国际财务管理课后习题答案解析chapter

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1、WORD格式整理CHAPTER7FUTURESANDOPTIONSONFOREIGNEXCHANGESUGGESTEDANSWERSANDSOLUTIONSTOEND-OF-CHAPTERQUESTIONSANDPROBLEMSQUESTIONS1.Explainthebasicdifferencesbetweentheoperationofacurrencyforwardmarketandafuturesmarket.Answer:TheforwardmarketisanOTCmarketwheretheforwardc

2、ontractforpurchaseorsaleofforeigncurrencyistailor-madebetweentheclientanditsinternationalbank.Nomoneychangeshandsuntilthematuritydateofthecontractwhendeliveryandreceiptaretypicallymade.Afuturescontractisanexchange-tradedinstrumentwithstandardizedfeaturesspecifying

3、contractsizeanddeliverydate.Futurescontractsaremarked-to-marketdailytoreflectchangesinthesettlementprice.Deliveryisseldommadeinafuturesmarket.Ratherareversingtradeismadetocloseoutalongorshortposition.2.Inorderforaderivativesmarkettofunctionmostefficiently,twotypes

4、ofeconomicagentsareneeded:hedgersandspeculators.Explain.Answer:Twotypesofmarketparticipantsarenecessaryfortheefficientoperationofaderivativesmarket:speculatorsandhedgers.Aspeculatorattemptstoprofitfromachangeinthefuturesprice.Todothis,thespeculatorwilltakealongors

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

6、hedgerpassesofftheriskofpricevariationtothespeculatorwhoisbetterable,oratleastmorewilling,tobearthisrisk.3.Whyaremostfuturespositionsclosedoutthroughareversingtraderatherthanheldtodelivery?Answer:Inforwardmarkets,approximately90percentofallcontractsthatareinitiall

7、yestablishedresultintheshortmakingdeliverytothelongoftheassetunderlyingthecontract.Thisisnaturalbecausethetermsofforwardcontractsaretailor-madebetweenthelongandshort.Bycontrast,onlyaboutonepercentofcurrencyfuturescontractsresultindelivery.Whilefuturescontractsareu

8、sefulforspeculationandhedging,theirstandardizeddeliverydatesmakethemunlikelytocorrespondtotheactualfuturedateswhenforeignexchange专业知识分享WORD格式整理transacti