"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.

View answer resolution

【Answer to question 1】B

【analysis】

Equity Investments:Private equity market

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.

【Answer to question 2】C

【analysis】

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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