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1、CHAPTER22OptionsandCorporateFinancePARTSIXOnFebruary21,2006,theclosingstockpricesforthe$2.70.WhyweretheseoptionspricedsodifferentlywhenBoeing,DunandBradstreet,andCaterpillarCompaniestheunderlyingstockprices,strikeprices,andexpirationwere$72.96,$72,and$72.05,respectively.Eachcompanydateswerealle
2、ssentiallythesame?AbigreasonishadacalloptiontradingontheChicagoBoardOptionsthatthevolatilityoftheunderlyingstockisanimportantExchangewitha$75strikepriceandanexpirationdatedeterminantofanoption’sunderlyingvalue;and,infact,ofMay19,87daysaway.Youmightexpectthatthepricesthesethreestockshadverydiffe
3、rentvolatilities.Inthisonthesecalloptionswouldbesimilar,buttheyweren’t.chapter,weexplorethisissue—andmanyothers—inTheBoeingoptionssoldfor$0.80;DunandBradstreetmuchgreaterdepthusingtheNoblePrize–winningBlack–optionstradedat$1.60;andCaterpillaroptionstradedatScholesoptionpricingmodel.22.1OptionsA
4、noptionisacontractgivingitsownertherighttobuyorsellanassetatafixedpriceonorbeforeagivendate.Forexample,anoptiononabuildingmightgivethebuyertherighttobuythebuildingfor$1milliononoranytimebeforetheSaturdaypriortothethirdWednesdayinJanuary2010.OptionsareauniquetypeoffinancialcontractbecausetheyTheOp
5、tionsIndustrygivethebuyertheright,butnottheobligation,todosomething.ThebuyerusestheoptionCouncilhasaWebpagewithlotsofonlyifitisadvantageoustodoso;otherwisetheoptioncanbethrownaway.educationalmaterialatThereisaspecialvocabularyassociatedwithoptions.Herearesomeimportantwww.888options.com.definitio
6、ns:1.Exercisingtheoption:Theactofbuyingorsellingtheunderlyingassetviatheoptioncontract.2.Strikeorexerciseprice:Thefixedpriceintheoptioncontractatwhichtheholdercanbuyorselltheunderlyingasset.3.Expirationdate:Thematuritydateoftheoption;afterthisdate,theoptionisdead.4.AmericanandEuropeanoptions:AnA
7、mericanoptionmaybeexercisedanytimeuptotheexpirationdate.AEuropeanoptiondiffersfromanAmericanoptioninthatitcanbeexercisedonlyontheexpirationdate.630ros05902_ch22.indd6309/26/061:24:34PMChapter22OptionsandCorporateFinance63122.2Call
