《证券投资》练习题

《《证券投资》练习题》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。

1、Problems&SolutionsofInvestmentsJohnLiu©SouthwesternUniversityofFinanceandEconomicslqcareer@sina.com[1]BuyingonMargin&ShortSales[1]You’veborrowed$20,000onmargintobuysharesinDisney,whichisnowsellingat$40pershare.Youraccountstartsattheinitialmarginrequirementof50%.Themaintenancemargi

2、nis35%.Twodayslater,thestockpricefallsto$35pershare.a.Willyoureceiveamargincall?b.HowlowcanthepriceofDisneysharesfallbeforeyoureceiveamargincall?Solutiona.Youwillnotreceiveamargincall.Youborrowed$20,000andwithanother$20,000ofyourownequityyoubought1,000sharesofDisneyat$40pershare.A

3、t$35pershare,themarketvalueofthestockis$35,000,yourequityis$15,000,andthepercentagemarginis:$15,000/$35,000=42.9%Yourpercentagemarginexceedstherequiredmaintenancemargin.b.Youwillreceiveamargincallwhen:(1,000P−$20,000)/1,000P=0.35⇒whenP=$30.77orlower[2]OnJanuary1,yousoldshortonerou

4、ndlot(thatis,100shares)ofFourSistersstockat$21pershare.OnMarch1,adividendof$2persharewaspaid.OnApril1,youcoveredtheshortsalebybuyingthestockatapriceof$15pershare.Youpaid50centspershareincommissionsforeachtransaction.WhatisthevalueofyouraccountonApril1?Solution:Theproceedsfromthesh

5、ortsale(netofcommission)were（$21100）-（$0.5100）=$2,050Adividendpaymentof$200waswithdrawnfromtheaccount.Coveringtheshortsaleat$15persharecosts(withcommission):$1,500501550-$=$，Therefore,thevalueofyouraccountisequaltothenetprofitonthetransaction:$2,050-$200$1550$300-，=May30,201719:

6、51Problems&SolutionsofInvestmentsJohnLiu©SouthwesternUniversityofFinanceandEconomicslqcareer@sina.com[3]SupposethatIntelcurrentlyissellingat$40pershare.Youbuy500sharesusing$15,000ofyourownmoney,borrowingtheremainderofthepurchasepricefromyourbroker.Therateonthemarginloanis8%.a.What

7、isthepercentageincreaseinthenetworthofyourbrokerageaccountifthepriceofIntelimmediatelychangesto:(i)$44;(ii)$40;(iii)$36?b.Ifthemaintenancemarginis25%,howlowcanIntel’spricefallbeforeyougetamargincall?c.Howwouldyouranswerto(b)changeifyouhadfinancedtheinitialpurchasewithonly$10,000of

8、yourownmoney?d.Whatistherateofret