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wishwind · 2018年11月13日

问一道题:NO.PZ2015122801000057 [ CFA I ]

limit buy是限价买入,当价格等于这个价格的时候才买入,对吗?

cover position是什么意思?

题中没有说Gail要short shares,只是说等价格到98的时候再买一些,没有提到要止损的意思,为什么是stop buy order呢?

问题如下图:

选项:

A.

B.

C.

解释:

1 个答案
已采纳答案

maggie_品职助教 · 2018年11月14日

首先,我们现在区分下stop by 和limit buy。请先明确stop order是一个有效性指令,而limit order是限定成交价的指令,它们从源头上就不一样。这样说可能还是太抽象我们举个例子,我们都以买入(buy)为例,假如当前股票价格为$10 ,发布stop buy @$12指令也就意味着股票价格涨到$12我才开始在市场买入,说明价格只有涨到$12该指令才生效,不到$12就不生效,这里就是在解释何为有效性指令。那limit buy呢?同样的例子,如果发布limit buy @$12,说明的是你购买这只股票最多愿意出的价格(限价)是$12,而当前股价为$10,低于你的限价,那这个指令一发出就会马上得到成交。所以不难看出对于买入指令来说stop order往往报的价格会高于当前的价格(止损指令),而limit order会报的比当前低(低买高卖嘛,应该不会有人会在市场本来$10每股时,愿意以更高的价格买入吧)。这就是它们之间的区别。

有了这个理解再来看这道题应该就清晰很多了,80低于95,所以A同学下的是limit buy。而98高于86,G同学下的是stop buy指令。你可以看一下,如果G同学下一个limit buy98,说明G最高愿意以98元买股票,那么当前股价只有86,该指令一旦下达就会成交,就不满足以98这个价格成交的条件了。

此外,cover position指的是你在卖空借来的股票之后,总有一天需要把股票再买回来并归还(卖掉并归还的意思就是cover position)。相当于填补上头寸的意思。

加油。

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NO.PZ2015122801000057问题如下Astriis short 400 shares of Astoanthe stock's current priis $95 per share. She wants to cover her short position if the prifalls to $80. Gail h250 shares of Bstock, whiis trang $86 per share, anhe nee to buy another 150 shares if the pririses to $98. Whorrs shoulAstrianGail establish to meet their targets?A.Astriestablishes stop buy $80 anGail establishes limit buy $98.B.Astriestablishes stop buy $95 anGail establishes stop buy $86.C.Astriestablishes limit buy $80 anGail establishes stop buy $98. C is correct.Astrishoulestablish a buy orr with a limit 80 because she wants to buy stoto close out her short position if she cbuy it 80(or less). Gail shoulestablish a stop buy 98 because this orr will executeonly if the stopririses to 98.C是正确的。本题考察的是股票交易术语的区别。Stop buy(停止买入) 和 limit buy(限价买入)的最大区别是前者是一个有效性指令,而后者是一个限定成交价的指令. Stop buy是大于等于某股价成交;limit buy是小于等于某股价成交。Stop buy意味着只要比该指令定的价格高,就要买入。在本题中,Astri空股票时的市场价格是95美金,如果用stop buy $80指令,由于市场价远高于80,指令会立即生效,则Astri刻被平仓,就达不到要的效果了。如果用limit buy,则意味这只有到达80这个股价(小于等于),才会平仓,这才满足Astri要求。所以A,B都是错误的。Limit buy同理,如果用limit buy 来实现Gail的愿望,当前股价86美金,那成交的就会是84美金到98美金之间的单,显然不符合Gail的要求。而stop buy是大于98才成交。C正确。 请问84美金(解析)是哪里来的数字?谢谢

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