答案和详解如下： 6.An investor short sells 400 shares of Disney for $25 a share. The initial margin requirement (IMR) is 50 percent, and the maintenance margin requirement (MMR) is 25 percent. At what price would an investor receive a margin call? A) $30.00. B) $20.00. C) $22.00. D) $35.00. The correct answer was A) Ps = [25(1 + 0.5)] / 1.25Ps = 30.00.
7.Calculate the return on investment, when the stock price drops to $20 a share.
A) 25%. B) 40%. C) 38%. D) 36%. The correct answer was B) Proceeds from sale = 400 × $25 = $10,000 Initial margin requirement = $10,000 × 50% = $5,000 Total funds in account = $10,000 + $5,000 = $15,000 Total value of securities (TV) = 400 × 20 = $8,000 Equity = total funds – dollars needed to buy back shares = 15,000 – 8,000 = $7,000 Profit = 7,000 – 5,000 = $2,000 Return = 2,000 / 5,000 = 40%
8.Using the following assumptions, calculate the rate of return on a margin transaction for an investor who purchases the stock and the stock price at which the investor who shorts the stock will receive a margin call.
Market Price Per Share: $25
Number of Shares Purchased: 1,000
Holding Period: 1 year
Ending Share Price: $22
Initial Margin Requirement: 50%
Maintenance margin: 25%
Transaction and borrowing costs: $0
The company pays no dividends What of the following choices is closest to the correct answer? The margin transaction return and margin call are: Margin Transaction Return Margin Call A) -24.00% $16.67 B) -12.00% $16.67 C) -24.00% $30.00 D) -12.00% $30.00 The correct answer was C) To obtain the result: Calculate Margin Return: Margin Return % = [((Ending Value - Loan Payoff) / Beginning Equity Position) – 1] * 100 = [(([$22 * 1,000] – [$25 * 1,000 * 0.50]) / ($25 * 0.50 * 1,000)) – 1] * 100 = -24.00%. Alternative (Check): Calculate the all cash return and multiply by the margin leverage factor. = [(22,000 – 25,000)/25,000] * [1 / 0.50] = -12.00% * 2.0 = -24.00% Calculate Margin Call Price: Since the investor is short (sold the stock), the formula for the margin call price is: Margin Call = (original price) * (1 + initial margin) / (1 + maintenance margin) = $25 * (1 + 0.50) / (1 + 0.25) = $30.00
9.Helen Alba and Kobin Lubis have deferring views on the future performance of U-Cite. Consequently, Alba has taken a short position while Lubis has purchased the stock on margin. The relevant details are as follows:
Market price per share: $42
Number of shares purchased: 1,000
Holding period: 1 year
Ending share price: $50
Initial margin requirement: 45%
Maintenance margin: 30%
Transaction and borrowing cost: $0 Alba and Lubis will receive margin calls at a stock price of: Alba Lubis A) $37.66 $53.45 B) $46.85
$53.45 C) $46.85
$33.00 D) $37.66 $33.00 The correct answer was C) Calculations are as follows: Since Alba is short (sold the stock), the formula for the margin call price is: Margin Call = (original price) * (1 + initial margin) / (1 + maintenance margin) = $42 * (1 + 0.45) / (1 + 0.30) = $46.85 Since Lubis is long (purchased the stock), the formula for the margin call price is: Margin Call = (original price) * (1 – initial margin) / (1 – maintenance margin) = $42 * (1 – 0.45) / (1 – 0.30) = $33.00 | 
发表于 2008-4-4 18:12
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