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沐沐的方盒 · 2024年06月10日

请老师讲解一下陈述1错误的原因?

NO.PZ2023010903000006

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

B.

Only Statement 2

C.

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.

请老师讲解一下陈述1错误的原因?出借方借出去股票,丧失了获得期间股息的权益,这不是对的吗?

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笛子_品职助教 · 2024年06月11日

嗨,从没放弃的小努力你好:


请老师讲解一下陈述1错误的原因?出借方借出去股票,丧失了获得期间股息的权益,这不是对的吗?

Hello,亲爱的同学~

这里有个知识点,需要同学补充记忆一下。

出借出去的股票,出借方失去投票权,但并不会失去股息。

如果在出借期间,公司支付股息,则borrower方需要自掏腰包,把股息补给lender。

原版书正文,确实没有讲股息的问题,但习题出现了。

所以,同学就用这道题,来补充记忆一下这个知识点吧。

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努力的时光都是限量版,加油!

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2024-01-19 16:43 1 · 回答

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2023-08-27 12:40 1 · 回答