耶鲁大学金市场英文文本Financial_MarketsLecture_23_Transcript.docVIP

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耶鲁大学金市场英文文本Financial_MarketsLecture_23_Transcript.doc

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Financial Markets: Lecture 23 Transcript Professor Robert Shiller: Today I want to talk about options. I should just say what an option is. Ill write the word. Its a contract that has an owner and the owner of the option contract has rights to find in the contract either to buy or sell some thing--lets say a share of stock--at a specified price and specified date. There are two kinds; theres a put and a call. A put option is the right to sell. Its typically a hundred shares, so well say a hundred shares of a company; lets say its Google. The option would have--if it was a put option and there was a price, then you would have the right up--let me see, theres the exercise price, also known as the strike, and theres the exercise date. I should also emphasize that there are two kinds of options. There are American, so called, and European, so called. It has nothing to with whether they are in America or Europe because in Europe they trade both American options and European options and in America they trade both American options and European options; so, its very unfortunate terminology. The American--what this means--an American option means the right to exercise the option on any date until and including the exercise date; with European, its only on exercise date. Thats what those words mean. So, usually were talking about American options. If you have an American option--American put option--on shares of some stock, then you have the right anytime you feel like it, until the exercise date, to sell that option at the price specified in the contract, called the exercise price. If its European, you have to wait until the exercise date and then you have one day when you can do that. A call option is the right to buy a share of stock or whatever it is--whatever is specified in the option. In a traditional option, there are two parties; theres the buy of the option and usually we present them from the perspective of the buyer of the option. The buyer of the option pays a