国际财务管理课后习题答案解析chapter

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1、WORD格式可编辑CHAPTER7FUTURESANDOPTIONSONFOREIGNEXCHANGESUGGESTEDANSWERSANDSOLUTIONSTOEND-OF-CHAPTERQUESTIONSANDPROBLEMSQUESTIONS1.Explainthebasicdifferencesbetweentheoperationofacurrencyforwardmarketandafuturesmarket.Answer:TheforwardmarketisanOTCmarketwheretheforwardcontractfo

2、rpurchaseorsaleofforeigncurrencyistailor-madebetweentheclientanditsinternationalbank.Nomoneychangeshandsuntilthematuritydateofthecontractwhendeliveryandreceiptaretypicallymade.Afuturescontractisanexchange-tradedinstrumentwithstandardizedfeaturesspecifyingcontractsizeanddeli

3、verydate.Futurescontractsaremarked-to-marketdailytoreflectchangesinthesettlementprice.Deliveryisseldommadeinafuturesmarket.Ratherareversingtradeismadetocloseoutalongorshortposition.2.Inorderforaderivativesmarkettofunctionmostefficiently,twotypesofeconomicagentsareneeded:hed

4、gersandspeculators.Explain.Answer:Twotypesofmarketparticipantsarenecessaryfortheefficientoperationofaderivativesmarket:speculatorsandhedgers.Aspeculatorattemptstoprofitfromachangeinthefuturesprice.Todothis,thespeculatorwilltakealongorshortpositioninafuturescontractdepending

5、uponhisexpectationsoffuturepricemovement.Ahedger,on-the-other-hand,desirestoavoidpricevariationbylockinginapurchasepriceoftheunderlyingassetthroughalongpositioninafuturescontractorasalespricethroughashortposition.Ineffect,thehedgerpassesofftheriskofpricevariationtothespecul

6、atorwhoisbetterable,oratleastmorewilling,tobearthisrisk.3.Whyaremostfuturespositionsclosedoutthroughareversingtraderatherthanheldtodelivery?Answer:Inforwardmarkets,approximately90percentofallcontractsthatareinitiallyestablishedresultintheshortmakingdeliverytothelongoftheass

7、etunderlyingthecontract.Thisisnaturalbecausethetermsofforwardcontractsaretailor-madebetweenthelongandshort.Bycontrast,onlyaboutonepercentofcurrencyfuturescontractsresultindelivery.Whilefuturescontractsareusefulforspeculationandhedging,theirstandardizeddeliverydatesmakethemu

8、nlikelytocorrespondtotheactualfuturedateswhenforeignexchange专业技术资料分享WORD格式可编辑trans