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1、,Understanding Options,Principles of Corporate FinanceSeventh Edition Richard A. Brealey Stewart C. Myers,Chapter 20,McGraw Hill/Irwin,Copyright 2003 by The McGraw-Hill Companies, Inc. All rights reserved,Topics Covered,Calls, Puts and Shares What Determines Option Value Option Valuation,Option Term
2、inology,Put Option Right to sell an asset at a specified exercise price on or before the exercise date.,Call Option Right to buy an asset at a specified exercise price on or before the exercise date.,Option Obligations,Option Value,The value of an option at expiration is a function of the stock pric
3、e and the exercise price.,Option Value,The value of an option at expiration is a function of the stock price and the exercise price.Example - Option values given a exercise price of $55,Option Value,Call option value (graphic) given a $55 exercise price.,Share Price,Call option value,55 75,$20,Optio
4、n Value,Put option value (graphic) given a $55 exercise price.,Share Price,Put option value,50 55,$5,Option Value,Call option payoff (to seller) given a $55 exercise price.,Share Price,Call option $ payoff,55,Option Value,Put option payoff (to seller) given a $55 exercise price.,Share Price,Put opti
5、on $ payoff,55,Option Value,Protective Put - Long stock and long put,Share Price,Position Value,Long Stock,Option Value,Protective Put - Long stock and long put,Share Price,Position Value,Long Put,Option Value,Protective Put - Long stock and long put,Share Price,Position Value,Protective Put,Long Pu
6、t,Long Stock,Option Value,Protective Put - Long stock and long put,Share Price,Position Value,Protective Put,Option Value,Straddle - Long call and long put - Strategy for profiting from high volatility,Share Price,Position Value,Long call,Option Value,Straddle - Long call and long put - Strategy for
7、 profiting from high volatility,Share Price,Position Value,Long put,Option Value,Straddle - Long call and long put - Strategy for profiting from high volatility,Share Price,Position Value,Straddle,Option Value,Straddle - Long call and long put - Strategy for profiting from high volatility,Share Price,Position Value,Straddle,Option Value,Upper Limit,Stock Price,Option Value,Upper Limit,Stock Price,Lower Limit,(Stock price - exercise price) or 0 which ever is higher,
