平价举例 Parity EXample 无现金股利的股票 Stock that pays no cash dividend 无储存成本 no storage costs 价格无季节性 no seasonal patterns in prices 策略1:现在购买它并储存它到时间T Strategy 1: Buy the stock now and hold it until time t 策略2:今日购买到期时间为时间T的期货合约 Strategy 2: Put funds aside today to perform on a futures contract for delivery at time t that is acquired today 22-1222-12 平价举例 Parity Example 无现金股利的股票 Stock that pays no cash dividend – 无储存成本 no storage costs – 价格无季节性 no seasonal patterns in prices 策略1：现在购买它并储存它到时间T Strategy 1: Buy the stock now and hold it until time T 策略2：今日购买到期时间为时间T的期货合约 Strategy 2: Put funds aside today to perform on a futures contract for delivery at time T that is acquired today