CFA 上海一级强化班Equity Investments_曾丹华.ppt

Welcome to Stock Market Market Depth Exchange membership Specialist:老大（世袭制） control limit order book, post bid and ask price, trade for his own account. Commission broker execute customer trades for a brokerage firm. Floor broker freelance broker for other CB Registered traders trade for his own account Stop loss order of trend followers Rules of Short Sell The Rules / Requirements of Selling a Stock Short Uptick Rule: can only be shorted in an up market Dividends Payment Rule: pay all dividends due to the lender of the security. Collateral Deposit Rule: deposit collateral to guarantee the eventual repurchase of the security. Short US Dollar in a DOWN market Uptick rule 习题时间 Solution A Solution： Since the margin is 40 percent and Lauren currently has $50,000 on deposit in her margin account, if Lauren uses the maximum allowable margin, her $50,000 deposit must represent 40% of her total investment. Thus, if $50,000 =0.4x, then x = $125,000. Since the shares are priced at $35 each, Lauren can purchase $125,000 ÷ $35 = 3,571 shares (rounded). Solution B Solution： Total profit = Total return — Total investment I. If stock rises to $45/share, Lauren’s total return is: 3,571 shares X $45 = $160,695. Total profit $160,695 — $124,985 = $35,710 II. If stock falls to $25/share, Lauren’s total return is: 3,571 shares x $25= $89,275. Total loss $89,275 — $124,985 = —$35,710. Solution C Solution： Margin = （Market value — Debit balance）/Market value where Market value = Price per share*Number of shares Initial loan value= Total investment — Initial margin= $125,000 — $50,000 = $75,000 Therefore, if maintenance margin is 30 percent: 0.30 =[（3,571* Price）— $75,000]/(3,571 * Price) 0.30 *3,571 *Price= (3,571 / Price) — $75,000. 1,071.3 * Price= (3,571 * Price) — $75,000 —2,499.7* Price= $75,000 Price = $30.00 Market Index Construction The Sample—component Weighting Sample Members—weight Computational procedure—calculation 习题