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"Derivative"exercise:Convenience yield

来源: 正保会计网校 2021-03-20
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Questions 1:

The value of a long position in a forward contract at expiration is best defined as:

A、 forward price agreed in the contract minus spot price of the underlying.

B 、spot price of the underlying minus forward price agreed in the contract.

C 、value of the forward at initiation minus spot price of the underlying

Questions 2:

Convenience yield is best described as a nonmonetary benefit of holding a(n):

A、 option contract.

B 、asset.

C 、forward contract.

View answer resolution
【Answer to question 1】B

【analysis】

B is correct. The value of a long position in a forward contract at expiration is defined as spot price of the underlying minus forward price agreed in the contract.

 A is incorrect. This is the value of a short position.

C is incorrect. The value of a long position in a forward contract does not depend on the value of the forward at initiation.

【Answer to question 2】B

【analysis】

B is correct. Convenience yield represents the nonmonetary advantage of holding the asset. 

A is incorrect. Convenience yield is a benefit for the holder of the asset and not the holder of an option contract. 

C is incorrect. Convenience yield is a benefit for the holder of the asset and not the holder of a forward contract.

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