公司理财的基本概念(英文版).pptx

Chapter Outline;22.1 Options;22.1 Options Contracts: Preliminaries;22.1 Options Contracts: Preliminaries;Options Contracts: Preliminaries;Options Contracts: Preliminaries;22.2 Call Options;Basic Call Option Pricing Relationships at Expiry;Call Option Payoffs;Call Option Payoffs;Call Option Profits;22.3 Put Options;Basic Put Option Pricing Relationships at Expiry;Put Option Payoffs;Put Option Payoffs;Put Option Profits;22.4 Selling Options;22.5 Reading The Wall Street Journal;22.5 Reading The Wall Street Journal;22.5 Reading The Wall Street Journal;22.5 Reading The Wall Street Journal;22.5 Reading The Wall Street Journal;22.5 Reading The Wall Street Journal;22.5 Reading The Wall Street Journal;22.6 Combinations of Options;;Protective Put Strategy Profits;Covered Call Strategy;Long Straddle: Buy a Call and a Put;Short Straddle: Sell a Call and a Put;Long Call Spread;Put-Call Parity;22.7 Valuing Options;Option Value Determinants;;22.8 An Option?Pricing Formula;;Binomial Option Pricing Model;Binomial Option Pricing Model;Binomial Option Pricing Model;Binomial Option Pricing Model;If the interest rate is 5%, the call is worth:;If the interest rate is 5%, the call is worth:;Binomial Option Pricing Model;The Risk-Neutral Approach to Valuation;;The Risk-Neutral Approach to Valuation;Example of the Risk-Neutral Valuation of a Call:;Example of the Risk-Neutral Valuation of a Call:;Example of the Risk-Neutral Valuation of a Call:;Example of the Risk-Neutral Valuation of a Call:;This risk-neutral result is consistent with valuing the call using a replicating portfolio.;The Black-Scholes Model;The Black-Scholes Model;The Black-Scholes Model;The Black-Scholes Model;Assume S = $50, X = $45, T = 6 months, r = 10%, and ? = 28%, calculate the value of a call and a put.;22.9 Stocks and Bonds as Options;22.9 Stocks and Bonds as Options;22.9 Stocks and Bonds as Options;22.10 Capital-Structure Policy and Options;Balance Sheet for a Company in Distress;;;22.11 Mergers and Options;22.12 I