chapter7无文字-金融工程专业new.ppt

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* Questions: An investor buys a call option and sells a put option. The call and put options have the same strike prices and the same premiums. Describe the position of this investor? An investor sells a European call on a share for $4. The stock price is $47 and the strike price is $50. Under what circumstances does the investor make a profit? Under what circumstances will the option be exercised? Draw a diagram showing the variation of the investor’s profit with the stock price at the maturity of the option. * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Chapter 7 Options * Outlines 7.1 Concept of Options 7.2 Types of options American options vs. European options Call options vs. Put options OTC Options vs. Exchange-Traded Options 7.3Option positions payoffs 7.4 Terminology 7.5 Strategies using options * 7.1 Concept of Options Definition: The right, but not the obligation, to buy (for a call option) or sell (for a put option) a specific amount of a given stock, commodity, currency, index, or debt, at a specified price (the strike price) during a specified period of time. buyer premium Seller/writer The option’s price The right to buy or sell * 7.1 concept of options The price at which the asset can be purchased or sold is known as the strike price/exercise price. The date when the option expires is known as the exercise date, the expiration date, or the maturity date. * 7.2 types of options: American options vs. European options American options can be exercised at any time up to the expiration date. European options can be exercised only on the expiration date itself. * 7.2 types of options: OTC Options vs. Exchange-Traded Options Options are traded very actively in the over-the-counter market as well as on exchanges. The main advantage of an over-the-counter option is that it can be tailored by a financial institution to meet the needs of a client. * continued Organized exchanges filled the need for standardized option contracts

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