- 1、本文档共40页,可阅读全部内容。
- 2、有哪些信誉好的足球投注网站(book118)网站文档一经付费(服务费),不意味着购买了该文档的版权,仅供个人/单位学习、研究之用,不得用于商业用途,未经授权,严禁复制、发行、汇编、翻译或者网络传播等,侵权必究。
- 3、本站所有内容均由合作方或网友上传,本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺!文档内容仅供研究参考,付费前请自行鉴别。如您付费,意味着您自己接受本站规则且自行承担风险,本站不退款、不进行额外附加服务;查看《如何避免下载的几个坑》。如果您已付费下载过本站文档,您可以点击 这里二次下载。
- 4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等,请点击“版权申诉”(推荐),也可以打举报电话:400-050-0827(电话支持时间:9:00-18:30)。
查看更多
博迪投资学第九版课件Chap020
20-* Table 20.3 Value of a Straddle Position at Option Expiration 20-* Figure 20.9 Value of a Straddle at Expiration 20-* Spreads A spread is a combination of two or more calls (or two or more puts) on the same stock with differing exercise prices or times to maturity. Some options are bought, whereas others are sold, or written. A bullish spread is a way to profit from stock price increases. 20-* Table 20.4 Value of a Bullish Spread Position at Expiration 20-* Figure 20.10 Value of a Bullish Spread Position at Expiration 20-* Collars A collar is an options strategy that brackets the value of a portfolio between two bounds. Limit downside risk by selling upside potential. Buy a protective put to limit downside risk of a position. Fund put purchase by writing a covered call. Net outlay for options is approximately zero. 20-* The call-plus-bond portfolio (on left) must cost the same as the stock-plus-put portfolio (on right): Put-Call Parity 20-* Stock Price = 110 Call Price = 17 Put Price = 5 Risk Free = 5% Maturity = 1 yr X = 105 117 115 Since the leveraged equity is less expensive, acquire the low cost alternative and sell the high cost alternative Put Call Parity - Disequilibrium Example 20-* Table 20.5 Arbitrage Strategy 20-* Option-like Securities Callable Bonds Convertible Securities Warrants Collateralized Loans INVESTMENTS | BODIE, KANE, MARCUS INVESTMENTS | BODIE, KANE, MARCUS Copyright ? 2011 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin CHAPTER 20 Options Markets: Introduction 20-* Derivatives are securities that get their value from the price of other securities. Derivatives are contingent claims because their payoffs depend on the value of other securities. Options are traded both on organized exchanges and OTC. Options 20-* The Option Contract: Calls A call option gives its holder the right to buy an asset: At the exercise or strike price On or before the expiration date Exercise the
文档评论(0)