如果stock ratio不变，但是卖A的股数和买T的股数变化，profit能这么算吗？

NO.PZ201909280100001003 问题如下 Lynet Xu is theChief Investment officer for the North University Enwment Fun(the Fun,whiis basein Europe. The Funs investment committee recently ma thecision to a hee fun to the Funs portfolio to increase versification.Xu meets with Yolan Anrson, a junior analyst, to scuss various hee funtrategies thmight suitable for the Fun Anrson tells Xu thefollowing:Statement 1Relative value strategies tento use minimleverage.Statement 2 Long/shortequity strategies are typically not exposeto equity market beta risk.Statement 3 Globmacrostrategies come with naturally higher volatility in the return profilestypically livereXu tells Anrson thatwhile she is open to using all hee funstrategies, she is particularlyinterestein opportunistic hee funstrategies. Xu states thshe prefersopportunistic hee funstrategies thuse high leverage, have highliquity, anexhibit right-tail skewness.Xu asks Anrson toresearevent-iven strategy involving a potentimerger between Aqua CompanyanTaurus, InAqua hoffereto buy Taurus in a stock-for- stoal: Theoffer ratio is two shares of Aqua for three shares of Taurus. Aqua wtrang€50 per share prior to the merger announcement, anit fell to €45 per shareafter the merger announcement. Taurus wtrang €15 per share prior to theannouncement, anit rose to €20 per share in anticipation of the merger alreceiving requireapprovals anclosing successfully. Xu cis to enter intoa merger arbitrage tra: She buys 22,500 shares of Taurus €20 per share anells short 15,000 shares of Aqua €45 per share.Xu anAnrson scussequity strategy involving two large Europeccompanies, ZManarreras. Anrson recently attena tra show where she inspecteZMsnewest mol car. Baseon information from the tra show another analysisconcteAnrson, Xu conclus thZMwill not meet its revenue expectations.Current valuation metriincate thZMshares are overvaluerelative toshares of Tarreras. Xu cis to take a short position in ZMana long positionin Tarrerwith equbeta-weighteexposure.Xu next reviews aconvertible arbitrage strategy ananalyzes a tra involving theeuro-nominatestoanconvertiblebon of AVC Corporation, a Europeutility company. Anrson gathers selecteata for AVC Corporation, whiis presentein Exhibit 1Baseoncomparisons with instry ratios, Xu believes thAVC’s shares are overvaluen relative terms anthe convertible bon are unrvalue Anrson analyzesthe potentiprofit outcomes of a long position in the convertible boncombineith a short stoposition, assuming small changes in the share prianignoringvin anborrowing costs. She offers the following conclusion to Xu:“The profit earneon the convertible arbitrage tra will the sameregaress of whether the share priof AVC creases or increases.”Finally, Xu annrson consir a hee funthspecializes in reinsurananlifesettlements. Xu tells Anrson about three characteristithhee funmanagerslook for when investing in life settlements:Characteristic 1The surrenr value offereto the insureinviis relatively high.Characteristic 2 The ongoing premium payments to keep the poliactive are relatively low.Characteristic 3 There is a high probability ththe signateinsureperson is likely to ewithin the perioprectestanractuarimetho. Assuming the merger between Aqua anTaurussuccessfully closes, the payoff on Xu’s merger arbitrage tra will be: A.