FMI7e_ch14Options Markets(金融市场好机构―7e, by Jeff Madura))课件.ppt

FMI7e_ch14Options Markets(金融市场好机构―7e, by Jeff Madura))课件.ppt

ID:57057456

大小:355.50 KB

页数:46页

时间:2020-07-30

FMI7e_ch14Options Markets(金融市场好机构―7e, by Jeff Madura))课件.ppt_第1页
FMI7e_ch14Options Markets(金融市场好机构―7e, by Jeff Madura))课件.ppt_第2页
FMI7e_ch14Options Markets(金融市场好机构―7e, by Jeff Madura))课件.ppt_第3页
FMI7e_ch14Options Markets(金融市场好机构―7e, by Jeff Madura))课件.ppt_第4页
FMI7e_ch14Options Markets(金融市场好机构―7e, by Jeff Madura))课件.ppt_第5页
资源描述:

《FMI7e_ch14Options Markets(金融市场好机构―7e, by Jeff Madura))课件.ppt》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库

1、Chapter14OptionsMarketsFinancialMarketsandInstitutions,7e,JeffMaduraCopyright©2006bySouth-Western,adivisionofThomsonLearning.Allrightsreserved.1ChapterOutlineBackgroundonoptionsSpeculatingwithstockoptionsDeterminantsofstockoptionpremiumsExplainingchangesinoptionpremiumsHedgingwithstockoptionsUsingo

2、ptionstomeasureastock’srisk2ChapterOutline(cont’d)OptionsonETFsandstockindexesOptionsonfuturescontractsHedgingwithoptionsonfuturesInstitutionaluseofoptionsmarketsGlobalizationofoptionsmarkets3BackgroundonOptionsAcalloptiongrantstheownertherighttopurchaseaspecifiedfinancialinstrumentforaspecifiedpri

3、ce(exerciseorstrikeprice)withinaspecifiedperiodoftimeGrantstheright,butnottheobligation,topurchasethespecifiedinvestmentThewriterofacalloptionisobligatedtoprovidetheinstrumentatthepricespecifiedbytheoptioncontractiftheownerexercisestheoptionAcalloptionis:Inthemoneywhenthemarketpriceoftheunderlyings

4、ecurityexceedsthestrikepriceAtthemoneywhenthemarketpriceisequaltothestrikepriceOutofthemoneywhenthemarketpriceisbelowthestrikeprice4BackgroundonOptions(cont’d)AputoptiongrantstheownertherighttosellaspecifiedfinancialinstrumentforaspecifiedpricewithinaspecifiedperiodoftimeGrantstheright,butnottheobl

5、igation,tosellthespecifiedinvestmentAputoptionis:InthemoneywhenthemarketpriceoftheunderlyingsecurityisbelowthestrikepriceAtthemoneywhenthemarketpriceisequaltothestrikepriceOutofthemoneywhenthemarketpriceisabovethestrikeprice5BackgroundonOptions(cont’d)Callandputoptionsspecify100sharesforstocksPremi

6、umspaidforcallandputoptionsaredeterminedthroughopenoutcryontheexchangefloorParticipantscancloseouttheiroptionpositionsbytakinganoffsettingpositionThegainorlossisdeterminedbythepremiumpaidwhenpurchasingtheoptionandthepremiumreceivedwhensellingtheoptionAmerican-styleoptionscanbeexercisedatanytimeprio

7、rtoexpirationEuropean-styleoptionscanbeexerciseonlyjustbeforeexpiration6BackgroundonOptions(cont’d)MarketsusedtotradeoptionsTheCBOE:IsthemostimportantexchangefortradingoptionsServesasthemarketforoptionsonmo

当前文档最多预览五页,下载文档查看全文

此文档下载收益归作者所有

当前文档最多预览五页,下载文档查看全文
温馨提示:
1. 部分包含数学公式或PPT动画的文件,查看预览时可能会显示错乱或异常,文件下载后无此问题,请放心下载。
2. 本文档由用户上传,版权归属用户,天天文库负责整理代发布。如果您对本文档版权有争议请及时联系客服。
3. 下载前请仔细阅读文档内容,确认文档内容符合您的需求后进行下载,若出现内容与标题不符可向本站投诉处理。
4. 下载文档时可能由于网络波动等原因无法下载或下载错误,付费完成后未能成功下载的用户请联系客服处理。