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Anne · 2024年02月06日

为何不加fee的费用?

NO.PZ2020020202000012

问题如下:

The next day, Harding instructs Yellow to revisit their research on BYYP, Inc. Yellow’s research leads her to believe that its shares are undervalued. She shares her research with Harding, and at 10 a.m. he instructs her to buy 120,000 shares when the price is $40.00 using a limit order of $42.00.
The buy-side trader releases the order for market execution when the price is $40.50. The only fee is a commission of $0.02 per share. By the end of the trading day, 90,000 shares of the order had been purchased, and BYYP closes at $42.50. The trade was executed at an average price of $41.42. Details about the executed trades are presented in Exhibit 1.

Based on Exhibit 1, the execution cost for purchasing the 90,000 shares of BYYP is:

选项:

A.

$60,000.

B.

$82,500.

C.

$127,500.

解释:

C is correct.

Execution cost is calculated as the difference between the cost of the real portfolio and the paper portfolio. It reflects the execution price(s) paid for the number of shares in the order that were actually filled or executed. The execution cost is calculated as:
Execution cost = SjPjSjPd\sum S_jP_j-\sum S_jP_d
= [(10,000 shares × $40.75) + (30,000 shares × $41.25) + (20,000 shares × $41.50) + (30,000 shares × $41.75)] – (90,000 × $40.00)
= $3,727,500 – $3,600,000
= $127,500

为何不加fee:90000*0.02=1,800的费用?

1 个答案
已采纳答案

吴昊_品职助教 · 2024年02月06日

嗨,努力学习的PZer你好:


本题就让我们算execution cost这一部分,execution cost和fee是独立的两个部分,因此不需要把fee算在内。

----------------------------------------------
努力的时光都是限量版,加油!

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