投资学精要第9版第16章.pptxVIP

Option Valuation16Bodie, Kane, and MarcusEssentials of Investments, 9th Edition16.1 IntroductionIntrinsic ValueStock price minus exercise price, or profit that could be attained by immediate exercise of in-the-money call optionTime ValueDifference between option’s price and intrinsic value16.1 IntroductionDeterminants of Option ValueStock priceExercise priceVolatility of priceTime to expirationInterest rateDividend rateFigure 16.1 Call Option Value before ExpirationTable 16.1 Determinants of Call Option Values16.2 Binomial Option PricingTwo-State Option PricingAssume stock price can take one o