NO.PZ2019012201000044
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.
lender把股票借给borrower，收到的是租金和押金，期间股票的投票权和分红权都属于borrower，但是borrower会根据约定把分红以现金形式还给lender，是这样吗？另外，如果一开始签合同规定期间分红归borrower所有行不行？如果期间发生了股票分红，比如一拆二，那又怎样结算？这些在实务中是以标准合同还是定制化合同实现的？
