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Ciser · 2021年03月15日

这道题答案可以这样写吗?

NO.PZ2019122802000012

问题如下:

Gunnar Patel is an event-driven hedge fund manager for Senson Fund, which focuses on merger arbitrage strategies. Patel has been monitoring the potential acquisition of Meura Inc. by Sellshom, Inc. Sellshom is currently trading at $60 per share and has offered to buy Meura in a stock-for-stock deal. Meura was trading at $18 per share just prior to the announcement of the acquisition.
The offer ratio is 1 share of Sellshom in exchange for 2 shares of Meura. Soon after the announcement, Meura’s share price jumps to $22 while Sellshom’s falls to $55 in anticipation of the merger receiving required approvals and the deal closing successfully.
At the current share prices of $55 for Sellshom and $22 for Meura, Patel attempts to profit from the merger announcement. He buys 40,000 shares of Meura and sells short 20,000 shares of Sellshom.

Calculate the payoffs of the merger arbitrage if The merger fails.

解释:

If the merger fails, then prices should revert back to their pre-mergerannouncement levels of $18 per share for Meura and $60 per share forSellshom. The manager would need to buy back 20,000 shares of Sellshomat $60 per share, for a total of $1,200,000, to close the short position. Patelwould then sell the long position of 40,000 shares of Meura at $18 pershare for a total of $720,000. This net loss would be $260,000, calculated as:(Sellshom: $1,100,000 – $1,200,000 = –$100,000) + (Meura: –$880,000 +$720,000 = –$160,000).

The net loss is 260000 =(60-55)*20000+(22-18)*40000
1 个答案

韩韩_品职助教 · 2021年03月17日

嗨,努力学习的PZer你好:


同学你好,你这样写也是可以的,计算结果是没有问题的。不过最好再加一些定性的描述,特别是方向和每一方的操作:

(Sellshom: (60-55)*20000 = $100,000) + (Meura: (22-18)*40000 = $160,000)

Total loss = 100,000+160,000=260,000

----------------------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!

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NO.PZ2019122802000012 问题如下 GunnPatel is event-iven hee funmanager for Senson Fun whifocuses on merger arbitrage strategies. Patel hbeen monitoring the potentiacquisition of Meura InSellshom, InSellshom is currently trang $60 per share anhoffereto buy Meura in a stock-for-stoal. Meura wtrang $18 per share just prior to the announcement of the acquisition.The offer ratio is 1 share of Sellshom in exchange for 2 shares of MeurSoon after the announcement, Meura’s share prijumps to $22 while Sellshom’s falls to $55 in anticipation of the merger receiving requireapprovals anthe closing successfully.the current share prices of $55 for Sellshom an$22 for MeurPatel attempts to profit from the merger announcement. He buys 40,000 shares of Meura ansells short 20,000 shares of Sellshom.Calculate the payoffs of the merger arbitrage if The merger fails. If the merger fails, then prices shoulrevert bato their pre-mergerannouncement levels of $18 per share for Meura an$60 per share forSellshom. The manager woulneeto buy ba20,000 shares of Sellshom$60 per share, for a totof $1,200,000, to close the short position. Patelwoulthen sell the long position of 40,000 shares of Meura $18 pershare for a totof $720,000. This net loss woul$260,000, calculateas:(Sellshom: $1,100,000 – $1,200,000 = –$100,000) + (Meur–$880,000 +$720,000 = –$160,000).首先我们进入这个策略的头寸是long M anshort S, 那么M就是以22块钱买入,而S是以55块钱卖空,如果策略失败的时候,M的股价会从会从现在的22块钱跌到18块钱,那我们以22块钱买入的,跌到了18块钱,M每股亏了4块钱;S的股价从55块钱涨到60块钱,相当于低卖高买回来,每股S亏了5块钱。 如题。或着“-26000=[20000*(55-60)]-[40000*(22-18)]\"

2023-06-11 18:08 2 · 回答

NO.PZ2019122802000012 问题如下 GunnPatel is event-iven hee funmanager for Senson Fun whifocuses on merger arbitrage strategies. Patel hbeen monitoring the potentiacquisition of Meura InSellshom, InSellshom is currently trang $60 per share anhoffereto buy Meura in a stock-for-stoal. Meura wtrang $18 per share just prior to the announcement of the acquisition.The offer ratio is 1 share of Sellshom in exchange for 2 shares of MeurSoon after the announcement, Meura’s share prijumps to $22 while Sellshom’s falls to $55 in anticipation of the merger receiving requireapprovals anthe closing successfully.the current share prices of $55 for Sellshom an$22 for MeurPatel attempts to profit from the merger announcement. He buys 40,000 shares of Meura ansells short 20,000 shares of Sellshom.Calculate the payoffs of the merger arbitrage if The merger fails. If the merger fails, then prices shoulrevert bato their pre-mergerannouncement levels of $18 per share for Meura an$60 per share forSellshom. The manager woulneeto buy ba20,000 shares of Sellshom$60 per share, for a totof $1,200,000, to close the short position. Patelwoulthen sell the long position of 40,000 shares of Meura $18 pershare for a totof $720,000. This net loss woul$260,000, calculateas:(Sellshom: $1,100,000 – $1,200,000 = –$100,000) + (Meur–$880,000 +$720,000 = –$160,000).同学你好,首先我们进入这个策略的头寸是long M anshort S, 那么M就是以22块钱买入,而S是以55块钱卖空,如果策略失败的时候,M的股价会从会从现在的22块钱跌到18块钱,那我们以22块钱买入的,跌到了18块钱,是不是每股M亏了4块钱;S的股价从55块钱涨到60块钱,相当于我们是低卖高买回来,每股S亏了5块钱。如果直接用数字表示亏损的话,那么就是55-60,以55卖出去的,可以理解为现金流流入,然后60买入的,现金流流出,所以每股现金流净流出5块如果加上文字表述的话,那么可以说loss per share is 60-55.两种表述方法都可以的。 如果是merger成功情况下怎么计算 ?

2022-12-12 14:44 1 · 回答

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2022-12-08 22:11 1 · 回答

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2021-04-05 11:33 1 · 回答

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2021-03-29 15:49 1 · 回答