CFA一级百题进阶：权益.docx

6.EquityQ-l.Youdecidetosellshort100sharesofCharlotteHorseFarmswhenitissellingatitsyearlyhighof56.Yourbrokertellsyouthatyourmarginrequirementis45%andthatthecommissiononthepurchaseis$155.Whileyouareshortthestock,Charlottepaysa$2.50persharedividend.Attheendofoneyear,youbuy100sharesofCharlotteat45tocloseoutyourpositionandarechargedacommissionof$145.Whatisyourrateofreturnontheinvestment?A.20.56%.B.22.65%.C.18.56%.Solution:A.PrOfROnaShortSale=BeginValUeEndinEValUeDiVidends(MtereSt)-Trans.CoStS>Beginningvalueofinvestment=$56.00×100=$5,600(Soldunderashortsalearrangement)AEndingvalueofinvestment=$45.00×100二$4,500ATransactioncosts=$155+$145=$300.00ADividends=$2.50×100shares=$250.00>Profit=$5,600-$4,500-$250-$300=$550.00AInitialinvestment=Marginrequirement+Commission-(0.45×$5,600)+$155=$2,520+$155=$2,675Therateofreturnonyourinvestmentis20.56%=$550.00/$2,675Q-2.Aninvestoropensamarginaccountwithaninitialdepositof$5,000.Hethenpurchases200sharesofPRKstockat$46inhismarginaccount,whichhasamarginmaintenancerequirementof25percent,Ignoringcommissionsandinterest,theminimumpricethatPRKstockcanfalltobeforetheinvestorreceivesamargincallisclosestto:A.$20.00.B.$28.00.C.$33.33.Solution:B.Determinetheprice(P)thatisequalto25%Initialmargin=$5Q00/(200*$46)=54.35%.1-initialmargin，154.35%Triggerprice=RJ-)=4625%=28.00°!-maintenancemarginQ-3.Thefollowinglimitorderswerelistedonthebookofamarket:BuyerBidSize(#ofshares)LimitPrice(三)SellerOfferSize(Aofshares)LimitPrice$)160035.50120037.2024003S.70220038.353SOO36.20340039.50410037.10410039,65530037.15520039.70Theaveragepriceofanimmediate-or-cancellimitbuyorderfor750sharesatapriceof$39.50willbeclosestto:A.$37.35.B.$38.58.C.$39.60.Solution:B.Averageprice=(200×$37.20)+(200×$38.35)+(350×$39.50)/750=$38.58Q-4.A.B.CLimit buy at $60Stop buy at $60Limit buy at $60TwoanalystsBranandWhilyhelddifferentopinionstowardsthesharepriceofiRobotIncorporation.Thecurrentpriceis$52.Brantookalongpositiononthestockandwouldliketoclosethispositiononcethepriceroseto$65.Whilytookashortpositionandwouldliketocoverhislossifthestockpriceroseto$60.Whichofthefollowingorderswillmeettheirrequirements?BranWhily1.imitsellat$651.imitsellat$65Stopsellat$65Solution:B.Branneedstosellhissharesatthepriceof65orabove,therefore,alimitsellorderisappropriate.However,Whilywouldliketocoverhispositionwhenstockpriceroseto$60.Inotherwords,hedecidestobuythestockoncethestockpriceroseupto$60,soastoporderismoreappropriate.Q-5.Ananalystcollectedthefollowingdataaboutalistedcompany:Earningspershare20Dividenddeclared3Returnonassets6%DebtEqityratio1.4Netprofitmargin12%Theconstantgrowthrateofdividendsisclosestto:A.2%.B.12%.C.20%.Solution:B.Fromdebt/equityratiowecancalculatetheAsset/Equityratio=2.4.ROE=ROA×FinancialLeverage=6%×2.4=14.4%Constantgrowthrateofdividendsg=ROE×retentionratio=ROE×(1-payoutratio)=14.4%×(1-3/20)=12.24%Q-6.Thefollowingdatapertainstoamarginpurchaseofastockbyaninvestor.Stock'spurchaseprice$50/shareSaleprice$55/shareSharespurchased500Margin45%Callmoneyrate6%Dividend$1.80/shareTransactioncommissiononpurchase$0.05/shareTransactioncommissiononsale$0.05/shareIfthestockissoldexactlyoneyearafterthepurchase,thetotalreturnontheinvestor'sinvestmentisclosestto:A.14%.B.19%.C.22%.Solution:C.Proceedsonsale:$55x500$27,500Payoffloan:S50×500×0.55-$13,750Margininterestpaid:$13,750x0.06-$825Dividendreceived:$1.80x500+$900commissionpaidonsale:$0.05x500-$25Remainingequity$13,800Initialinvestment(includingcommission):($50x500x0.45)+($0.05x500)$11,275Returnontheinitialinvestment:($13,800-$ll,275)/$ll,27522.4%Q-7.Afteratwo-for-onestocksplit,whichofthefollowingwillmostlikelychangerelativetoitspre-splitvalue?A.Earningspershare(EPS)B.Price-to-earningsratio(PE)C.DividendpayoutratioSolution:A.Aiscorrect.Atwo-for-onestocksplitwilldoublethenumberofshares,thusreducingtheEPStohalfofitspre-splitvalue.P/EwillremainunchangedbecausethepricealsoreducesbyhalfandexactlycancelsouttheeffectofthereducedEPS.ThedividendpayoutratioremainsunchangedbecausethesameproportionofearningswillstillbeusedafterthesplitCisincorrectbecausethedividendpayoutratioisunchanged.BisincorrectbecausetheP/Eratioisunchanged.