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于薇 · 2024年08月22日

这个dividend不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

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  2. Equity

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

dividend 这个dividend不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

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1 个答案

王园圆_品职助教 · 2024年08月22日

同学你好，请注意，本题是卖空股票不是借钱买股票

一个投资者卖空股票，那其实股票是属于lender的（也就是lender才享有股票的分红收益权），所以如果卖空期间股票有分红，而股票此时由于已经被投资者卖空（也就不在投资者手中，而在市场上别的买入该股票的投资者手里了），所以卖空的投资者拿不到分红但是又必须把分红支付给股票真正的拥有者（也就是lender），那投资者就必须自己掏腰包把分行的钱给到lender了

所以此时分红是卖空者的成本而非收益

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