Lecture22ManagingRisk(公司金融讲义(北大,沈明高).pptVIP

Commodity Speculation with margin You have lived in NYC your whole life and are independently wealthy. You think you know everything there is to know about pork bellies (uncurred bacon) because your butler fixes it for you every morning. Because you have decided to go on a diet, you think the price will drop over the next few months. On the CME, each PB K is 38,000 lbs. Today, you decide to short three May Ks @ 44.00 cents per lbs. In Feb, the price rises to 48.5 cents and you decide to close your position. What is your gain/loss? Nov: Short 3 May K (.4400 x 38,000 x 3 ) = + 50,160 Feb: Long 3 May K (.4850 x 38,000 x 3 ) = - 55,290 Loss = - 5,130 Loss 5130 5130 Margin 50160 x.15 7524 ------------ = -------------------- = ------------ = 68% loss You have lived in NYC your whole life and are independently wealthy. You think you know everything there is to know about pork bellies (uncurred bacon) because your butler fixes it for you every morning. Because you have decided to go on a diet, you think the price will drop over the next few months. On the CME, each PB K is 38,000 lbs. Today, you decide to short three May Ks @ 44.00 cents per lbs. In Feb, the price rises to 48.5 cents and you decide to close your position. What is your gain/loss? Commodity Speculation with margin Homework Assignment 10 Ch. 24: Practice Questions: 5,8,15 Challenge Questions: 2 Ch. 27: Practice Questions: 10,13 Challenge Questions: 2 谢谢观看/欢迎下载 BY FAITH I MEAN A VISION OF GOOD ONE CHERISHES AND THE ENTHUSIASM THAT PUSHES ONE TO SEEK ITS FULFILLMENT REGARDLESS OF OBSTACLES. BY FAITH I BY FAITH 内容总结 22. Managing Risk。-Sugar -Corn -OJ。-Tbills -Yen -GNMA。-Stocks -Eurodollars。XYZ ABC。fixed rate 10% 11.5%。net gain +.75%。谢谢观看/欢迎下载 22- * McGraw Hill/Irwin Copyright ? 2003 by The McGraw-Hill Companies, Inc. All rights reserved 22. Managing Risk Principles of Corporate Finance Seventh Edition Richard A. Brealey Stewa