题目
Which one of the following statements is most correct?
选项
A.Hedgers and arbitrageurs have a productive role in markets but speculators intensify systematic risk and do not have a productive role
B.A primary risk management practice is the definition and vigilant, daily monitoring of risk limits
C.Few of the spectacular derivatives mishaps arose from the activities of a single employee; most arose from large groups
D.Derivatives are inappropriate for non-financial company and should generally be used only by financial firms
答案
B
解析
In regard to (A), this is false: speculators (e.g., in the theory of normal backwardation) are required to take the other side of the position to hedgers; i.e., speculation enables hedging! In regard to (C), what is remarkable about these lists (of derivative mishaps; e.g., Barings) is the number of situations where huge losses arose from the activities of a single employee. In regard to (D), this is false. Hull is favorable toward the smart use of derivatives by non-financial companies to hedge.A是错误的:投机者(例如，在期现溢价理论中)被要求与套期保值者站在头寸的另一边;即。正是由于投机的存在，才能使对冲成为可能。C大多数衍生品灾难都是由于单个员工的行为造成巨大损失。D这是错误的。约翰·赫尔（一级第三四门的作者）赞成非金融公司使用衍生品进行对冲。