NO.PZ2018062007000097
问题如下:
Which of the following statements best represents information discovery in the futures market?
选项:
A.The futures price is predictive.
B.Information flows more slowly into the futures market than into the spot market.
C.The futures market reveals the price that the holder of the asset can take to avoid uncertainty.
解释:
C is correct.
The futures market reveals the price that the holder of an asset could take and avoid the risk of uncertainty.
A is incorrect because although the futures price is sometimes thought of as predictive, it provides only a little more information than does a spot price and is not really a forecast of the futures spot price.
B is incorrect because by virtue of the fact that the futures market requires less capital, information can flow into the futures market before it gets into the spot market.
中文解析:
C正确,期货市场揭示了资产持有者可以承担的价格,并避免了不确定性的风险。
A是不正确的,因为尽管期货价格有时被认为是可预测的,但它只提供比现货价格多一点的信息,而不是对期货现货价格的预测。
B是不正确的,因为期货市场需要的资金较少,信息可以在进入现货市场之前就进入期货市场。
Future的未来价格本来就是不确定的,那又何谈市场可以揭露价格呢