期权管理知识讲解英文版.ppt

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1、ReadingHullChapter1:Perhapsre-readthesectiononoptionswhichisinsections1.5–1,10.HullChapter7:Thisstartswiththebasicsofoptionsandthengoesonintothespecificdetailsoftrading.Readupto7.4forthecrucialdetailsandtherestifyou’restillinterested.HullChapter8:Thisisqui

2、teinterestingbutperhapsalittletechnicalatthispointintime.Themostimportantpartasregardsthelectureis8.4andperhaps8.5.8.1isinterestingtoseethecrucialfactorsindeterminingthepriceofanoptionandwillbeusefulforfuturereference(i.e.thelasttwoweeks).HullChapter9:Quit

3、eanicechapterexplainingoptionsstrategies,I’mgoingtoworkthroughasampleoftheseinclasssoitmaybeusefultofamililiariseyourselveswiththeprincipalstrategies.ReadingHBRArticle:StockoptionshavehadaverynegativepressoflateandherewehaveNobelprizewinnerRobertMertonando

4、therhigh-profileacademicsdiscussingsomeoftheissuesandargueforstockoptionstobeputonthebalancesheet.Thiswillactuallycomeintoforceatthestartof2005.Futurescontractsarecontractswhichcostnothingtoenter.Thisisbecauseifyouareinthelongpositionyougainwhenthespotpric

5、eoftheunderlyingasset,S,rises,youalsolosewhenthepricegoesdown(andviceversawiththeshortposition).Anoptionissimilarinmanywaystoafuturescontractinthatyouhavetherighttobuy(orsell)atacertainpriceinthefuture(thistimeitiscalledtheexerciseprice).However,theprincip

6、aldifferenceisthatyoudon’thavetheobligationtobuyatthisprice–youhavetheoptionaswhetherornotyouchoosetobuy(orsell)atthisprice.Clearlyyouwillhavetopaysomepremiumforthisprivilege.Howmuch?Options:IntroductionWhyoptions?Optionscanagainbeusedforthreemainpurposes:

7、hedging,speculatingandarbitraging.Anoptionenablesyoutohedgeagainstadversemarketmovements(e.g.priceofoil,priceofcorn,stockmarketvalue,interestratechanges)without,necessarily,limitingyourpotentialgainshouldthemarketactuallymoveinyourfavour.Justlikewithafutur

8、escontractanoptionenablesyoutoleverageyourpositionandhencemakeiteasiertospeculateonmarketmovements.Againwithoptionsasthefinancialinstrumentsbecomemorecomplexthentherearemorearbitrageopportunitiestoexploit.Opt