NO.PZ2023040401000064
问题如下：
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:
选项：
A.negatively correlated.
uncorrelated.
positively correlated.
解释：
A is correct. If futures prices and interest rates are negatively correlated, forwards are more desirable to holders of long positions than are futures. This is because rising prices lead to futures profits that are reinvested in periods of falling interest rates. It is better to receive all of the cash at expiration under such conditions. If futures prices and interest rates are uncorrelated, forward and futures prices will be the same. If futures prices are positively correlated with interest rates, futures contracts are more desirable to holders of long positions than are forwards.
其实对这个知识点有点疑惑，就是forward和futures在制定执行价格的时候应该是差不多的，也就是最终的收益都是S0-F0(T)，然后因为futures能提前拿到钱，所以涉及再投资的问题，但是我不理解的是不管利率怎么变化，futures始终是早拿到了现金流，利率再低他也比futures多获得了一部分收益，为什么会negative correlation会使得futures价格低于forward呢？
