NO.PZ2015122802000020
问题如下:
A trader has purchased 200 shares of a non-dividend-paying firm on margin at a price of $50 per share. The leverage ratio is 2.5. Six months later, the trader sells these shares at $60 per share. Ignoring the interest paid on the borrowed amount and the transaction costs, what was the return to the trader during the six-month period?
选项:
A.20 percent.
B.33.33 percent.
C.50 percent.
解释:
C is correct.
The return is 50 percent. If the position had been unleveraged, the return would be 20% = (60 - 50)/50. Because of leverage, the return is 50% = 2.5 × 20%.
Another way to look at this problem is that the equity contributed by the trader (the minimum margin requirement) is 40% = 100% ÷ 2.5. The trader contributed $20 = 40% of $50 per share. The gain is $10 per share, resulting in a return of 50% = 10/20.
考点:Leveraged Position
交易员借前买了200股,买的时候价格50每股,杠杆比率2.5。六个月后卖出时每股60元,让你计算6个月的收益(不需要年化)。
答案给了两种解法:
1、先不管借不借钱,直接算这笔投资的收益(60 - 50)/50=20% ,因为举杠杆有放大收益的作用,因此交易员借前买股票的收益等于20%*2.5=50%。
2.杠杆比率等于A/E, 也就是购买一股股票需要花的钱除以每一股你自己出的钱=2.5。题目已知每股50元,那么A=50,因此每一只股票你自己只出了50/2.5=20。6个月股票以60元卖出,所以每一股收益等于60-50=10, 因此这笔交易你所获得的收益率(收益率就等于你赚的钱除以你自己投的钱)就等于10/20=50%。
此外,有四个小点需要注意:
1、只要题目出现(on margin or trade on margin or buy on margin)就是指保证金交易即借前买股票。
2、注意IM和MM的公式都是E/A,只不过是不同时点上的E和A。这道题里我们用杠杆反求出来的是初始保证金。
3、在一级权益里杠杆比率就是A/E , 可能其他学科还有自己的定义比如(D/E等),每个学科的知识点请按照每个学科具体规定来。
4、计算6个月的收益率不需要年化。一级权益这里一般不涉及年化问题。
请问on margin or trade on margin or buy on margin这种说法不是指自己出的钱吗?