸，问的是下列那种情况会产生损失。Ashort 远期合约，希望将来标的资产下跌。因此当标的价格下降，其他条件不变的情况下，short头寸会有gain,而不是loss；B根据公式F= S0(1 + Rf) T可知，当Rf增加，forwar约价格上升，对于short forwar方来说会产生损失；选BC作为short forwar一方，当forwar格下跌时，会有gain，而不是loss，C不能选。 对于short 头寸来说，是不是不管是标的物还是forwar合约，只要价格下跌，就会有gain？