博迪_投资学第九版_英文答案

b.

c.

7. a.

b.

c.

8. a.

b.

c.

If the share price falls to $30, then the value of the stock falls to $9,000. By the end of the year, the amount of the loan owed to the broker grows to: $4,000 × 1.08 = $4,320 Therefore, the remaining margin in the investor’s account is: $9,000 $4,320 = $4,680 The percentage margin is now: $4,680/$9,000 = 0.52 = 52% Therefore, the investor will not receive a margin call. The rate of return on the investment over the year is: (Ending equity in the account Initial equity)/Initial equity = ($4,680 $8,000)/$8,000 = 0.415 = 41.5% The initial margin was: 0.50 × 1,000 × $40 = $20,000 As a result of the increase in the stock price Old Economy Traders loses: $10 × 1,000 = $10,000 Therefore, margin decreases by $10,000. Moreover, Old Economy Traders must pay the dividend of $2 per share to the lender of the shares, so that the margin in the account decreases by an additional $2,000. Therefore, the remaining margin is: $20,000 – $10,000 – $2,000 = $8,000 The percentage margin is: $8,000/$50,000 = 0.16 = 16% So there will be a margin call. The equity in the account decreased from $20,000 to $8,000 in one year, for a rate of return of: ( $12,000/$20,000) = 0.60 = 60% The buy order will be filled at the best limit-sell order price: $50.25 The next market buy order will be filled at the next-best limit-sell order price: $51.50 You would want to increase your inventory. There is considerable buying demand at prices just below $50, indicating that downside risk is limited. In contrast, limit sell orders are sparse, indicating that a moderate buy order could result in a substantial price increase.