113分析金融市小场与金融机构chp11-derivative.pptVIP

n?? 買入避險(The Long (Buy) Hedge) 預計未來要買入現貨部位者，為了避免現貨價格上漲的風險，而買入期貨合約 Long Put on IBM Profit from buying a European put option on IBM: option price = $7, strike price = $90 30 20 10 0 -7 90 80 70 60 100 110 120 Profit ($) Terminal stock price ($) Short Put on IBM Profit from writing a European put option on IBM: option price = $7, strike price = $90 -30 -20 -10 7 0 90 80 70 60 100 110 120 Profit ($) Terminal stock price ($) 中航油案例 Chapter Outline 1. Forward 2. Futures 3. Options 4. Swaps A swap is an agreement to exchange cash flows at specified future times according to c