开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

holicess · 2023年09月30日

commission

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%

B.

22.65%

C.

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?

1 个答案

王园圆_品职助教 · 2023年09月30日

同学你好,不是的,commission就是指投资者每做一笔交易需要支付给broker的手续费,无论买入还是卖出都需要交这个手续费,本题的145和155都是commission——commission和short rebate rate是没有关系的

short rebate rate以下讲义中也有解释:是指卖空的投资者在卖空股票后,会得到一笔股票价格相同的现金,但是这个现金会被冻在账上不能使用,这个冻的期间,broker就会把这个钱去做短期投资,从而获得一些投资收益。最后,broker就会还一点这个利息(也就是short rebate)给卖空者

实际考试题目中从来没有出现过short rebate rate相关的问题,所以同学对这个内容了解即可,不需要太过在意哦

  • 1

    回答
  • 0

    关注
  • 336

    浏览
相关问题

NO.PZ2023040301000027 问题如下 You ci to sell short 100 shares of Charlotte Horse Farms when it is selling its yearly high of 56. Your broker tells you thyour margin requirement is 45% anththe commission on the purchase is $155. While you are short the stock, Charlotte pays a $2.50 per share vin the enof one year, you buy 100 shares of Charlotte 45 to close out your position anare chargea commission of $145. Whis your rate of return on the investment? 20.56% B.22.65% C.18.56% Profit on a short sale = Begin value — Enng value — vin( Interest)— Trans. costsü Beginning value of investment = $56.00 x 100 =$5,600 (Solunr a short sale arrangement)ü Enng value of investment = $45.00 x 100=$4,500ü Transaction costs= $155 + $145 =$300.00ü vin = $2.50 x 100 shares =$250.00ü Profit= $5,600 — $4,500 — $250 — $300= $550.00Ø Initiinvestment = Margin requirement + Commission = (0.45 x $5,600) + $155= $2,520 + $155= $2,675The rate of return on your investment is 20.56%=$550.00 / $2,675 如题

2024-10-04 15:04 1 · 回答

NO.PZ2023040301000027 问题如下 You ci to sell short 100 shares of Charlotte Horse Farms when it is selling its yearly high of 56. Your broker tells you thyour margin requirement is 45% anththe commission on the purchase is $155. While you are short the stock, Charlotte pays a $2.50 per share vin the enof one year, you buy 100 shares of Charlotte 45 to close out your position anare chargea commission of $145. Whis your rate of return on the investment? 20.56% B.22.65% C.18.56% Profit on a short sale = Begin value — Enng value — vin( Interest)— Trans. costsü Beginning value of investment = $56.00 x 100 =$5,600 (Solunr a short sale arrangement)ü Enng value of investment = $45.00 x 100=$4,500ü Transaction costs= $155 + $145 =$300.00ü vin = $2.50 x 100 shares =$250.00ü Profit= $5,600 — $4,500 — $250 — $300= $550.00Ø Initiinvestment = Margin requirement + Commission = (0.45 x $5,600) + $155= $2,520 + $155= $2,675The rate of return on your investment is 20.56%=$550.00 / $2,675 请问老师我是否可以这样理解,在之前的一道问题中我们是拥有多头头寸,因此收益率的计算思路是用期末资产减去期初投入的自有资金然后再除以自由资金,这个过程中佣金已经被分别扣减了两次,但是是分散在两次计算过程中的,实际上利润也是扣减了两次的佣金;但在这道题中我们持有的是空头头寸,就是直接计算利润去除以期初的自有资金,不用再计算期末的资产,因此体现在计算过程中就是直接一次性扣减了两次的佣金,这样理解正确吗

2024-09-25 23:35 1 · 回答

NO.PZ2023040301000027问题如下 You ci to sell short 100 shares of Charlotte Horse Farms when it is selling its yearly high of 56. Your broker tells you thyour margin requirement is 45% anththe commission on the purchase is $155. While you are short the stock, Charlotte pays a $2.50 per share vin the enof one year, you buy 100 shares of Charlotte 45 to close out your position anare chargea commission of $145. Whis your rate of return on the investment? 20.56%B.22.65%C.18.56% Profit on a short sale = Begin value — Enng value — vin( Interest)— Trans. costsü Beginning value of investment = $56.00 x 100 =$5,600 (Solunr a short sale arrangement)ü Enng value of investment = $45.00 x 100=$4,500ü Transaction costs= $155 + $145 =$300.00ü vin = $2.50 x 100 shares =$250.00ü Profit= $5,600 — $4,500 — $250 — $300= $550.00Ø Initiinvestment = Margin requirement + Commission = (0.45 x $5,600) + $155= $2,520 + $155= $2,675The rate of return on your investment is 20.56%=$550.00 / $2,675 vin这个vin是投资者收到的分红吗,为什么收益里面不包括反而要扣除呢

2024-08-22 11:22 1 · 回答

NO.PZ2023040301000027 问题如下 You ci to sell short 100 shares of Charlotte Horse Farms when it is selling its yearly high of 56. Your broker tells you thyour margin requirement is 45% anththe commission on the purchase is $155. While you are short the stock, Charlotte pays a $2.50 per share vin the enof one year, you buy 100 shares of Charlotte 45 to close out your position anare chargea commission of $145. Whis your rate of return on the investment? 20.56% B.22.65% C.18.56% Profit on a short sale = Begin value — Enng value — vin( Interest)— Trans. costsü Beginning value of investment = $56.00 x 100 =$5,600 (Solunr a short sale arrangement)ü Enng value of investment = $45.00 x 100=$4,500ü Transaction costs= $155 + $145 =$300.00ü vin = $2.50 x 100 shares =$250.00ü Profit= $5,600 — $4,500 — $250 — $300= $550.00Ø Initiinvestment = Margin requirement + Commission = (0.45 x $5,600) + $155= $2,520 + $155= $2,675The rate of return on your investment is 20.56%=$550.00 / $2,675 老师,我是这么理解的期初买进给了1笔155的佣金,期末应该是买回股票归还,减去1笔145的佣金,为什么期末还需要减去1个买进股票155的佣金?

2024-06-19 09:55 1 · 回答

NO.PZ2023040301000027问题如下 You ci to sell short 100 shares of Charlotte Horse Farms when it is selling its yearly high of 56. Your broker tells you thyour margin requirement is 45% anththe commission on the purchase is $155. While you are short the stock, Charlotte pays a $2.50 per share vin the enof one year, you buy 100 shares of Charlotte 45 to close out your position anare chargea commission of $145. Whis your rate of return on the investment? 20.56%B.22.65%C.18.56% Profit on a short sale = Begin value — Enng value — vin( Interest)— Trans. costsü Beginning value of investment = $56.00 x 100 =$5,600 (Solunr a short sale arrangement)ü Enng value of investment = $45.00 x 100=$4,500ü Transaction costs= $155 + $145 =$300.00ü vin = $2.50 x 100 shares =$250.00ü Profit= $5,600 — $4,500 — $250 — $300= $550.00Ø Initiinvestment = Margin requirement + Commission = (0.45 x $5,600) + $155= $2,520 + $155= $2,675The rate of return on your investment is 20.56%=$550.00 / $2,675 155的佣金,为什么放在期末计算而不放在期初结算?

2024-06-16 16:00 1 · 回答