第二十二章期权与公司理财：基本概念.pptVIP

Chapter Outline22.1 Options22.2 Call Options22.3 Put Options22.4 Selling Options22.5 Reading The Wall Street Journal22.6 Combinations of Options22.7 Valuing Options22.8 An Option?Pricing Formula22.9 Stocks and Bonds as Options22.10 Capital-Structure Policy and Options22.11 Mergers and Options22.12 Investment in Real Projects and Options22.13 Summary and Conclusions第一页，共六十九页。 22.1 OptionsMany corporate securities are similar to the stock options that are traded on organized exchanges. Almost every issue of corporate stocks and bonds has option features.In addition, capital structure and capital budgeting decisions can be viewed in terms of options.第二页，共六十九页。 22.1 Options Contracts: PreliminariesAn option gives the holder the right, but not the obligation, to buy or sell a given quantity of an asset on (or perhaps before) a given date, at prices agreed upon today.Calls versus PutsCall options gives the holder the right, but not the obligation, to buy a given quantity of some asset at some time in the future, at prices agreed upon today. When exercising a call option, you “call in” the asset.Put options gives the holder the right, but not the obligation, to sell a given quantity of an asset at some time in the future, at prices agreed upon today. When exercising a put, you “put” the asset to someone.第三页，共六十九页。 22.1 Options Contracts: PreliminariesExercising the OptionThe act of buying or selling the underlying asset through the option contract. Strike Price or Exercise PriceRefers to the fixed price in the option contract at which the holder can buy or sell the underlying asset.ExpiryThe maturity date of the option is referred to as the expiration date, or the expiry. European versus American optionsEuropean options can be exercised only at expiry.American options can be exercised at any time up to expiry.第四页，共六十九页。 Options Contracts: PreliminariesIn-the-MoneyThe exercise price is less than the spot price of the underlying asset.At-the-MoneyThe exercise price is equal