这道题的decision price

NO.PZ2020020202000014 问题如下 The next y, Harng instructs Yellow to revisit their researon BYYP, InYellow’s researlea her to believe thits shares are unrvalue She shares her researwith Harng, an10 a.m. he instructs her to buy 120,000 shares when the priis $40.00 using a limit orr of $42.00.The buy-si trar releases the orr for market execution when the priis $40.50. The only fee is a commission of $0.02 per share. the enof the trang y, 90,000 shares of the orr hbeen purchase anBYYP closes $42.50. The tra wexecuteaverage priof $41.42. tails about the executetras are presentein Exhibit 1.The arrivcost for purchasing the 90,000 shares of BYYP is: A.164.4 bp. B.227.2 bp. C.355.0 bp. B is correct.The arrivcost is calculateas:Arrivcost (bp) =Si×P‾−P0P0×104bp=+1×41.42−40.5040.50×104bp=227.2bpSi\times\frac{\overline P-P_0}{P_0}\times10^4bp=+1\times\frac{41.42-40.50}{40.50}\times10^4bp=227.2bpSi×P0​P−P0​​×104bp=+1×40.5041.42−40.50​×104bp=227.2 请问为什么这里的referenprice是40.5，但是后面算implementation shortfall时referenprice就是用的40呢？应该从什么角度去理解可以记住呀？谢谢

NO.PZ2020020202000014 问题如下 The next y, Harng instructs Yellow to revisit their researon BYYP, InYellow’s researlea her to believe thits shares are unrvalue She shares her researwith Harng, an10 a.m. he instructs her to buy 120,000 shares when the priis $40.00 using a limit orr of $42.00.The buy-si trar releases the orr for market execution when the priis $40.50. The only fee is a commission of $0.02 per share. the enof the trang y, 90,000 shares of the orr hbeen purchase anBYYP closes $42.50. The tra wexecuteaverage priof $41.42. tails about the executetras are presentein Exhibit 1.The arrivcost for purchasing the 90,000 shares of BYYP is: A.164.4 bp. B.227.2 bp. C.355.0 bp. B is correct.The arrivcost is calculateas:Arrivcost (bp) =Si×P‾−P0P0×104bp=+1×41.42−40.5040.50×104bp=227.2bpSi\times\frac{\overline P-P_0}{P_0}\times10^4bp=+1\times\frac{41.42-40.50}{40.50}\times10^4bp=227.2bpSi×P0​P−P0​​×104bp=+1×40.5041.42−40.50​×104bp=227.2 根据implemention shortfall/ expanimplemention shortfall 也只有这几类 Execution cost; lcost; Trang cost; Opportunity cost, Fee. 这个arrivcost 是等价于trang cost 吗？

NO.PZ2020020202000014 227.2 bp. 355.0 bp. B is correct. The arrivcost is calculateas: Arrivcost (bp) = Si×P‾−P0P0×104bp=+1×41.42−40.5040.50×104bp=227.2bpSi\times\frac{\overline P-P_0}{P_0}\times10^4bp=+1\times\frac{41.42-40.50}{40.50}\times10^4bp=227.2bpSi×P0​P−P0​​×104bp=+1×40.5041.42−40.50​×104bp=227.2arrivprice是投资传达给交易员时的价格，还是交易员传达给市场时的价格？

NO.PZ2020020202000014 老师这个cost的计算都是不考虑fee的吗？