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1、复习题Explanation名词解释speculatorswishtotakeapositioninthemarket.Eithertheyarebettingthatapricewillgouportheyarebettingthatitwillgodown.TheyusederivativestogetextraleverageHedgersareinterestedinreducingariskthattheyalreadyface.Arbitrageinvolveslockinginarisk-lessprofitby
2、enteringsimultaneouslyintotransactionsintwoormoremarkets.Acalloptiongivestheholdertherighttobuyanassetbyacertaindateforacertainprice.Putoption:Aputoptiongivestheholdertherighttosellanassetbyacertaindateforacertainprice.Futures（forward）contract:Itisanagreementtobuyor
3、sellanassetforacertainpriceatacertaintimeinthefuture.shortselling:Theinvestor’sbrokerborrowsthesharesfromanotherclient’saccountandsellsthemintheusualway.Tocloseoutthepositiontheinvestormustpurchasetheshares.Thebrokerthenreplacesthemintheaccountoftheclientfromwhomthe
4、ywereborrowed.In-the-moneyoption/Atthemoney/OutoutofthemoneyTimevalue,intrinsicvalue,optionvalue,risk-neutralvaluation:Firstly,assumethattheexpectedreturnfromthestockpriceistherisk-freerater,thencalculatetheexpectedpayofffromtheoption,atlast,discountingtheexpectedpa
5、yoffattherisk-freerateFactorsaffectingstockoptionpricing:stockprice,strikeprice,risk-freeinterestrate,volatility,timetomaturity,anddividends.Longpositionofforward:Acallablebond（可提前赎回债券）:Itcontainsprovisions(条款)thatallowtheissuingfirm(发行公司)tobuybackthebondatapredeter
6、minedpriceatcertaintimesinthefuture.risk-neutralvaluation:Firstly,assumethattheexpectedreturnfromthestockpriceistherisk-freerater,thencalculatetheexpectedpayofffromtheoption,atlast,discountingtheexpectedpayoffattherisk-freerateSwaps：Swapsareprivateagreementsbetweent
7、wocompaniestoexchangecashflowsinthefutureaccordingtoaprearrangedformula.新型期权的常见产品Asianoption,barrieroption,lookbackoption,compoundoption,forwardstartoption,asyoulikeoption(chooseoption),convitablebond(可转换债券Lookbackoptions:thepayoffsfromlookbackoptionsdependonthemaxi
8、mumorminimumstockpricereachedduringthelifeoftheoption‘Out’options(敲出期权)：Optiondiesifstockpricehitsbarrierbeforeoptionmaturity‘In’options(敲
