"Equity Investments":Private equity market
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Questions 1:
A trader buys a stock at $64 on margin with a leverage ratio of 2.5 and a maintenance margin of 30%.Below what price will a margin call most likely occur?
A 、$36.57
B、 $54.86
C 、$44.80
Questions 2:
Compared with public equity markets, which of the following statements is most accurate about private equity markets? Operating in the private market:
A 、offers stronger incentives to improve corporate governance.
B 、allows more opportunities to raise capital.
C 、allows management to better adopt a long-term focus.
【analysis】
C is incorrect. Simply takes 70% of the original purchase price by mistaking (1 – maintenance margin %) to be equal to the critical price for margin call = 64 × 0.7 = $44.80.
C is correct. The management of a public firm is under pressures to meet shorter-term demands, such as meeting quarterly sales and earnings projections from analysts. Private owners are thus better able to focus on longer-term value creation opportunities.
A is incorrect. By operating under public scrutiny, companies are incentivized to be more open in terms of corporate governance and executive compensation to ensure that they are acting for the benefit of shareholders.
B is incorrect because public equity markets are much larger than private ones.
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