问题详情

Whenthestockmarketturnsdown,holdersofcommonstockstraditionallybegintomovesomeportionoftheir(61)outofstocksandinto(62)toprotectthemselvesagainstfurtherdeclinesinthemarket,PIprogramsattempttohedgeagainstthepossibilityofamarketdeclineby(63)stockindexfuturescontractsorstockindexoptions(buyingstockindexputoptions).Themorethemarketfalls,themorefuturesandoptionscontractsaresoldbyPIprograms.Ifthemarketcontinuestofall,theriseinthevalueoftheportfolio"futuresandoptionpositionscushionsthedeclineinthevalueoftheportfolio"commonstocks.PImanagersbelievethatsuchhedgingprogramsusingfuturesandoptionsinvolvelowertransactioncostsandprovidegreater(64)thanthetraditionalmethodofactuallysellingstocksandbuyingtreasury(65)
(46)
A．treasure
B．assets
C．investment
D．capital

请帮忙给出正确答案和分析，谢谢！