期权价值分析：内在价值与时间价值.pptx

CHAPTER18OptionValuation

18-2Intrinsicvalue-profitthatcouldbemadeiftheoptionwasimmediatelyexercisedCall:stockprice-exercisepricePut:exerciseprice-stockpriceTimevalue-thedifferencebetweentheoptionpriceandtheintrinsicvalueOptionValues

18-3Figure18.1CallOptionValue

beforeExpiration

18-4Table18.1DeterminantsofCall

OptionValues

18-5RestrictionsonOptionValue:CallCallvaluecannotbenegative.Theoptionpayoffiszeroatworst,andhighlypositiveatbest.Callvaluecannotexceedthestockvalue.Valueofthecallmustbegreaterthanthevalue