假设市场上存在一种无风险债券，债券收益率为6%，同时存在一种股票，期间无分红，目前的市场价格是100元，该股票的预期收益率为20%（年率）。如果现在存在该股票的1年期远期合约，远期价格为107元，那么理论上说投资者会（）。
A．买进远期合约的同时卖出股票
B．卖出远期合约和债券的同时买进股票
C．卖出远期合约的同时买进股票
D．买进远期合约和债券的同时卖出股票
参考答案：B
解析：
该股票无分红，则其l年期远期合约的理论价格＝
＝106．18(元)<107元，可见该远期合约价格被高估，应当卖出远期合约和债券的同时买进股票。
| 完形填空 | ||||
| On a cold winter day, I waited in line to see my hero, Jack Canfield, the author of The Success Principles During his talk, Jack 1 his wallet, pulled out a hundreddollar bill, and said, "Who wants this?" 2 shot up in the audience; people leaned forward to see whom Jack would 3 . But I jumped up, ran up the 4 to the stage, and grabbed the bill.As I was launching myself in the air, thoughts 5 through my mind-was I about to be humiliated (羞辱) in front of 800 people?Would they 6 security guards and take me from the stage? 7 my desire for bold action was louder than any 8 voice. As I got the bill from his hand, he said, "That's it!We can't wait for the 9 to come to us.We must take action to 10 what we want!" After his talk, I managed to formally meet Jack and boldly asked for his 11 email address.Over the next months, I sent him emails 12 my vision and dreams with him.He kindly emailed back lots of encouragement.But my life got 13 with other things.I stopped emailing Jack. A year later, my dreams had worn away.I thought Jack would inspire me into action, like a giant 14 that would show me the way. I emailed him, and then again-but got no 15 . As I sat down at my computer to check my emails, I 16 woke up.What was I doing?I was waiting!Now I remembered the crowd, most likely 17 that hundreddollar bill, while they sat 18 to their chairs. Usually we all have a "Jack" for whom we wait-whether it's a person, a place or a thing.We 19 believe the gifts of life are just around the corner, and that everything will come in a(n) 20 way.So we don't try.We give up. But as Wayne Gretzky said: "You'll always miss 100% of the opportunities you don't take!" So I stopped waiting and started my writing career. Now what are you waiting for? | ||||
|