NO.PZ2018062002000020
问题如下:
Tim, an trader of an investment company trade on margin at a price of $60 per share, he purchased 300 shares of a non-dividend-paying stocks. The leverage ratio is 3. After three monthes the market price of share is $65, Tim then sells these shares. We assume that there are no transaction costs and no interests paid on the borrowed amount. Which of the following statements is correct?
选项:
A.The return to Tim during the three-month period was 20%.
B.The return to Tim during the three-month period was 8.33%.
C.The return to Tim during the three-month period was 25%.
解释:
C is correct.
The equity contributed by Tim (the minimum margin requirement) is \(\frac{100\%}3=33.33\%\)
Tim contributed 33.33% of $60 per share is $20.
The return is \(\frac{\$5}{\$20}=25\%\), because the gain is 5 ($65-$60) per share
考点:Leveraged Position
交易员借前买了300股,买的时候价格60每股,杠杆比率3。三个月后卖出时每股65元,让你计算3个月的收益。
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=3。题目已知每股60元,那么A=60,因此每一只股票你自己只出了60/3=20。3个月股票以65元卖出,所以每一股收益等于65-60=5, 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5/20=25%。
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、计算三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。
请问我为什么不能用1/3相当于E/A margin的占比,然后再用600股乘以每股的价钱再乘以自己出钱的占比,这样一套算下来为什么答案还是错的