文档介绍：部分习题答案
第一章
(a) The trader sells 100 million yen for $ per yen when the
exchange rate is $ per yen. The gain is 100× millions of
dollars or $60,000.
(b) The trader sells 100 million yen for $ per yen when the
exchange rate is $ per yen. The loss is 100 × millions of
dollars or $110,000.
You could buy 5,000 put options (or 50 contracts) with a strike price of
$25 and an expiration date in 4 months. This provides a type of insurance.
If at the end of 4 months the stock price proves to be less than $25 you
can exercise the options and sell the shares for $25 each. The cost of this
strategy is the price you pay for the put options.
The trader receives an inflow of $2 in May. Since the option is
exercised, the trader also has an outflow $5 in September. The $2 is the
cash received from sale of the option. The $5 is the result of buying the
stock for %25 in September and selling it to the purchaser of the option
for $20.
pany could enter into a long forward contract to buy 1 million
Canadian dollars in six months. This would have the effect of locking in an
exchange rate equal to the current forward exchange rate. Alternatively
pany could buy a call option giving it the right (but not the
obligation) to purchase 1 million Canadian dollar at a certain exchange r