ch18derivativesandriskmanagement(財(cái)務(wù)管理-英文版)(完整版)
【正文】 stock price increases, and the greater loss potential of options at higher option prices.,第十四頁，共三十五頁。,It does not obligate its owner to take any action. It merely gives the owner the right to buy or sell an asset.,What is the single most important characteristic of an option?,第六頁，共三十五頁。,Increase their use of debt. Maintain their optimal capital budget. Avoid financial distress costs. Utilize their comparative advantages in hedging, compared to investors. Reduce the risks and costs of borrowing.,Reasons Risk Management Might Increase the Value of a Corporation,第三頁，共三十五頁。,Stock Price Call Option Price $25 $ 3.00 30 7.50 35 12.00 40 16.50 45 21.00 50 25.50 Exercise price = $25.,Consider the following data:,第十一頁，共三十五頁。,What is the value of the following call option according to the OPM? Assume: P = $27。,All firms face risks, but the lower those risks can be made, the more valuable the firm, other things held constant. Of course, risk reduction has a cost.,Why is corporate risk management important to all firms?,第二十四頁，共三十五頁。,Hedging: Generally conducted where a price change could negatively affect a firm’s profits. Long hedge: involves the purchase of a futures contract to guard against a price increase. Short hedge: involves the sale of a futures contract to protect against a price decline in commodities or financial securities.,(More.),第三十二頁，共三十五頁。(0.3317)(0.7071),第三十五頁，共三十五頁。,The purchase of a commodity futures contract will allow a firm to make a future purchase of the input at today’s price, even if the market price on the item has risen substantially in the interim.,How can commodity futures markets be used to reduce input price risk?,第三十四頁，共三十五頁。,Financial risks: Those that result from financial transactions. Property risks: Those associated with loss of a firm’s productive assets. Personnel risk: R
環(huán)評(píng)公示相關(guān)推薦
鄂ICP備17016276號(hào)-1