博迪_投资学第九版_英文答案(17)

博迪_投资学第九版_英文答案

14. a.

b.

c.

d.

15. a. $55.50 $55.25 The trade will not be executed because the bid price is lower than the price specified in the limit sell order. The trade will not be executed because the asked price is greater than the price specified in the limit buy order. In an exchange market, there can be price improvement in the two market orders.

Brokers for each of the market orders (i.e., the buy order and the sell order) can

agree to execute a trade inside the quoted spread. For example, they can trade at

$55.37, thus improving the price for both customers by $0.12 or $0.13 relative to the quoted bid and asked prices. The buyer gets the stock for $0.13 less than the

quoted asked price, and the seller receives $0.12 more for the stock than the

quoted bid price.

Whereas the limit order to buy at $55.37 would not be executed in a dealer

market (since the asked price is $55.50), it could be executed in an exchange

market. A broker for another customer with an order to sell at market would

view the limit buy order as the best bid price; the two brokers could agree to the

trade and bring it to the specialist, who would then execute the trade.

You will not receive a margin call. You borrowed $20,000 and with another

$20,000 of your own equity you bought 1,000 shares of Disney at $40 per

share. At $35 per share, the market value of the stock is $35,000, your equity

is $15,000, and the percentage margin is: $15,000/$35,000 = 42.9%

Your percentage margin exceeds the required maintenance margin.

You will receive a margin call when: b. 16. a. b. 1,000P $20,000= 0.35 when P = $30.77 or lower 1,000P