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1、CHAPTER8FinancialOptionsandApplicationsinCorporateFinancen2008,Ciscohadalmost1.2billionoutstandingemployeestockoptionsIandabout5.9billionoutstandingsharesofstock.Ifalltheseoptionsareexercised,thentheoptionholderswillown16.9%ofCisco’sstock:1.2/(5.9+1.2)=0.169.Manyoftheseoptionsneve
2、rmaybeexercised,butanywayyoulookatit,1.2billionisalotofoptions.Ciscoisn’ttheonlycompanywithmega-grants:Pfizer,TimeWarner,Ford,andBankofAmericaareamongthemanycompaniesthathavegrantedtotheiremployeesoptionstobuymorethan100millionshares.Whetheryournextjobiswithahigh-techfirm,afinanci
3、alservicecompany,oramanufacturer,youwillprobablyreceivestockoptions,soit’simportantthatyouunderstandthem.Inatypicalgrant,youreceiveoptionsallowingyoutopurchasesharesofstockatafixedprice,calledthestrikepriceorexerciseprice,onorbeforeastatedexpirationdate.Mostplanshaveavestingperiod
4、,duringwhichyoucan’texercisetheoptions.Forexample,supposeyouaregranted1,000optionswithastrikepriceof$50,anexpirationdate10yearsfromnow,andavestingperiodof3years.Evenifthestockpricerisesabove$50duringthefirst3years,youcan’texercisetheoptionsbecauseofthevestingrequirement.After3year
5、s,ifyouarestillwiththecompanythenyouhavetherighttoexercisetheoptions.Forexample,ifthestockgoesupto$110,youcouldpaythecompany$50(1,000)=$50,000andreceive1,000sharesofstockworth$110,000.However,ifyoudon’texercisetheoptionswithin10years,theywillexpireandthusbeworthless.Eventhoughthev
6、estingrequirementpreventsyoufromexercisingtheoptionsthemomenttheyaregrantedtoyou,theoptionsclearlyhavesomeimmediatevalue.Therefore,ifyouarechoosingbetweendifferentjobofferswhereoptionsareinvolved,youwillneedawaytodeterminethevalueofthealternativeoptions.Thischapterexplainshowtoval
7、ueoptions,soreadon.305306Part3:StocksandOptionsTheIntrinsicValueofStockOptionsInpreviouschaptersweshowedthattheintrinsicvaluetionsandderivatives.Ifwecanfindaportfolioofstocksofanassetisthepresentvalueofitscashflows.Thisandrisk-freebondsthatreplicatesanoption’scashtimevalueofmoneya
8、pproachworksgreatforstocksflows,t
