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Summer · 2020年07月19日

问一道题:NO.PZ2018062007000095

问题如下:

Which of the following derivatives allows an investor to pay the return on a stock index and receive a fixed rate?

选项:

A.

Equity swap

B.

Stock warrant

C.

Index futures contract

解释:

A is correct. Equity swaps, also known as index swaps, are quite popular and permit investors to pay the return on one stock index and receive the return on another index or a fixed rate. B is incorrect because warrants are options that are sold directly to the public, allowing holders to exercise and buy shares directly from the company as opposed to using stock indexes to determine returns. C is incorrect because although index derivatives in the form of options, forwards, futures, and swaps are very popular, paying the return on a stock index and receiving a fixed rate describes an equity swap (or index swap), not a futures contract. 32

老师,您好。可以讲一下这道题么?三个选项都讲一下,谢谢。

1 个答案

xiaowan_品职助教 · 2020年07月20日

嗨,从没放弃的小努力你好:


同学你好,

这道题题干是希望我们选择一种衍生品,使得投资者可以收股票指数收益,并且付固定利率,这正是权益互换(equity swap)这个产品的运作方式,所以选A。

B是认股权证,是一种期权,不符合;

C是股指期货,也不符合。


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