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李梦璐 · 2022年02月01日

A和C的问题

  1. CFA I
  2. Portfolio

NO.PZ2015121801000049

问题如下：

With respect to trading costs, liquidity is least likely to impact the:

选项：

A.

stock price.

B.

bid–ask spreads.

C.

brokerage commissions.

解释：

C  is correct.

Brokerage commissions are negotiated with the brokerage firm. A security’s liquidity impacts the operational efficiency of trading costs. Specifically, liquidity impacts the bid–ask spread and can impact the stock price (if the ability to sell the stock is impaired by the uncertainty associated with being able to sell the stock).

老师，流动性会让broker撮合变难，佣金肯定会更贵呀。而A，题干说的是交易费用角度，从交易费用角度，流动性是怎么影响股价的呢？

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1 个答案

Kiko_品职助教 · 2022年02月04日

嗨，从没放弃的小努力你好：


提高佣金是有可能的，所以题目出的也比较严谨，说的是least likely impact，没有问not impact。

佣金多少主要是看谈判撮合的能力。如果按交易笔数来算，交易成本就不会影响到佣金，如果按交易金额抽取百分之多少，那么交易成本就会影响到佣金了。

A选项流动性好的股票会有一个“流动性溢价”价格会高，流动性差的股票会有一个“流动性折价”，价格会低。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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2020-12-17 15:38 1 · 回答

老师 交易的佣金也会受到流动性影响吧？流动性强交易难度低 佣金可能就会低 这是市场常理啊？

2020-10-12 21:03 1 · 回答