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1、19878_06_c06_p188-212.qxd2/22/0610:20AMPage188CHAPTER6FinancialOptionsEverymanagershouldunderstandthebasicprinciplesofoptionpricing.First,manyprojectsallowmanagerialinterventionasmar-ketconditionschange.These“embeddedoptions”oftenmeanthedifferencebetweenasuc
2、cessfulprojectandafailure.Under-standingbasicfinancialoptionshelpstomanagethevalueTheThomsonNOWWebsitecontainsaninherentintheserealoptions.Second,manycompaniesuseExcelfilethatwillguideyouthroughthederivativestomanagerisk,andunderstandingfinancialoptionschapt
3、er’scalculations.Thefileforthisisnecessarybeforetacklingderivatives.Third,optionpricingtheorychapterisIFM9Ch06ToolKit.xls,andprovidesinsightsintotheoptimaldebt/equitychoice,especiallyweencourageyoutoopenthefileandwhenconvertiblesecuritiesareinvolved.Finally,
4、understandingfollowalongasyoureadthechapter.financialoptionswillhelpyouwithanyemployeestockoptionsthatyoureceive.TODISCCOLLECTION188IMAGE:©GETTYIMAGES,INC.,PHO19878_06_c06_p188-212.qxd2/22/0610:20AMPage189BEGINNING-OF-CHAPTERQUESTIONSAsyoureadthechapter,cons
5、iderhowyouwould(ormaturity),and(e)thevarianceofreturnsanswerthefollowingquestions.Youshouldnotontheasset?necessarilybeabletoanswerthequestions2.Shouldoptionsgivenaspartofcompensa-beforeyoureadthechapter.Rather,youshouldtionpackagesbereportedontheincomeusethe
6、mtogetasenseoftheissuescoveredinstatementasanexpense?Whataresomethechapter.Afterreadingthechapter,youprosandconsrelatingtothisissue?shouldbeabletogiveatleastpartialanswersto3.Therationalebehindgrantingstockoptionsthequestions,andyoushouldbeabletogiveistoindu
7、ceemployeestoworkharderandbebetteranswersafterthechapterhasbeendis-moreproductive.Asthestockpriceincreasescussedinclass.Note,too,thatitisoftenuseful,(presumablyduetotheirhardwork),thewhenansweringconceptualquestions,touseemployeesshareinthisaddedwealth.hypot
8、heticaldatatoillustrateyouranswer.WeAnotherwaytosharethiswealthwouldbeillustratetheanswerswithanExcelmodelthatistograntsharesofstock,ratherthanoptions.availableontheThomsonNOWWebsite.Access-What
