投资学英文课件Chap020.pptVIP

CHAPTER 20;Derivatives are securities that get their value from the price of other securities. Derivatives are contingent claims because their payoffs depend on the value of other securities. Options are traded both on organized exchanges and OTC. ;The Option Contract: Calls;The Option Contract: Puts;The Option Contract;Example 20.1 Profit and Loss on a Call;Example 20.1 Profit and Loss on a Call;Example 20.2 Profit and Loss on a Put;Example 20.2 Profit and Loss on a Put;In the Money - exercise of the option would be profitable Call: exercise price market price Put: exercise price market