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tjksky · 2024年06月19日

佣金问题

  1. CFA I
  2. Equity

NO.PZ2023040301000027

问题如下：

You decide to sell short 100 shares of Charlotte Horse Farms when it is selling at its yearly high of 56. Your broker tells you that your margin requirement is 45% and that the commission on the purchase is $155. While you are short the stock, Charlotte pays a $2.50 per share dividend. At the end of one year, you buy 100 shares of Charlotte at 45 to close out your position and are charged a commission of $145. What is your rate of return on the investment?

选项：

A.

20.56%

B.

22.65%

C.

18.56%

解释：

Profit on a short sale = Begin value — Ending value — Dividends( Interest)— Trans. costs

ü Beginning value of investment = $56.00 x 100 =$5,600 (Sold under a short sale arrangement)

ü Ending value of investment = $45.00 x 100=$4,500

ü Transaction costs= $155 + $145 =$300.00

ü Dividends = $2.50 x 100 shares =$250.00

ü Profit= $5,600 — $4,500 — $250 — $300= $550.00

Ø Initial investment = Margin requirement + Commission = (0.45 x $5,600) + $155= $2,520 + $155= $2,675

The rate of return on your investment is 20.56%=$550.00 / $2,675

老师，我是这么理解的期初买进给了1笔155的佣金，期末应该是买回股票归还，减去1笔145的佣金，为什么期末还需要减去1个买进股票155的佣金？

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王园圆_品职助教 · 2024年06月19日

同学你好，你这里“我是这么理解的期初买进给了1笔155的佣金”的意思是什么？是认为投资者应该给券商支付１５５的佣金吗？还是认为券商应该反过来给投资者１５５的佣金？

只有第一种理解是正确的哦

不管是卖空还是买入股票，投资者只要交易就会给券商交佣金，所以在这个交易里，投资者先卖空再买回股票，就是需要支付２次佣金的（和普通的买入股票再卖出股票的支付佣金逻辑完全一样）

所以最后计算profit的时候，两次支付的佣金都是花出去的钱，就都需要减去——就好比你委托中介买房子，最后几年后委托中介给你卖房子，都需要给中介交佣金——佣金是支付给券商的辛苦费，无论怎样都需要支付，最后的profit肯定是收入减去各种成本才能计算得到的


tjksky · 2024年06月19日

谢谢老师

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