新用户扫码下载
扫码下载APP
及时接收最新考试资讯及
备考信息
"Derivative"exercise:cash disbursement
学习是一个不断积累的过程，每天学习一点，每天进步一点！为了帮助大家更高效地备考2021年CFA考试，正保会计网校每日为大家上新CFA习题供大家练习。让网校与您一起高效备考2021年CFA考试，梦想成真！
Questions 1:
Valuation of a swap during its life will least likely involve the:
A 、application of the principle of no arbitrage.
B、 use of replication.
C、 investor’s risk aversion.
Questions 2:
If a forward contract requires no cash outlay at initiation, it is most likely true that at initiation:
A、 value exceeds price.
B、 price exceeds value.
C 、price is equal to value.
View answer resolution
【Answer to question 1】C
【analysis】
C is correct. Risk neutrality, not risk aversion, is a key element of derivatives pricing, including swaps.
A is incorrect. The statement is true because the principle of no arbitrage is applied in pricing swaps.
B is incorrect. The statement is true because replication is used in pricing swaps.
【Answer to question 2】B
【analysis】
B is correct. At initiation, value is equal to zero. Price is a positive number that states the amount that must be paid when the purchase takes place.
A is incorrect. Value is zero; price is a positive number.
C is incorrect. Value is zero; price is a positive number.
成功=时间+方法，自制力是这个等式的保障。世上无天才，高手都是来自刻苦的练习。而人们经常只看到“牛人”闪耀的成绩，其成绩背后无比寂寞的勤奋。小编相信，每天都在勤奋练习，即使是一点点的进步，大家一定可以成为人人称赞的“牛人”。
推荐阅读
新用户扫码下载
京公网安备 11010802044457号
