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| All of the following are advantages of using futures and forward contracts to hedge risk in a portfolio, relative to adjusting the actual debt and equity positions, EXCEPT: A. liquidity, at least for shorter maturity contracts, is often greater in the futures market than in the underlying market. B. it is typically less expensive to use derivatives than to adjust the actual portfolio. C. the manager gets a leverage effect with futures because the only required “investment” is the margin deposit. |