1. notes book2 P26, 倒数第二行,
it's possible, on any given day, for the trading volume on a contract to be higher than its open interest.
WHY?
2. notes book2 P37, 第三段倒数第4行，
assume that the prices in an industry frequently adjust for changes in input prices and exchange rates. if competitors do not hedge, then there is an incentive to keep the status quo. in this way, the company ensures that profitability will remain more stable than if it were to hedge frequent changes.
WHY?
3. notes book2 p38-- sources of basis risk/ 1.interruption in the convergence of the futures and spot prices/倒数第2行
an interruption in the convergence could result in payments from the seller to the buyer.
WHY?
Many thanks! | 
发表于 2009-7-22 17:01
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