NO.PZ2023040301000027
问题如下:
You decide to sell short 100 shares of Charlotte Horse Farms when it is selling at its yearly high of 56. Your broker tells you that your margin requirement is 45% and that the commission on the purchase is $155. While you are short the stock, Charlotte pays a $2.50 per share dividend. At the end of one year, you buy 100 shares of Charlotte at 45 to close out your position and are charged a commission of $145. What is your rate of return on the investment?
选项:
A. 20.56%
22.65%
18.56%
解释:
Profit on a short sale = Begin value — Ending value — Dividends( Interest)— Trans. costs
ü Beginning value of investment = $56.00 x 100 =$5,600 (Sold under a short sale arrangement)
ü Ending value of investment = $45.00 x 100=$4,500
ü Transaction costs= $155 + $145 =$300.00
ü Dividends = $2.50 x 100 shares =$250.00
ü Profit= $5,600 — $4,500 — $250 — $300= $550.00
Ø Initial investment = Margin requirement + Commission = (0.45 x $5,600) + $155= $2,520 + $155= $2,675
The rate of return on your investment is 20.56%=$550.00 / $2,675
老师,这里面的commission 不是short position 里面的"short rebate rate" 出来的是吗?
这个rebate 和comission 不是一样的意思吗?就是Rabate 这个应该是lender 给short seller 的,所以155是lender 给short seller 的,但145是short seller 给Lender的,应该怎么理解?