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Crystal96 · 2020年03月14日

问一道题：NO.PZ2020020202000012 [ CFA III ]

  1. CFA III
  2. Trading&Performance

问题如下图：

选项：

A.

B.

C.

解释：

为什么不包括0.02的fee

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2 个答案

IIIIIIIIIIIIIIIIII · 2020年03月24日

implementation shortfall = execution cost + opportunity cost + fees

fee 是单独出来的一项，所以算execution cost 是不考虑fees

吴昊_品职助教 · 2020年03月14日

题目让我们计算的是execution cost，这一部分成本并不包含fee。建议去听一下基础班相关知识点。

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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 cision price和arrivpri同时出现时，每次都选cision price吗 有使用arrivpri的时候吗 谢谢

2024-08-14 18:36 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

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2024-02-06 14:22 1 · 回答

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2023-06-17 15:32 1 · 回答

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2023-06-04 13:19 1 · 回答