–€187,500 B.€225,000 C.€412,500 B is correct. Xubought 22,500 shares of Taurus €20 per share for a totcost of €450,000ansolshort 15,000 shares of Aqua €45 per share for a totcost of€675,000. Given the offer ratio of two shares of Aqua for three shares ofTaurus, the 22,500 shares of Taurus are economically equivalent to 15,000shares of AquThus, assuming the closes, the payoff to Xu’s tra is€675,000 – €450,000 = €225,000.A is incorrectbecause –€187,500 is the payoff if the merger fails anboth companies’ shareprices revert bato their pre-merger prices. Xu bought 22,500 shares ofTaurus €20 per share for a totcost of €450,000 ansolshort 15,000shares of Aqua €45 per share for a totcost of €675,000. If the mergerfails anthe share prices revert bato pre-announcement levels, Xu will haveto sell 22,500 shares of Taurus €15 per share for procee of €337,500,resulting in a loss on the Taurus stoof –€112,500 (€337,500 – €450,000). Xuwill also have to close the short position purchasing 15,000 shares of Aqua€50 per share for a totcost of €750,000. This will result in a loss onAqua of –€75,000 (€675,000 – €750,000). The totloss is –€112,500 +–€75,000 = –€187,500.C is incorrectbecause the initipre-merger prices are useto compute the payoff: 22,500shares of Taurus are bought for €15 per share for a totof €337,500, an5,000 shares of Aqua are solshort €50 per share for a totof €750,000.The payoff is €750,000 – €337,500 = €412,500. Xu以每股 20 欧元的价格购买了 22,500 股 T 股，总成本为 450,000 欧元，并以每股 45 欧元的价格卖空了 15,000 股 A 股，总成本为 675,000 欧元。 鉴于两股 A 股对三股 T 股的要约并购比率，22,500 股 Taurus 在经济上相当于 15,000 股 A 股。因此，假设交易完成，Xu交易的收益为 675,000 欧元 – 450,000 欧元 = 225,000 欧元 .这个题学员普遍反映问 如果收购的价格是多少，会影响结果的，然后按照类似收购失败的方法在计算。例如假设收购成功后价格变成了30，profit=（45-30）*22500+（30-20）*15000；价格是40 时，profit=（45-40）*22500+（40-20）*15000结果不同，说明收购后公司股票的价格会影响profit而实际上上面说的收购成功后价格变成了50的情况是cash for stoacquisition，而这个题是Stock-for-stoal，具体我来一下stock-for-stoal，用题目里的例子去，题目里说意思是用收购方（假设是A）的1股换被收购方的（假设是T）3股，而中间不会出现所谓的并购成功的的价格，收购后呢，A公司没有掏现金，而是拿出自己对整个公司的部分所有权（普通股票）为代价置换T公司的所有权。最后，T成为A的子公司，原T公司的股东成为A公司的股东。打个比方，当然这个例子是一个极端简单的前提假设，A公司股价原来是50，T公司的股价原来是20，A要用1股换T公司2股收购T公司。以现在的价格2股T公司是2*20=40元，但收购后就等同于A公司1股的价值（主要是从股票所代表的的所有权意义上说）了，对吧，而现在A公司的股价是50元，那最后结果是什么，T公司的股价会上涨对吧，比如大家都特别看好这次收购后的效益，2股T股价就会涨到和A公司1股的价格一样，对吧；如果不看好收购后的效益，是不是收购T公司后会拖累A公司，导致A公司的1股股价跌到2股T公司的股价，对吧；第三种情况，投资者很理性的看待这次收购，认为A公司出价过高，T公司被溢价收购了，但又看好收购后效益，那就是A公司股价下跌，T公司股价上涨，假设是A跌到45元了，T公司涨了22.5元了，最后还是2股T公司等于1股A公司的股价了。而这三种情况，无论是哪种，他们都要最终价格一致，这之间的差异（sprea就是50-2*20=10元，都要最终消除的对吧。（第一种情况是2股T股价涨了共10元=2*（25-20），第二种情况是A跌了10元=50-40，第三种情况是一股A股价和2股T股价各付出了5元）。而最终的T公司价格是市场给出的，无论价格多少都是用A公司的1股换T公司的2股。哪怕市场按照这个学员的思路T公司股价变成50元了，那么A公司用1股换T公司2股（按照题目的假设收购是成功的），2股T现在是2*50=100对吧，而根据A和T公司达成的Stock-for-stoal，那现在只要用1股A公司的股票就能换2股T公司的股票，而现在A公司的股价在50元低于2股T公司的价值100元，那么市场会怎么反应呢，疯狂的买入A公司的股票对吧，直到A公司的股价涨到和2股T公司的价格一样（100元）为止对吧。这之间还是要消除10元的差距，只是这次是由A和T公司共同涨的，而T公司相对A公司多涨了10元（1股A公司和2股T公司之间的差异）。 merger的题目会不会考cash for stock的收益？如果是这种形式，收益怎么算？

