FMI7e_ch14Options Markets(金融市场好机构―7e, by Jeff Madura))课件.ppt

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1、Chapter14OptionsMarketsFinancialMarketsandInstitutions,7e,JeffMaduraCopyright©2006bySouth-Western,adivisionofThomsonLearning.Allrightsreserved.1ChapterOutlineBackgroundonoptionsSpeculatingwithstockoptionsDeterminantsofstockoptionpremiumsExplainingchangesinoptionpremiumsHedgingwithstockoptionsUsingo

2、ptionstomeasureastock’srisk2ChapterOutline(cont’d)OptionsonETFsandstockindexesOptionsonfuturescontractsHedgingwithoptionsonfuturesInstitutionaluseofoptionsmarketsGlobalizationofoptionsmarkets3BackgroundonOptionsAcalloptiongrantstheownertherighttopurchaseaspecifiedfinancialinstrumentforaspecifiedpri

3、ce(exerciseorstrikeprice)withinaspecifiedperiodoftimeGrantstheright,butnottheobligation,topurchasethespecifiedinvestmentThewriterofacalloptionisobligatedtoprovidetheinstrumentatthepricespecifiedbytheoptioncontractiftheownerexercisestheoptionAcalloptionis:Inthemoneywhenthemarketpriceoftheunderlyings

4、ecurityexceedsthestrikepriceAtthemoneywhenthemarketpriceisequaltothestrikepriceOutofthemoneywhenthemarketpriceisbelowthestrikeprice4BackgroundonOptions(cont’d)AputoptiongrantstheownertherighttosellaspecifiedfinancialinstrumentforaspecifiedpricewithinaspecifiedperiodoftimeGrantstheright,butnottheobl

5、igation,tosellthespecifiedinvestmentAputoptionis:InthemoneywhenthemarketpriceoftheunderlyingsecurityisbelowthestrikepriceAtthemoneywhenthemarketpriceisequaltothestrikepriceOutofthemoneywhenthemarketpriceisabovethestrikeprice5BackgroundonOptions(cont’d)Callandputoptionsspecify100sharesforstocksPremi

6、umspaidforcallandputoptionsaredeterminedthroughopenoutcryontheexchangefloorParticipantscancloseouttheiroptionpositionsbytakinganoffsettingpositionThegainorlossisdeterminedbythepremiumpaidwhenpurchasingtheoptionandthepremiumreceivedwhensellingtheoptionAmerican-styleoptionscanbeexercisedatanytimeprio

7、rtoexpirationEuropean-styleoptionscanbeexerciseonlyjustbeforeexpiration6BackgroundonOptions(cont’d)MarketsusedtotradeoptionsTheCBOE:IsthemostimportantexchangefortradingoptionsServesasthemarketforoptionsonmo