NO.PZ2018091705000065
问题如下：
Hill refers his friend, Richard Morrison, the former CEO of Masury Bridge and Iron (MBI), to Keller to discuss his wealth goals.
Keller realizes that the Morrisons’ decision making is influenced by psychological considerations and decides to use a goal-based planning approach. Keller constructs the table below to simplify the discussion at their next scheduled meeting.
Table：Morrison Family Wealth Distribution
Keller and Richard Morrison discuss several hedging techniques. To lock-in a floor price and retain unlimited upside potential, Morrison decided to use a protective put position.
Explain one drawback of this hedging strategy.
选项： 解释： There are
two potential drawbacks with this hedging strategy. The strategy requires an
out-of-pocket expenditure to purchase the put options, which can be significant
depending on a number of factors, including the volatility of the stock, the
strike price, and maturity. Another potential drawback is the credit risk of
the counterparty. Counterparty risk is greater for an over-the-counter (OTC)
derivative because the investor incurs the credit risk of a single counterparty.
With respect to exchange-traded instruments, because a clearinghouse is the
counterparty and guarantees the instrument, the investor incurs significantly
less counterparty risk.
第一反应就是期权贵啊，场内场外都没明示的为啥能整出counterparty risk……这些答案真给看迷了。
