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"Derivative"exercise:Convenience yield
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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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