ch18derivativesandriskmanagement(財務管理-英文版)-展示頁
2024-10-20 23:39本頁面
【正文】 themoney call: A call option whose exercise price is less than the current price of the underlying stock.,第九頁，共三十五頁。,Call option: An option to buy a specified number of shares of a security within some future period. Put option: An option to sell a specified number of shares of a security within some future period. Exercise (or strike) price: The price stated in the option contract at which the security can be bought or sold.,Option Terminology,第七頁，共三十五頁。,An option is a contract that gives its holder the right, but not the obligation, to buy (or sell) an asset at some predetermined price within a specified period of time.,What is an option?,第五頁，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。Derivative securities Fundamentals of risk management Using derivatives to reduce interest rate risk,CHAPTER 18 Derivatives and Risk Management,第一頁，共三十五頁。,If volatility is due to systematic risk, it can be eliminated by diversifying investors’ portfolios.,Why might stockholders be indifferent to whether or not a firm reduces the volatility of its cash flows?,第二頁，共三十五頁。,Reduce the higher taxes that result from fluctuating earnings. Initiate compensation programs to reward managers for achieving stable earnings.,第四頁，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。,Option price: The market price of the option contract. Expiration date: The date the option matures. Exercise value: The value of a call option if it were exercised today = Current sto
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