博迪_投资学第九版_英文答案

12. a. The gain or loss on the short position is: (–500 × ΔP)

Invested funds = $15,000

Therefore: rate of return = (–500 × ΔP)/15,000

The rate of return in each of the three scenarios is:

(i) rate of return = (–500 × $4)/$15,000 = –0.1333 = –13.33%

(ii) rate of return = (–500 × $0)/$15,000 = 0%

(iii) rate of return = [–500 × (–$4)]/$15,000 = +0.1333 = +13.33%

b. Total assets in the margin account equal:

$20,000 (from the sale of the stock) + $15,000 (the initial margin) = $35,000 Liabilities are 500P. You will receive a margin call when:

$35,000 500P= 0.25 when P = $56 or higher 500P

c. With a $1 dividend, the short position must now pay on the borrowed shares:

($1/share × 500 shares) = $500. Rate of return is now:

[(–500 × ΔP) – 500]/15,000

(i) rate of return = [(–500 × $4) – $500]/$15,000 = –0.1667 = –16.67%

(ii) rate of return = [(–500 × $0) – $500]/$15,000 = –0.0333 = –3.33%

(iii) rate of return = [(–500) × (–$4) – $500]/$15,000 = +0.1000 = +10.00%

Total assets are $35,000, and liabilities are (500P + 500). A margin call will be issued when:

35,000 500P 500= 0.25 when P = $55.20 or higher 500P

13. The broker is instructed to attempt to sell your Marriott stock as soon as the

Marriott stock trades at a bid price of $20 or less. Here, the broker will attempt to execute, but may not be able to sell at $20, since the bid price is now $19.95. The price at which you sell may be more or less than $20 because the stop-loss becomes a market order to sell at current market prices.