Chapter 21 An Introduction to Derivative Markets and Securities(投资分析与投资组合管理)解析.pptVIP

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Chapter 21 An Introduction to Derivative Markets and Securities(投资分析与投资组合管理)解析.ppt

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Lecture Presentation Software to accompanyInvestment Analysis and Portfolio ManagementSeventh Editionby Frank K. Reilly Keith C. Brown Chapter 21 - An Introduction to Derivative Markets and Securities Questions to be answered: What distinguishes a derivative security such as a forward, futures, or option contract, from more fundamental securities, such as stocks and bonds? What are the important characteristics of forward, futures, and option contracts, and in what sense can the be interpreted as insurance policies? Chapter 21 - An Introduction to Derivative Markets and Securities How are the markets for derivative securities organized and how do they differ from other security markets? What terminology is used to describe transactions that involve forward, futures, and option contracts? How are prices for derivative securities quoted and how should this information be interpreted? Chapter 21 - An Introduction to Derivative Markets and Securities What are similarities and differences between forward and futures contracts? What do the payoff diagrams look like for investments in forward and futures contracts? What do the payoff diagrams look like for investments in put and call option contracts? How are forward contracts, put options, and call options related to one another? Chapter 21 - An Introduction to Derivative Markets and Securities How can derivatives be used in conjunction with stock and Treasury bills to replicate the payoffs to other securities and create arbitrage opportunities for an investor? How can derivative contracts be used to restructure cash flow patterns and modify the risk in existing investment portfolios? Derivative Instruments Value is depends directly on, or is derived from, the value of another security or commodity, called the underlying asset Forward and Futures contracts are agreements between two parties - the buyer agrees to purchase an asset from the seller at a specific date at a price agreed to now Options offer the buyer th