22. Caroline Rogers believes the price of Gamma Corp. stock will go down in the near future. She has decided to sell short 200 shares of Gamma Corp. at the current market price of €47. The initial margin requirement is 40 percent. Which of the following is an appropriate statement regarding the margin requirement that Rogers is subject to on this short sale? A. She will need to contribute €3,760 as margin. B. She will need to contribute €5,640 as margin. C. She will only need to leave the proceeds from the short sale as deposit and does not need to contribute any additional funds." "A is correct. She will need to contribute €3,760 as margin. In view of the possibility of a loss, if the stock price goes up, she will need to contribute €3,760 ?? 40% of €9,400 as the initial margin. Rogers will need to leave the proceeds from the short sale (€9,400 ?? 200 ?? €47) on deposit." 原版书答案是ａ，请问老师ｃ为何错？作者: SeanWest 时间: 2013-8-12 15:27
1.A的计算结果肯定是正确的，这里不再多做阐述。
2.再来讲一下为什么C是错的，看原版书P42页最后一段第五行"These agreement specify that the short sellers will pay the long sellers all dividends or interest that they otherwise would have received had they not lent their securities."可见，当short的股票产生股息或利息时，short seller方是要额外支付给long seller方这部分钱的，产生了额外支出，所以选项中的does not need to contribute any additional funds是错误的。
