. , , , .
?
: (1) (2) .
1. , , (stock out) (14.1) . . , , -5.
2. , , , . , 14.1 . , , . , , , , , . , , 6.
14.3 |
, ? |
14.6. : -
, , . , , (forward-spot price-parity relation).
, . . . S, 5 s , . ,
(14.2)
, , 300 ., 2% ,
-=-."
, 300 . , , (synthetic) . , 300 . (.. , ) F.
|
|
, , 8%,
; , (14.2) (14.3),
5', -F _S-S ~~+''~~S~~S
:
F={l+r+s)xS (14.4)
330 . :
F = (1 + + s) S = 1,10 300 = 330
330 . , -" - . , , 330 . , " - (.. ), .
, . , .
. 14.2 , , 330 . , 340 . . , 300 . 340 . . 10 . , .
, , 320 . . . 14.3 , , 330, 320 . . - 330 . , 320 . . , , 10 . , 7.
14.2. -
1 | 340 - | S1 | |
300 . | 300 . | -324 . | |
- 300 . | S1 | ||
- 6 . | |||
340 - | = |
|
|
14.3.
300 . - S1
0 S1 - 320 .
300 - - 300 . 324 .
6 .
0 330 .- 320 .=
- - . , . , , . , , .
14.4 |
, r=0,06, S=400 . s=0,02. ? , , . |
14.6.1. ""
- , -. , 14.4, , , . , , .
, , (implied cost of carry), :
= F - S
, , : .
14.4 , ( ) :
, , .
, , 300 . , 330 ., 8%. ?
= F S = 330 . 300 . = 30 .
= (F S)/S = 0,10 0,08 = 0,02, 2% .
14.5
, 300 . , 324 . - \ ? , 7% ?