taiwan财务管理_lecture24(ch24)(PPT 22页)

,Irwin/McGraw-Hill,Chapter24,FundamentalsofCorporateFinanceThirdEdition,Options,BrealeyMyersMarcusslidesbyMatthewWill,Irwin/McGraw-Hill,TheMcGraw-HillCompanies,Inc.,2001,TopicsCovered,CallsandPutsWhatDeterminesOptionValuesSpottingtheOption,OptionTerminology,PutOptionRighttosellanassetataspecifiedexercisepriceonorbeforetheexercisedate.,CallOptionRighttobuyanassetataspecifiedexercisepriceonorbeforetheexercisedate.,OptionObligations,OptionValue,Thevalueofanoptionatexpirationisafunctionofthestockpriceandtheexerciseprice.Example-Optionvaluesgivenaexercisepriceof$30,OptionValue,Calloptionvalue(graphic)givena$30exerciseprice.,SharePrice,Calloptionvalue,3040,$10,OptionValue,Putoptionvalue(graphic)givena$30exerciseprice.,SharePrice,Putoptionvalue,2530,$5,OptionValue,Calloptionpayoff(toseller)givena$30exerciseprice.,SharePrice,Calloption$payoff,30,OptionValue,Putoptionpayoff(toseller)givena$30exerciseprice.,SharePrice,Putoption$payoff,30,OptionValue,ProtectivePut-Longstockandlongput,SharePrice,PositionValue,LongStock,OptionValue,ProtectivePut-Longstockandlongput,SharePrice,PositionValue,LongPut,OptionValue,ProtectivePut-Longstockandlongput,SharePrice,PositionValue,ProtectivePut,LongPut,LongStock,OptionValue,ProtectivePut-Longstockandlongput,SharePrice,PositionValue,ProtectivePut,OptionValue,Straddle-Longcallandlongput-Strategyforprofitingfromhighvolatility,SharePrice,PositionValue,Longcall,OptionValue,Straddle-Longcallandlongput-Strategyforprofitingfromhighvolatility,SharePrice,PositionValue,Longput,OptionValue,Straddle-Longcallandlongput-Strategyforprofitingfromhighvolatility,SharePrice,PositionValue,Straddle,OptionValue,Straddle-Longcallandlongput-Strategyforprofitingfromhighvolatility,SharePrice,PositionValue,Straddle,OptionValue,StockPrice,OptionValue,ComponentsoftheOptionPrice1-Underlyingstockprice2-StrikingorExerciseprice3-Volatilityofthestockreturns(standarddeviationofannualreturns)4-Timetooptionexpiration5-Timevalueofmoney(discountrate),OptionValue,Black-ScholesOptionPricingModel,OC=PsN(d1)-SN(d2)e-rt,OptionsonRealAssets,RealOptions-Optionsembeddedinrealassets,OptiontoExpand,OptiontoAbandon,OptionsonFinancialAssets,Warrants-Righttobuysharesfromacompanyatastipulatedpricebeforeasetdate.ConvertibleBond-Bondthattheholdermaye