NO.PZ2015122802000028
问题如下:
Jim White has sold short 100 shares of Super Stores at a price of $42 per share. He has also simultaneously placed a "good-till-cancelled, stop 50, limit 55 buy" order. Assume that if the stop condition specified by White is satisfied and the order becomes valid, it will get executed. Excluding transaction costs, what is the maximum possible loss that White can have?
选项:
A.
$800.
B.
$1,300.
C.
Unlimited.
解释:
B is correct.
The maximum possible loss is $1,300. If the stock price crosses $50, the stop buy order will become valid and will get executed at a maximum limit price of $55. The maximum loss per share is $13 = $55 – $42, or $1,300 for 100 shares.
考点:Execution Instructions
本题说的是JW同学以每股42元卖空了S公司100股股票,但是它担心股票不跌反而上涨,因此在卖空的同时设定了止损指令:"good-till-cancelled, stop 50, limit 55 buy"。假设现在触发买入的条件满足,该指令可以被执行,忽略交易成本,下列哪个说法是正确的。
首先先来解释下这个指令,首先它是一个买入指令JW的目的是止损。"good-till-cancelled是取消前一直有效的意思, stop 50,指的是价值只有涨到50才触发买入指令,所以在触碰50之前该交易指令是不生效的), limit 55 ,limit是限价指令,它存在的目的是把买入价格限制在了55元,超过这个价格就不再买入了。由此可见,如果股票从42元涨到50元之前,该指令是不生效的即没有触发买入条件,而当股票涨过55元,该指令停止买入,说明投资者的最高愿意止损的买入价格是55,因此她最多实现亏损(55-42)*100=1300。
有同学可能会说股票可以一直上涨啊,那么损失应该是无限的。注意只要没有平仓止损(在你被套牢期间)就不能算是损失,只有你真正卖出时的亏损才是真实的损失,而该指令不会让你以高于55元的价格买入,那么你的最大亏损就是(55-42)*100=1300。
卖空不应该是借入股票么?那为什么主人公还要有买入股票的交易指令呀