开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

缨水珞 · 2024年08月14日

选择Decision price 还是arrival price

NO.PZ2020020202000012

问题如下:

The next day, Harding instructs Yellow to revisit their research on BYYP, Inc. Yellow’s research leads her to believe that its shares are undervalued. She shares her research with Harding, and at 10 a.m. he instructs her to buy 120,000 shares when the price is $40.00 using a limit order of $42.00.
The buy-side trader releases the order for market execution when the price is $40.50. The only fee is a commission of $0.02 per share. By the end of the trading day, 90,000 shares of the order had been purchased, and BYYP closes at $42.50. The trade was executed at an average price of $41.42. Details about the executed trades are presented in Exhibit 1.

Based on Exhibit 1, the execution cost for purchasing the 90,000 shares of BYYP is:

选项:

A.

$60,000.

B.

$82,500.

C.

$127,500.

解释:

C is correct.

Execution cost is calculated as the difference between the cost of the real portfolio and the paper portfolio. It reflects the execution price(s) paid for the number of shares in the order that were actually filled or executed. The execution cost is calculated as:
Execution cost = SjPjSjPd\sum S_jP_j-\sum S_jP_d
= [(10,000 shares × $40.75) + (30,000 shares × $41.25) + (20,000 shares × $41.50) + (30,000 shares × $41.75)] – (90,000 × $40.00)
= $3,727,500 – $3,600,000
= $127,500

Decision price和arrival price 同时出现时,每次都选Decision price吗

有使用arrival price 的时候吗 谢谢

1 个答案

吴昊_品职助教 · 2024年08月15日

嗨,从没放弃的小努力你好:


1、本题让我们求的是execution cost,也就是成交价格(Pj)和decision price(Pd)之间的差距。(见图1)所以本题我们用的是decision price。

2、IS中没有引入arrival price。arrival price是expanded IS中引入的概念。其中,成交价格和arrival price之间的差距是Trading cost,而arrival price和decision price之间的差距是delay cost。(见图2)


----------------------------------------------
加油吧,让我们一起遇见更好的自己!

  • 1

    回答
  • 0

    关注
  • 96

    浏览
相关问题

NO.PZ2020020202000012 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.Baseon Exhibit 1, the execution cost for purchasing the 90,000 shares of BYYP is: A.$60,000. B.$82,500. C.$127,500. C is correct.Execution cost is calculatethe fferenbetween the cost of the reportfolio anthe paper portfolio. It reflects the execution price(s) paifor the number of shares in the orr thwere actually filleor execute The execution cost is calculateas: Execution cost = ∑SjPj−∑SjPsum S_jP_j-\sum S_jP_Sj​Pj​−∑Sj​P= [(10,000 shares × $40.75) + (30,000 shares × $41.25) + (20,000 shares × $41.50) + (30,000 shares × $41.75)] – (90,000 × $40.00)= $3,727,500 – $3,600,000= $127,500 请问这一题的Execution Cost与上一小题的ArrivCost(金额形式)是否都是衡量已经交易的shares的成本?两种cost的差异是否仅是benchmark price的不一样?我理解前者是选择cision Price,后者是有四种选择,对吗?

2024-05-01 14:09 1 · 回答

NO.PZ2020020202000012 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.Baseon Exhibit 1, the execution cost for purchasing the 90,000 shares of BYYP is: A.$60,000. B.$82,500. C.$127,500. C is correct.Execution cost is calculatethe fferenbetween the cost of the reportfolio anthe paper portfolio. It reflects the execution price(s) paifor the number of shares in the orr thwere actually filleor execute The execution cost is calculateas: Execution cost = ∑SjPj−∑SjPsum S_jP_j-\sum S_jP_Sj​Pj​−∑Sj​P= [(10,000 shares × $40.75) + (30,000 shares × $41.25) + (20,000 shares × $41.50) + (30,000 shares × $41.75)] – (90,000 × $40.00)= $3,727,500 – $3,600,000= $127,500 为何不加fee90000*0.02=1,800的费用?

2024-02-06 14:22 1 · 回答

NO.PZ2020020202000012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.Baseon Exhibit 1, the execution cost for purchasing the 90,000 shares of BYYP is: A.$60,000. B.$82,500. C.$127,500. C is correct.Execution cost is calculatethe fferenbetween the cost of the reportfolio anthe paper portfolio. It reflects the execution price(s) paifor the number of shares in the orr thwere actually filleor execute The execution cost is calculateas: Execution cost = ∑SjPj−∑SjPsum S_jP_j-\sum S_jP_Sj​Pj​−∑Sj​P= [(10,000 shares × $40.75) + (30,000 shares × $41.25) + (20,000 shares × $41.50) + (30,000 shares × $41.75)] – (90,000 × $40.00)= $3,727,500 – $3,600,000= $127,500 是否加lcost就看题目给的条件是吗

2023-06-17 15:32 1 · 回答

NO.PZ2020020202000012 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.Baseon Exhibit 1, the execution cost for purchasing the 90,000 shares of BYYP is: A.$60,000. B.$82,500. C.$127,500. C is correct.Execution cost is calculatethe fferenbetween the cost of the reportfolio anthe paper portfolio. It reflects the execution price(s) paifor the number of shares in the orr thwere actually filleor execute The execution cost is calculateas: Execution cost = ∑SjPj−∑SjPsum S_jP_j-\sum S_jP_Sj​Pj​−∑Sj​P= [(10,000 shares × $40.75) + (30,000 shares × $41.25) + (20,000 shares × $41.50) + (30,000 shares × $41.75)] – (90,000 × $40.00)= $3,727,500 – $3,600,000= $127,500 请问本题条件中 a limit orr of $42.00是否通常不会涉及到trang的相关计算中?

2023-06-04 13:19 1 · 回答