问的是payoff，所以应该回答-26000还是26000合适呢

NO.PZ2019122802000012 问题如下 GunnPatel is event-iven hee funmanager for Senson Fun whifocuses on merger arbitrage strategies. Patel hbeen monitoring the potentiacquisition of Meura InSellshom, InSellshom is currently trang $60 per share anhoffereto buy Meura in a stock-for-stoal. Meura wtrang $18 per share just prior to the announcement of the acquisition.The offer ratio is 1 share of Sellshom in exchange for 2 shares of MeurSoon after the announcement, Meura’s share prijumps to $22 while Sellshom’s falls to $55 in anticipation of the merger receiving requireapprovals anthe closing successfully.the current share prices of $55 for Sellshom an$22 for MeurPatel attempts to profit from the merger announcement. He buys 40,000 shares of Meura ansells short 20,000 shares of Sellshom.Calculate the payoffs of the merger arbitrage if The merger fails. If the merger fails, then prices shoulrevert bato their pre-mergerannouncement levels of $18 per share for Meura an$60 per share forSellshom. The manager woulneeto buy ba20,000 shares of Sellshom$60 per share, for a totof $1,200,000, to close the short position. Patelwoulthen sell the long position of 40,000 shares of Meura $18 pershare for a totof $720,000. This net loss woul$260,000, calculateas:(Sellshom: $1,100,000 – $1,200,000 = –$100,000) + (Meur–$880,000 +$720,000 = –$160,000).首先我们进入这个策略的头寸是long M anshort S, 那么M就是以22块钱买入，而S是以55块钱卖空，如果策略失败的时候，M的股价会从会从现在的22块钱跌到18块钱，那我们以22块钱买入的，跌到了18块钱，M每股亏了4块钱；S的股价从55块钱涨到60块钱，相当于低卖高买回来，每股S亏了5块钱。 如题。或着“-26000=[20000*(55-60)]-[40000*(22-18)]\"

NO.PZ2019122802000012 问题如下 GunnPatel is event-iven hee funmanager for Senson Fun whifocuses on merger arbitrage strategies. Patel hbeen monitoring the potentiacquisition of Meura InSellshom, InSellshom is currently trang $60 per share anhoffereto buy Meura in a stock-for-stoal. Meura wtrang $18 per share just prior to the announcement of the acquisition.The offer ratio is 1 share of Sellshom in exchange for 2 shares of MeurSoon after the announcement, Meura’s share prijumps to $22 while Sellshom’s falls to $55 in anticipation of the merger receiving requireapprovals anthe closing successfully.the current share prices of $55 for Sellshom an$22 for MeurPatel attempts to profit from the merger announcement. He buys 40,000 shares of Meura ansells short 20,000 shares of Sellshom.Calculate the payoffs of the merger arbitrage if The merger fails. If the merger fails, then prices shoulrevert bato their pre-mergerannouncement levels of $18 per share for Meura an$60 per share forSellshom. The manager woulneeto buy ba20,000 shares of Sellshom$60 per share, for a totof $1,200,000, to close the short position. Patelwoulthen sell the long position of 40,000 shares of Meura $18 pershare for a totof $720,000. This net loss woul$260,000, calculateas:(Sellshom: $1,100,000 – $1,200,000 = –$100,000) + (Meur–$880,000 +$720,000 = –$160,000).同学你好，首先我们进入这个策略的头寸是long M anshort S, 那么M就是以22块钱买入，而S是以55块钱卖空，如果策略失败的时候，M的股价会从会从现在的22块钱跌到18块钱，那我们以22块钱买入的，跌到了18块钱，是不是每股M亏了4块钱；S的股价从55块钱涨到60块钱，相当于我们是低卖高买回来，每股S亏了5块钱。如果直接用数字表示亏损的话，那么就是55-60，以55卖出去的，可以理解为现金流流入，然后60买入的，现金流流出，所以每股现金流净流出5块如果加上文字表述的话，那么可以说loss per share is 60-55.两种表述方法都可以的。 如果是merger成功情况下怎么计算 ?

NO.PZ2019122802000012 请问老师收购成功的时候为什么是55*20000-22*40000？ 假设收购成功后价格变成了50，profit=（55-50）*20000+（50-22）*40000；价格是40 时，profit=（55-40）*20000+（40-22）*40000结果不同，说明收购后公司股票的价格会影响profit 请老师看一下问题出现在哪里。。。

NO.PZ2019122802000012失败的时候，60-55，还是55-60呀？这个怎么简单判断