NO.PZ201909280100001003问题如下 Assuming the merger between Aqua anTaurussuccessfully closes, the payoff on Xu’s merger arbitrage tra will be: A.–€187,500B.€225,000C.€412,500 B is correct. Xubought 22,500 shares of Taurus €20 per share for a totcost of €450,000ansolshort 15,000 shares of Aqua €45 per share for a totcost of€675,000. Given the offer ratio of two shares of Aqua for three shares ofTaurus, the 22,500 shares of Taurus are economically equivalent to 15,000shares of AquThus, assuming the closes, the payoff to Xu’s tra is€675,000 – €450,000 = €225,000.A is incorrectbecause –€187,500 is the payoff if the merger fails anboth companies’ shareprices revert bato their pre-merger prices. Xu bought 22,500 shares ofTaurus €20 per share for a totcost of €450,000 ansolshort 15,000shares of Aqua €45 per share for a totcost of €675,000. If the mergerfails anthe share prices revert bato pre-announcement levels, Xu will haveto sell 22,500 shares of Taurus €15 per share for procee of €337,500,resulting in a loss on the Taurus stoof –€112,500 (€337,500 – €450,000). Xuwill also have to close the short position purchasing 15,000 shares of Aqua€50 per share for a totcost of €750,000. This will result in a loss onAqua of –€75,000 (€675,000 – €750,000). The totloss is –€112,500 +–€75,000 = –€187,500.C is incorrectbecause the initipre-merger prices are useto compute the payoff: 22,500shares of Taurus are bought for €15 per share for a totof €337,500, an5,000 shares of Aqua are solshort €50 per share for a totof €750,000.The payoff is €750,000 – €337,500 = €412,500. Xu以每股 20 欧元的价格购买了 22,500 股 T 股，总成本为 450,000 欧元，并以每股 45 欧元的价格卖空了 15,000 股 A 股，总成本为 675,000 欧元。 鉴于两股 A 股对三股 T 股的要约并购比率，22,500 股 Taurus 在经济上相当于 15,000 股 A 股。因此，假设交易完成，Xu交易的收益为 675,000 欧元 – 450,000 欧元 = 225,000 欧元 .这个题学员普遍反映问 如果收购的价格是多少，会影响结果的，然后按照类似收购失败的方法在计算。例如假设收购成功后价格变成了30，profit=（45-30）*22500+（30-20）*15000；价格是40 时，profit=（45-40）*22500+（40-20）*15000结果不同，说明收购后公司股票的价格会影响profit而实际上上面说的收购成功后价格变成了50的情况是cash for stoacquisition，而这个题是Stock-for-stoal，具体我来一下stock-for-stoal，用题目里的例子去，题目里说意思是用收购方（假设是A）的1股换被收购方的（假设是T）3股，而中间不会出现所谓的并购成功的的价格，收购后呢，A公司没有掏现金，而是拿出自己对整个公司的部分所有权（普通股票）为代价置换T公司的所有权。最后，T成为A的子公司，原T公司的股东成为A公司的股东。打个比方，当然这个例子是一个极端简单的前提假设，A公司股价原来是50，T公司的股价原来是20，A要用1股换T公司2股收购T公司。以现在的价格2股T公司是2*20=40元，但收购后就等同于A公司1股的价值（主要是从股票所代表的的所有权意义上说）了，对吧，而现在A公司的股价是50元，那最后结果是什么，T公司的股价会上涨对吧，比如大家都特别看好这次收购后的效益，2股T股价就会涨到和A公司1股的价格一样，对吧；如果不看好收购后的效益，是不是收购T公司后会拖累A公司，导致A公司的1股股价跌到2股T公司的股价，对吧；第三种情况，投资者很理性的看待这次收购，认为A公司出价过高，T公司被溢价收购了，但又看好收购后效益，那就是A公司股价下跌，T公司股价上涨，假设是A跌到45元了，T公司涨了22.5元了，最后还是2股T公司等于1股A公司的股价了。而这三种情况，无论是哪种，他们都要最终价格一致，这之间的差异（sprea就是50-2*20=10元，都要最终消除的对吧。（第一种情况是2股T股价涨了共10元=2*（25-20），第二种情况是A跌了10元=50-40，第三种情况是一股A股价和2股T股价各付出了5元）。而最终的T公司价格是市场给出的，无论价格多少都是用A公司的1股换T公司的2股。哪怕市场按照这个学员的思路T公司股价变成50元了，那么A公司用1股换T公司2股（按照题目的假设收购是成功的），2股T现在是2*50=100对吧，而根据A和T公司达成的Stock-for-stoal，那现在只要用1股A公司的股票就能换2股T公司的股票，而现在A公司的股价在50元低于2股T公司的价值100元，那么市场会怎么反应呢，疯狂的买入A公司的股票对吧，直到A公司的股价涨到和2股T公司的价格一样（100元）为止对吧。这之间还是要消除10元的差距，只是这次是由A和T公司共同涨的，而T公司相对A公司多涨了10元（1股A公司和2股T公司之间的差异）。 请问计算这类的Merger Arbitrage的题，是不是不用考虑storatio呀？