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

返回

八月的西瓜 · 2024年10月04日

Dividend为什么不是由股票直接分到持有者、而要通过已卖空的investor，卖空已经和股票没关系了吧？

  1. CFA I
  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

如题

添加评论
1 个答案
已采纳答案

王园圆_品职助教 · 2024年10月04日

同学你好，

老师上课的时候有说过，卖空股票的投资者，如果该股票在卖空期间支付分红的话，这个分红是不会给到这个卖空投资者的，而是给到了卖空交易的对手方（市场上买入该股票的某个新的第三人投资者）

问题是该股票是卖空者跟持有该股票的人借的，实际这个分红应该依然由这个最初的股票实际持有人获得，所以最后这个分红就需要由卖空者支付给股票实际持有人——所以公司一旦分红，对卖空者来说就多了一笔成本支出而非现金流入


  • 1

    回答

  • 0

    关注

  • 67

    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 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