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lman · 2021年05月04日

arrival price 是买入价么？

  1. CFA III
  2. Trading&Performance

* 问题详情，请 查看题干

NO.PZ201909300100000107

问题如下：

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

选项：

A.

$22,500.

B.

$60,000.

C.

$75,000.

解释：

C is correct.

Opportunity cost is based on the number of shares left unexecuted in the order and reflects the cost of not being able to execute all shares at the decision price. The opportunity cost is calculated as:
Opportunity cost = (S−∑Sj)(Pn−Pd)(S-\sum S_j)(P_n-P_d)= (120,000 – 90,000) × ($42.50 – $40.00)
= $75,000

arrival price 是买入价么？

arrival price应该是下单的价格吧，不应该是买入价吧？买入价应该是等于或者晚于arrival price是吧？

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1 个答案

吴昊_品职助教 · 2021年05月04日

嗨，努力学习的PZer你好：


同学你好：

arrival price是发布订单那个时刻的市场价格，和trader的买入价没有关联。

我们看到表格上面一段的第一句：“The buy-side trader releases the order for market execution when the price is $40.50”，这句话描述的是arrival price，所以本题的arrival price是40.50。

The trade was executed at an average price of $41.42.这句话代表真实交易价格是41.42。

两个价格，不会让我们比较时间早晚问题。只要能区分清楚每一句话代表的是什么价格就行。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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相关问题

$60,000. $75,000. C is correct. Opportunity cost is baseon the number of shares left unexecutein the orr anreflects the cost of not being able to execute all shares the cision price. The opportunity cost is calculateas: Opportunity cost = (S−∑Sj)(Pn−P(S-\sum S_j)(P_n-P_(S−∑Sj​)(Pn​−P)= (120,000 – 90,000) × ($42.50 – $40.00) = $75,000为什么用收盘价做Pn？

2020-09-15 16:19 1 · 回答