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　　1.    金融市场与产品练习题第54题这类delta hedge问题解题思路是什么?
　　Initially, the call option on Big Kahuna Inc. with 90 days to maturity trades at USD 1.40. The option has a delta of 0.5739. A dealer sells 200 call option contracts, and to delta-hedge the position, the dealer purchases 11,478 shares of the stock at the current market price of USD 100 per share. The following day, the prices of both the stock and the call option increase. Consequently, delta increases to 0.7040. To maintain the delta hedge, the dealer should
　　A.    sell 2,602 shares
　　B.    sell 1,493 shares
　　C.    purchase 1,493 shares
　　D.    purchase 2,602 shares
　　Answer: D
　　答疑；其实这种题目的本质是使原有头寸的线性风险能够被对冲头寸的收益所覆盖，在这道题中就相当于由股价变动引发的期权的价格变化（由delta反映）能够由购买或者卖出股票获得的收益所覆盖。可以参考handbook P322的公式进行理解，原理是一样的。这题的关键是200 call option contracts，而每个合约里面有100个期权，所以总共有200*100 = 20000个期权。