The performance of covered calls
本文使用多种优势准则和效用函数，比较部分和完全备兑开仓策略与标的股票组合的表现，发现备兑开仓策略在研究的时期内更优，支持其广泛使用。
Writing call options against long positions in the underlying equities is the most popular options strategy. Since the variance is an inadequate measure of risk for options strategies, this paper uses a range of dominance criteria and four utility functions to compare the performance of partly and fully covered call strategies with that of the underlying equity portfolio. It is found that the dominance criteria are ineffective in choosing between strategies. However, all four utility functions (representing different combinations of absolute and relative risk aversion) find that the covered call strategy is preferable for the data period studied, supporting the widespread use of this strategy.