《金融学教学课件》chpt14-15.PPTVIP

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2017-04-24 发布于浙江
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《金融学教学课件》chpt14-15.PPT

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Copyright ? 2009 Pearson Education, Inc. Publishing as Prentice Hall;Copyright ? 2009 Pearson Education, Inc. Publishing as Prentice Hall;Copyright ? 2009 Pearson Education, Inc. Publishing as Prentice Hall;Who pays what to whom;Copyright ? 2009 Pearson Education, Inc. Publishing as Prentice Hall;An illustration;Daily realization of gains and losses;Copyright ? 2009 Pearson Education, Inc. Publishing as Prentice Hall;Copyright ? 2009 Pearson Education, Inc. Publishing as Prentice Hall;Copyright ? 2009 Pearson Education, Inc. Publishing as Prentice Hall;Copyright ? 2009 Pearson Education, Inc. Publishing as Prentice Hall;Copyright ? 2009 Pearson Education, Inc. Publishing as Prentice Hall;Copyright ? 2009 Pearson Education, Inc. Publishing as Prentice Hall;Copyright ? 2009 Pearson Education, Inc. Publishing as Prentice Hall;Copyright ? 2009 Pearson Education, Inc. Publishing as Prentice Hall;Copyright ? 2009 Pearson Education, Inc. Publishing as Prentice Hall;Copyright ? 2009 Pearson Education, Inc. Publishing as Prentice Hall;Copyright ? 2009 Pearson Education, Inc. Publishing as Prentice Hall;4 Definition of an Option;5 How Options Work;European Option: an option that can only be exercised on the maturity date Tangible Value: The hypothetical value of an option if it were exercised immediately At-the-Money: an option with a strike price equal to the value of the underlying asset Out-of-the-Money: an option that’s not at-the-money, but has no tangible value In-the-Money: an option with a tangible value Time Value: the difference between an option’s market value and its tangible value Exchange-Traded Option: A standardized option that an exchange stands behind in the case of a default Over the Counter Option: An option on a security that is not an exchange-traded option ;22;23;Investing with Options;Option Payoff Diagrams;;Put Option Payoff Diagram;An example;Payoff Diagrams for Alternative Bullish Stock Strategies;30;6 Two-State (Binar