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sliang · 2024年09月02日

lend stock

  1. CFA III
  2. Equity

* 问题详情，请 查看题干

NO.PZ201809170400000108

问题如下：

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：

B is correct. 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.

请问A把股票借给B，那么股票得到dividend后，B直接给A么？还是B以一种别的形式给A？

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笛子_品职助教 · 2024年09月02日

嗨，从没放弃的小努力你好：


请问A把股票借给B，那么股票得到dividend后，B直接给A么？还是B以一种别的形式给A？

Hello，亲爱的同学~

股票借贷合同规定了，上市公司分红付息时，borrower需要把与股息相等金额，自掏腰包给Lender。

具体过程是：

1）A把股票借给B，B把股票卖给C，此时股票在C手里。因此，上市公司分红，股息也是直接分到C的手里。

2）此时，B虽然没拿到股息，但根据借贷合同规定，B需要自掏腰包，把与股息相等的金额，再给到A。

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努力的时光都是限量版，加油！

sliang · 2024年09月02日

非常清晰！谢谢。

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NO.PZ201809170400000108 问题如下 Whiof Frey’s statements about securities lenng ancoverecall writing is correct? Only Statement 1 Only Statement 2 Both Statement 1 anStatement 2 B is correct. Writing coverecalls also generates aitionincome for equity portfolio, but ing so limits the upsi from share priappreciation of the unrlying shares. Therefore, Statement 2 is correct. A is incorrebecause vin on loanestoare \"manufacture" the stock borrower for the stolenr—this, the stoborrower ensures ththe stolenr is compensatefor any vin ththe lenr woulhave receivehthe stonot been loane Therefore, Statement 1 is incorrect. Frey is incorrein stating ththe fun woulmiss out on vinincome on lent securities. 请问可以总结一下作为security lenr是否继续保留投票权和能否拿到vin是不是作为lenr投票权没有了，但是vin是有的，borrower要给lenr的？另外如果是equity swap的话又是什么情况呢？作为付equity的swpayer是不是保留投票权，但是拿不到vin要把vin给swreceiver？因为receiver享有equity的所有income？麻烦总结一下，谢谢！

2024-08-13 04:18 1 · 回答

NO.PZ201809170400000108 问题如下 Whiof Frey’s statements about securities lenng ancoverecall writing is correct? Only Statement 1 Only Statement 2 Both Statement 1 anStatement 2 B is correct. Writing coverecalls also generates aitionincome for equity portfolio, but ing so limits the upsi from share priappreciation of the unrlying shares. Therefore, Statement 2 is correct. A is incorrebecause vin on loanestoare \"manufacture" the stock borrower for the stolenr—this, the stoborrower ensures ththe stolenr is compensatefor any vin ththe lenr woulhave receivehthe stonot been loane Therefore, Statement 1 is incorrect. Frey is incorrein stating ththe fun woulmiss out on vinincome on lent securities. 这个 the fun指哪一方？

2022-07-17 13:55 1 · 回答

NO.PZ201809170400000108 Only Statement 2 Both Statement 1 anStatement 2 B is correct. Writing coverecalls also generates aitionincome for equity portfolio, but ing so limits the upsi from share priappreciation of the unrlying shares. Therefore, Statement 2 is correct. A is incorrebecause vin on loanestoare \"manufacture" the stoborrower for the stolenr—this, the stoborrower ensures ththe stolenr is compensatefor any vin ththe lenr woulhave receivehthe stonot been loane Therefore, Statement 1 is incorrect. Frey is incorrein stating ththe fun woulmiss out on vinincome on lent securities. cash collectr产生的利息是不是lenr和borrower均受益？

2021-11-18 23:15 1 · 回答

NO.PZ201809170400000108

2021-09-23 07:51 1 · 回答