第5讲-期权与公司理财.pptVIP

* Chapter 5 期权与公司理财 * Basic concepts Options: a contract that gives one party the option to enter into a transaction either at a specific time in the future or within a specific future period at a price that is agreed when the contract is issued. Exercise price: the exercise or strike price is the price at which the future transaction will take place. Premium: is the price paid by the option buyer to the seller, or writer, for the right to buy or sell the underlying share. Call options (看涨期权): 持有者有权在某一确定的时间以某一确定的价格购买标的资产。 Put options (看跌期权): 持有者有权在某一确定的时间以某一确定的价格出售标的资产。 * Basic concepts European options: can only be exercised at expiration. American options: can be exercised any time prior to expiration. Bermudan options: an option where early exercise is restricted to certain dates during the life of the option. Long positions (多头头寸): when an investor buys an option the investor is long Short positions (空头头寸): when an investor sells an option the investor is short Bid price (询价, 买方报价) Offer price (ask price, 要价, 卖方报价) * Profiles of call options at expiration Long call – the value of a call option at expiration = the value of the underlying security at expiration - the expiration price (if the value of the underlying security expiration price ) 0r = 0 (if the value of the underlying security or = expiration price ) ☆ profit = value of a call option – premium paid ☆ a long call option position at expiration has a maximum loss, which is the premium, but unlimited profits. * Profiles of call options at expiration Short call – the seller of a call loses money when the option is exercised and gains the premium if the option is not exercised. – the value of the short call at expiration is the negative of the long position. ☆ profit = premium received – value of a call option ☆ a short call option position at expiration has a maximum profit, which is the premium, but unlimited losses. * Profiles of put options at e