博迪_投资学第九版_英文答案(10)

博迪_投资学第九版_英文答案

20.

a. 0 4 -4

b. 0 4 -4

c. 0 4 -4

d. 5 4 1

e. 10 4 6

a. 10 6 4

b. 5 6 -1

c. 0 6 -6

d. 0 6 -6

e. 0 6 -6

A put option conveys the right to sell the underlying asset at the exercise price.

A short position in a futures contract carries an obligation to sell the underlying

asset at the futures price.

A call option conveys the right to buy the underlying asset at the exercise

price. A long position in a futures contract carries an obligation to buy the

underlying asset at the futures price. 21. 22.

CFA PROBLEMS

1. (d)

2.

3.

4.

b. The taxable bond. The after-tax yield for the taxable bond is:

0.05 × (1 – 0.10) = 4.5%

c. You are indifferent. The after-tax yield for the taxable bond is:

0.05 × (1 – 0.20) = 4.0%

The after-tax yield is the same as that of the municipal bond.

The equivalent taxable yield is: 6.75%/(1 0.34) = 10.23% (a) Writing a call entails unlimited potential losses as the stock price rises. a. The taxable bond. With a zero tax bracket, the after-tax yield for the taxable bond is the same as the before-tax yield (5%), which is greater than the yield on the municipal bond.