投資學(xué)英文課件：Chap020 Options Markets Introduction

1、Investments, 8th editionBodie, Kane and MarcusMcGraw-Hill/IrwinCopyright 2009 by The McGraw-Hill Companies, Inc. All rights reserved.20-2 Buy - Long Sell - Short Call Put Key ElementsExercise or Strike PricePremium or PriceMaturity or ExpirationOption Terminology20-3In the Money - exercise of the op

2、tion would be profitableCall: market priceexercise pricePut: exercise pricemarket priceOut of the Money - exercise of the option would not be profitableCall: market priceexercise pricePut: exercise priceX 0if ST X 0if ST X(X - ST) if ST X-(X - ST)if ST 115Since the leveraged equity is less expensive

3、, acquire the low cost alternative and sell the high cost alternativePut Call Parity - Disequilibrium Example0(1)TfXCSPr20-30Table 20.5 Arbitrage Strategy20-31Optionlike Securities Callable Bonds Convertible Securities Warrants Collateralized Loans20-32Figure 20.11 Values of Callable Bonds Compared

4、with Straight Bonds20-33Figure 20.12 Value of a Convertible Bond as a Function of Stock Price 20-34Figure 20.13 Collateralized Loan20-35Figure 20.14 Return on Indexed Linked CD20-36Table 20.6 Prices of Digital Options on Initial Jobless Claims20-37Figure 20.15 Implied Probability of Jobless Claims Derived from Traded Digital Options20-38Exotic Options Asian Options Barrier O