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chapter7无文字金融工程专业new.ppt


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chapter7无文字金融工程专业new.ppt
文档介绍:
*Chapter7Options*Outlines7.1ConceptofOptions7.2TypesofoptionsAmericanoptionsvs.EuropeanoptionsCalloptionsvs.PutoptionsOTCOptionsvs.Exchange-TradedOptions7.3Optionpositions&payoffs7.4Terminology7.5Strategiesusingoptions*7.1ConceptofOptionsDefinition:Theright,butnottheobligation,tobuy(foracalloption)orsell(foraputoption)modity,currency,index,ordebt,ataspecifiedprice(thestrikeprice)duringaspecifiedperiodoftime.buyerpremiumSeller/writerTheoption’spriceTherighttobuyorsell*7.1conceptofoptionsThepriceatwhichtheassetcanbepurchasedorsoldisknownasthestrikeprice/exerciseprice.Thedatewhentheoptionexpiresisknownastheexercisedate,theexpirationdate,orthematuritydate.*7.2typesofoptions: Americanoptionsvs.EuropeanoptionsAmericanoptionscanbeexercisedatanytimeuptotheexpirationdate.Europeanoptionscanbeexercisedonlyontheexpirationdateitself.*7.2typesofoptions: OTCOptionsvs.Exchange-TradedOptionsOptionsaretradedveryactivelyintheover-the-countermarketaswellasonexchanges.Themainadvantageofanover-the-counteroptionisthatitcanbetailoredbyafinancialinstitutiontomeettheneedsofaclient.*anizedexchangesfilledtheneedforstandardizedoptioncontractswhereintheexchangewouldspecifythecontracts’termsandconditions.*7.4optionpositions&payoffsAcalloptionisanoptiontobuyacertainassetbyacertaindateforacertainprice(thestrikeprice)Aputisanoptiontosellacertainassetbyacertaindateforacertainprice(thestrikeprice)Youcanexerciseanoptionifyouwish,butyoudonothavetodosoCalloption&putoption*premiumOnecontractisforthepurchaseorsaleof100shares*calloptionexampleAtraderbuysoneEuropeancalloptioncontractonIBMstock(100shares).strikeprice=$100/shareCurrentstockprice=$98/shareOptionprice=$5/shareTheexpirationdateisintwomonths.Thetotalcostsofthecontractis$5003020100-5708090100110120130Profit($)Terminalstockprice($)LongCallonIBM 内容来自淘豆网www.taodocs.com转载请标明出处.
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