除了樱花 · 2022年03月19日
NO.PZ2020012005000008
问题如下：
If the return from an asset is positively correlated with interest rates, would you prefer to enter into a long forward contract or a similar long futures contract? Explain.
选项：
解释：
You would prefer to own a long futures contract because daily gains will tend to be invested at a relatively high rate and daily losses will tend to be financed at a relatively low rate.
所以futures和forward 的 选择看的不是购买价格哪个低，而是哪个能带来的收益高？
比如是positive的时候选futures是因为能带来高收益，而不是选forward 因为他定价低？
NO.PZ2020012005000008 问题如下 If the return from asset is positively correlatewith interest rates, woulyou prefer to enter into a long forwarcontraor a simillong futures contract? Explain. You woulprefer to own a long futures contrabecause ily gains will tento investea relatively high rate anily losses will tento financea relatively low rate. 这里跟我想的有一点点出入，我看到答案写着只要是正相关，那么应该投资futures， 涨了会ily gain, 跌了可以用降低的利率去还借债利息。但是我在想，这里假如我预期未来利率是下降的，我又知道它是正相关，我futures注定会ily loss了，我难道不该投资short?或者说，我是为了锁定利率，一定要long, 那么既然futures fowar途同归，我应该选择最后一天才结算的forwar中间的损失不用拿来还margin, 保证我的流动性才对吧？
NO.PZ2020012005000008 问题如下 If the return from asset is positively correlatewith interest rates, woulyou prefer to enter into a long forwarcontraor a simillong futures contract? Explain. You woulprefer to own a long futures contrabecause ily gains will tento investea relatively high rate anily losses will tento financea relatively low rate.
老师这道题能不能详细一下，看了视频也不是太懂。。。。
