公司理财的基本概念英文版).ppt

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1、ChapterOutline22.1Options22.2CallOptions22.3PutOptions22.4SellingOptions22.5ReadingTheWallStreetJournal22.6CombinationsofOptions22.7ValuingOptions22.8AnOption‑PricingFormula22.9StocksandBondsasOptions22.10Capital-StructurePolicyandOptions22.11MergersandOptions22.12InvestmentinRealProjectsandO

2、ptions22.13SummaryandConclusions22.1OptionsManycorporatesecuritiesaresimilartothestockoptionsthataretradedonorganizedexchanges.Almosteveryissueofcorporatestocksandbondshasoptionfeatures.Inaddition,capitalstructureandcapitalbudgetingdecisionscanbeviewedintermsofoptions.22.1OptionsContracts:Pre

3、liminariesAnoptiongivestheholdertheright,butnottheobligation,tobuyorsellagivenquantityofanasseton(orperhapsbefore)agivendate,atpricesagreedupontoday.CallsversusPutsCalloptionsgivestheholdertheright,butnottheobligation,tobuyagivenquantityofsomeassetatsometimeinthefuture,atpricesagreedupontoday

4、.Whenexercisingacalloption,you“callin”theasset.Putoptionsgivestheholdertheright,butnottheobligation,tosellagivenquantityofanassetatsometimeinthefuture,atpricesagreedupontoday.Whenexercisingaput,you“put”theassettosomeone.22.1OptionsContracts:PreliminariesExercisingtheOptionTheactofbuyingorsell

5、ingtheunderlyingassetthroughtheoptioncontract.StrikePriceorExercisePriceReferstothefixedpriceintheoptioncontractatwhichtheholdercanbuyorselltheunderlyingasset.ExpiryThematuritydateoftheoptionisreferredtoastheexpirationdate,ortheexpiry.EuropeanversusAmericanoptionsEuropeanoptionscanbeexercised

6、onlyatexpiry.Americanoptionscanbeexercisedatanytimeuptoexpiry.OptionsContracts:PreliminariesIn-the-MoneyTheexercisepriceislessthanthespotpriceoftheunderlyingasset.At-the-MoneyTheexercisepriceisequaltothespotpriceoftheunderlyingasset.Out-of-the-MoneyTheexercisepriceismorethanthespotpriceoftheu

7、nderlyingasset.OptionsContracts:PreliminariesIntrinsicValueThedifferencebetweentheexercisepriceoftheoptionandthespotpriceoftheunderlyingasset.SpeculativeValueThedifferencebetweentheoptionpremiumandtheintrinsicvalueoftheoption.OptionPremium=In