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第二十二章 期权与 公司理财：基本概
念(PPT 67页)
McGraw-Hill/Irwin
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
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McGraw-Hill/Irwin
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
– American options can be exercised at any time up to expiry.
McGraw-Hill/Irwin
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
• Calls versus Puts
– Call options gives the holder the right, but not the obligation, to buy a given quantity of some asset at some time in the future, at prices agreed upon today. When exercising a call option, you “call in” the asset.
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22.1 Options Contracts: Preliminaries
• An option gives the holder the right, but not the obligation, to buy or sell a given quantity of an asset on (or perhaps before) a given date, at prices agreed upon today.
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
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22.2 Call Options
• Call options gives the holder the right, but not the obligation, to buy a given quantity of some asset on or before some time in the future, at prices agreed uponcts: Preliminaries
• Intrinsic Value
– The difference between the exercise price of the option and the spot price of the underlying asset.
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Options Contracts: Preliminaries
• In-the-Money
– The exercise price is less than the spot price of the underlying asset.
• At-the-Money
– The exercise price is equal to the spot price of the underlying asset.
• Expiry
– The maturity date of the option is referred to as the expiration date, or the expiry.
• European versus American options
– European options can be exercised only at expiry.
McGraw-Hill/Irwin
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
22-3
22.1 Options Contracts: Preliminaries
• Exercising the Option
– Put options gives the holder the right, but not the obligation, to sell a given quantity of an asset at some time in the future, at prices agreed upon today. When exercising a put, you “put” the asset to someone.
• Speculative Value
– The difference between the option premium and the intrinsic value of the option.
Option Premium
=
Intrinsic + Speculative
Value
Value
McGraw-Hill/Irwin
• Out-of-the-Money
– The exercise price is more than the spot price of the underlying asset.
McGraw-Hill/Irwin
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
– The act of buying or selling the underlying asset through the option contract.
• Strike Price or Exercise Price
– Refers to the fixed price in the option contract at which the holder can buy or sell the underlying asset.