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1、FinalPDFtoprinterCHAPTERTWENTYOptionsMarkets:20IntroductionDERIVATIVESECURITIES,ORmoresimplycrowdingoutthepreviouslyexistingover-derivatives,playalargeandincreasinglythe-counteroptionsmarket.importantroleinfinancialmarkets.TheseOptioncontractsaretradednowonse
2、veralaresecuritieswhosepricesaredeterminedexchanges.Theyarewrittenoncommonstock,by,or“derivefrom,”thepricesofotherstockindexes,foreignexchange,agriculturalsecurities.commodities,preciousmetals,andinterestOptionsandfuturescontractsarebothratefutures.Inaddition
3、,theover-the-counterderivativesecurities.Theirpayoffsdependonmarkethasenjoyedatremendousresurgencethevalueofothersecurities.Swaps,whichweinrecentyearsastradingincustom-tailoredwilldiscussinChapter23,alsoarederivatives.optionshasexploded.PopularandpotentBecaus
4、ethevalueofderivativesdependstoolsinmodifyingportfoliocharacteristics,onthevalueofothersecurities,theycanbeoptionshavebecomeessentialtoolsaport-powerfultoolsforbothhedgingandspecula-foliomanagermustunderstand.tion.WewillinvestigatetheseapplicationsinThischapt
5、erisanintroductiontooptionsthenextfourchapters,startinginthischaptermarkets.Itexplainshowputsandcallsworkwithoptions.andexaminestheirinvestmentcharacteris-Tradingofstandardizedoptionscontractstics.Popularoptionstrategiesareconsideredonanationalexchangestarted
6、in1973whennext.Finally,weexaminearangeofsecuritiestheChicagoBoardOptionsExchange(CBOE)withembeddedoptionssuchascallableorbeganlistingcalloptions.Thesecontractsconvertiblebonds,andwetakeaquicklookwerealmostimmediatelyagreatsuccess,atsomeso-calledexoticoptions.
7、PARTVIbod61671_ch20_678-721.indd6787/25/132:50AMFinalPDFtoprinterCHAPTER20OptionsMarkets:Introduction67920.1TheOptionContractAcalloptiongivesitsholdertherighttopurchaseanassetforaspecifiedprice,calledtheexercise,orstrike,price,onorbeforesomespecifiedexpiratio
8、ndate.Forexample,aFebruarycalloptiononIBMstockwithexerciseprice$195entitlesitsownertopurchaseIBMstockforapriceof$195atanytimeuptoandincludingtheexpirationdateinFebruary.Theholderofthecall
