《CorporateFinance》Chap022.pptVIP

Options and Corporate Finance;Key Concepts and Skills;Chapter Outline;22.1 Options;Options;22.2 Call Options;Call Option Pricing at Expiry;Call Option Payoffs;Call Option Profits;22.3 Put Options;Put Option Pricing at Expiry;Put Option Payoffs;Put Option Profits;Option Value;22.4 Selling Options;Call Option Payoffs;Put Option Payoffs;Option Diagrams Revisited;22.5 Option Quotes;Option Quotes;Option Quotes;Option Quotes;Option Quotes;Option Quotes;Option Quotes;22.6 Combinations of Options;Protective Put Strategy (Payoffs);Protective Put Strategy (Profits);Covered Call Strategy;Long Straddle;Short Straddle;bond;Put-Call Parity;Put-Call Parity;22.7 Valuing Options;American Call;Option Value Determinants;22.8 An Option Pricing Formula;Binomial Option Pricing Model;Binomial Option Pricing Model;Binomial Option Pricing Model;Binomial Option Pricing Model;Binomial Option Pricing Model;If the interest rate is 5%, the call is worth:;Binomial Option Pricing Model;Delta;Delta;The Risk-Neutral Approach;The Risk-Neutral Approach;The Risk-Neutral Approach;Example of Risk-Neutral Valuation;Example of Risk-Neutral Valuation;Example of Risk-Neutral Valuation;Example of Risk-Neutral Valuation;This risk-neutral result is consistent with valuing the call using a replicating portfolio.;The Black-Scholes Model;The Black-Scholes Model;The Black-Scholes Model;The Black-Scholes Model;22.9 Stocks and Bonds as Options;Stocks and Bonds as Options;Stocks and Bonds as Options;Mergers and Diversification;Example;Example;Example;MA Conclusions;Options and Capital Budgeting;Example: Low NPV;Example: Low NPV;Example: Negative NPV;Example: Negative NPV;Example: Negative NPV;Options and Capital Budgeting;22.11 Investment in Real Projects and Options;Quick Quiz