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投资学,9e,精要版,48772,48760,英文PPT Chap014.ppt 40页

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  • 2022-05-26 16:46:08 发布

投资学,9e,精要版,48772,48760,英文PPT Chap014.ppt

  • 40页
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CHAPTER14OptionsMarkets:Introduction 20-2Derivativesaresecuritiesthatgettheirvaluefromthepriceofothersecurities.Derivativesarecontingentclaimsbecausetheirpayoffsdependonthevalueofothersecurities.OptionsaretradedbothonorganizedexchangesandOTC.Options 20-3TheOptionContract:CallsAcalloptiongivesitsholdertherighttobuyanasset:AttheexerciseorstrikepriceOnorbeforetheexpirationdateExercisetheoptiontobuytheunderlyingassetifmarketvalue>strike. 20-4TheOptionContract:PutsAputoptiongivesitsholdertherighttosellanasset:AttheexerciseorstrikepriceOnorbeforetheexpirationdateExercisetheoptiontoselltheunderlyingassetifmarketvaluemarketpriceOutoftheMoney-exerciseoftheoptionwouldnotbeprofitableCall:marketpriceexerciseprice.AttheMoney-exercisepriceandassetpriceareequalMarketandExercisePriceRelationships 20-11American-theoptioncanbeexercisedatanytimebeforeexpirationormaturityEuropean-theoptioncanonlybeexercisedontheexpirationormaturitydateIntheU.S.,mostoptionsareAmericanstyle,exceptforcurrencyandstockindexoptions.Americanvs.EuropeanOptions 20-12StockOptionsIndexOptionsFuturesOptionsForeignCurrencyOptionsInterestRateOptionsDifferentTypesofOptions 20-13NotationStockPrice=STExercisePrice=XPayofftoCallHolder(ST-X)ifST>X0ifSTX0ifSTX(X-ST)ifSTX-(X-ST)ifST115Sincetheleveragedequityislessexpensive,acquirethelowcostalternativeandsellthehighcostalternativePutCallParity-DisequilibriumExample 20-39Table14.5ArbitrageStrategy 20-40Option-likeSecuritiesCallableBondsConvertibleSecuritiesWarrantsCollateralizedLoans

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