2012年12月份CFA一级Equity部分考题猜想，带解析

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2012年12月份CFA一级Equity部分考题猜想，都是CFA考试的重点和必考点，每道题目都带解析

题目不在多而在精，13道题全面把脉CFA一级Equity考题，例举其中一题

1.   Caroline Rogers believes the price of Gamma Corp. stock will go down in the near future. She has decided to sell short 200 shares of Gamma Corp. at the current market price of 47. The initial margin requirement is 40 percent. Which of the following is an appropriate statement regarding the margin requirement that Rogers is subject to on this short sale?

A.        She will need to contribute 3,760 as margin.

B.        She will need to contribute 5,640 as margin.

C.        She will only need to leave the proceeds from the short sale as deposit and does not need to contribute any additional funds.

Solutions: A

She will need to contribute 3,760 as margin. In view of the possibility of a loss, if the stock price goes up, she will need to contribute 3,760 = 40% of 9,400 as the initial margin. Rogers will need to leave the proceeds from the short sale (9,400 = 200 X 47) on deposit.

疑难解析：股票的margin计算一直是CFA考试中Equity的必考点，除了要知道保证金在股票交易中是： buying securities with borrowed money 并且会计算之外，还要会计算何时会触发margin call，公式为：Trigger price (margin of long position) ，同学们可以多选类似考题多加操练，必将有所收获。此题中的另一个考点是short sell时，short是要交纳保证金，并且如果当short sell的股票发放dividends或interest时，short seller方是需要把这部分钱付给long seller方的，就发生了额外的支出，所以选项C中 ”does not need to contribute any additional funds” 是错误的

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关键词：equity equit CFA一级 Equi quit 一级

题目不在多而在精，13道题全面辐射Equity考试部分各大重要考点，如：
Caroline Rogers believes the price of Gamma Corp. stock will go down in the near future. She has decided to sell short 200 shares of Gamma Corp. at the current market price of

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