第二十二章期權(quán)與公司理財(cái)：基本概念-在線瀏覽
2025-01-04 23:26本頁面
【正文】 erlying asset comprise the assets of the firm. The strike price is the payoff of the bond. If at the maturity of their debt, the assets of the firm are less in value than the debt, shareholders have an inthemoney put. They will put the firm to the bondholders. If at the maturity of the debt the shareholders have an outofthemoney put, they will not exercise the option (i.e. NOT declare bankruptcy) and let the put expire.,22.9 Stocks and Bonds as Options,It all comes down to putcall parity.,Stockholder’s position in terms of call options,Stockholder’s position in terms of put options,22.10 CapitalStructure Policy and Options,Recall some of the agency costs of debt: they can all be seen in terms of options. For example, recall the incentive shareholders in a levered firm have to take large risks.,Balance Sheet for a Company in Distress,Assets BV MV Liabilities BV MV Cash $200 $200 LT bonds $300 ? Fixed Asset $400 $0 Equity $300 ? Total $600 $200 Total $600 $200 What happens if the firm is liquidated today?,The bondholders get $200。 option premium = $10,10,10,22.4 Selling Options,The seller (or writer) of an option has an obligation.,The purchaser of an option has an option.,22.5 Reading The Wall Street Journal,22.5 Reading The Wall Street Journal,This option has a strike price of $135。Chapter Outline,22.1 Options 22.2 Call Options 22.3 Put Options 22.4 Selling Options 22.5 Reading The Wall Street Journal 22.6 Combinations of Options 22.7 Valuing Options 22.8 An Option?Pricing Formula 22.9 Stocks and Bonds as Options 22.10 CapitalStructure Policy and Options 22.11 Mergers and Options 22.12 Investment in Real Projects and Options 22.13 Summary and Conclusions,22.1 Options,Many corporate securities are similar to the stock options that are traded on organized exchanges. Almost every issue of corporate stocks and bonds has option features. In addition, capital structure and capital budgeting decisions can be viewed in terms of options.,22.1 Options Contracts: Preliminaries,An option gives the holder the right, but not the obligation, to buy or sell a given quantity of an asset on (or perhaps before) a given date, at prices agreed upon today. Calls versus Puts Call options gives the holder the right, but not the obligation, to buy a given quantity of some asset at some time in the future, at prices agreed upon today. When exercising a call option, you “call in” the asset. Put options gives the holder the right, but not the obligation, to sell a given quantity of an asset at some time in the future, at prices agreed upon today. When exercising a put, you “put” the asset to someone.,22.1 Options Contracts: Preliminaries,Exercising the Option The act of buying or selling the underlying asset through the option contract. Strike Price or Exercise Price Refers to the fixed price in the option contract at which the holder can buy or sell the underlying asset. Expiry The maturity date of the option is referred to as the expiration date, or the expiry. European versus American options European options can be exercised only at expiry. American options can be exercised at any time up to expiry.,Options Contracts: Preliminaries,IntheMoney The exercise price is less than the spot price of the underlying asset. AttheMoney The exercise price is equal to the spot price of the underlying asset. OutoftheMoney The exercise price is more than the spot price of the underlying
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