期权,期货和其他衍生品 约翰赫尔第九版 习题答案 - Options, Futrues and Other Derivatives Solution Manual 9th Ed.docx

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CHAPTER 1

Introduction

Practice Questions

Problem 1.1.

What is the difference between a long forward position and a short forward position?

When a trader enters into a long forward contract, she is agreeing to buy the underlying asset for a certain price at a certain time in the future. When a trader enters into a short forward contract, she is agreeing to sell the underlying asset for a certain price at a certain time in

the future.

Problem 1.2.

Explain carefully the difference between hedging, speculation, and arbitrage.

A trader is hedging when she has an exposure to the price of an asset and takes a position in a derivative to offset the exposure. In a speculation the trader has no exposure to offset. She is betting on the future movements in the price of the asset. Arbitrage involves

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