NO.PZ2018062007000058
问题如下：
Which of the following statements best describes the payoff from a forward contract?
选项：
A. The buyer has more to gain going long than the seller has to lose going short.
B. The buyer profits if the price of the underlying at expiration exceeds the forward price.
C. The gains from owning the underlying versus owning the forward contract are equivalent.
解释：
B is correct. The buyer is obligated to pay the forward price F0(T) at expiration and receives an asset worth ST, the price of the underlying. The contract effectively pays off ST – F0(T), the value of the contract at expiration. The buyer therefore profits if ST > F0(T). A is incorrect because the long and the short are engaged in a zero- sum game. This is a type of competition in which one participant’s gains are the other’s losses, with their payoffs effectively being mirror images. C is incorrect because although the gain from owning the underlying and the gain from owning the forward are both driven by ST, the price of the underlying at expiration, they are not the same value. The gain from owning the underlying would be ST – S0, the change in its price, whereas the gain from owning the forward would be ST – F0(T), the value of the forward at expiration.
中文解析：
A选项错误，A的意思是说Forward合约的long方获得的收益会多于short方遭受的亏损，这是不对的，因为远期市场是一个零和的，即long方的收益一定和short方的亏损相等。
C选项错误，C的意思是持有资产，和持有以这种资产为基础资产的远期合约获得的收益是一样的，这是不对的。因为持有资产，收益为ST - S0，而持有相应的远期合约，收益为ST- F0（T）
B选项对，当标的资产在到期时的价格超过了远期价格，买方就会获利。
老师，不是只有long position 才会在这种情况下获益么
