题目
Melody Li is a junior risk analyst who has recently prepared a report on the advantages and disadvantages of hedging risk exposures. An excerpt from her report contains four statements. Which of Li’s statements is correct?
选项
A.Purchasing an insurance policy is an example of hedging.
B.In practice, hedging with derivatives is not likely to be a zero-sum game.
C.The existence of significant costs of financial distress and bankruptcy is considered within the assumption of perfect capital markets.
D.Hedging with derivatives is advantageous in the sense that there is often the ability to avoid numerous disclosure requirements compared with other financial instruments.
答案
B
解析
Thecomplexity of derivatives pricing means the pricing may not always be asaccurate as possible so it will not always reflect all of the relevant riskfactors. As a result, in practice, hedging with derivatives may not be azero-sum game of transferring risk between periods or between participants.Choice A is not correct because hedging involves the use of financialderivatives and insuring involves the use of insurance policies; an insurancepolicy is not considered a financial instrument in the same sense as aderivatives instrument. Choice C is not correct because the existence ofsignificant costs of financial distress and bankruptcy is contrary to theassumption of perfect capital markets. Choice D is not correct because hedgingwith derivatives will require disclosure, including some operationalinformation that the firm may otherwise prefer to keep private. 衍生产品定价的复杂性意味着定价可能并不总是尽可能准确，因此也不一定总是反映所有相关的风险因素。 结果，在实践中，使用衍生工具进行对冲可能不是在期间之间或参与者之间转移风险的零和游戏。 选择A是不正确的，因为对冲涉及金融衍生品的使用，而保险涉及保险单的使用； 保险单与衍生工具的含义不同，则不视为金融工具。 选择C是不正确的，因为存在巨大的财务困境和破产成本，这与完善资本市场的假设背道而驰。 选项D是不正确的，因为对衍生工具进行套期保值将要求披露，包括一些公司可能宁愿保持私有的操作信息。