第二十二章 期权与公司理财：基本概念ppt课件.ppt

《第二十二章 期权与公司理财：基本概念ppt课件.ppt》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。

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

2、RealProjectsandOptions22.13SummaryandConclusions22.1OptionsManycorporatesecuritiesaresimilartothestockoptionsthataretradedonorganizedexchanges.Almosteveryissueofcorporatestocksandbondshasoptionfeatures.Inaddition,capitalstructureandcapitalbudgetingdecisionscanbeviewedintermsof

3、options.22.1OptionsContracts:PreliminariesAnoptiongivestheholdertheright,butnottheobligation,tobuyorsellagivenquantityofanasseton(orperhapsbefore)agivendate,atpricesagreedupontoday.CallsversusPutsCalloptionsgivestheholdertheright,butnottheobligation,tobuyagivenquantityofsomeas

4、setatsometimeinthefuture,atpricesagreedupontoday.Whenexercisingacalloption,you“callin”theasset.Putoptionsgivestheholdertheright,butnottheobligation,tosellagivenquantityofanassetatsometimeinthefuture,atpricesagreedupontoday.Whenexercisingaput,you“put”theassettosomeone.22.1Optio

5、nsContracts:PreliminariesExercisingtheOptionTheactofbuyingorsellingtheunderlyingassetthroughtheoptioncontract.StrikePriceorExercisePriceReferstothefixedpriceintheoptioncontractatwhichtheholdercanbuyorselltheunderlyingasset.ExpiryThematuritydateoftheoptionisreferredtoastheexpir

6、ationdate,ortheexpiry.EuropeanversusAmericanoptionsEuropeanoptionscanbeexercisedonlyatexpiry.Americanoptionscanbeexercisedatanytimeuptoexpiry.OptionsContracts:PreliminariesIn-the-MoneyTheexercisepriceislessthanthespotpriceoftheunderlyingasset.At-the-MoneyTheexercisepriceisequa

7、ltothespotpriceoftheunderlyingasset.Out-of-the-MoneyTheexercisepriceismorethanthespotpriceoftheunderlyingasset.OptionsContracts:PreliminariesIntrinsicValueThedifferencebetweentheexercisepriceoftheoptionandthespotpriceoftheunderlyingasset.SpeculativeValueThedifferencebetweenthe

8、optionpremiumandtheintrinsicvalueoftheoption.OptionPremium=In