derivativesoptions(英文版)-在線瀏覽
2025-02-07 07:54本頁面
【正文】 Option Strategies Option Strategies are viewed via charts. How do you chart an option? Stock Price Profit Loss Option Strategies ? Long Stock Bought stock Ps = 100 P/L Ps100 11090+1010 Option Strategies Long Call Bought Call Oc = 3 S=27 Ps=30 P/L Ps303627+63 Option Strategies Short Call Sold Call Oc = 3 S=27 Ps=30 P/L Ps3036276+3 Option Strategies Long Put = Buy Put Op = 2 S=15 Ps=13 P/L Ps13 15102+3 Option Strategies Short Put = Sell Put Op = 2 S=15 Ps=13 P/L Ps13 15103+2 Option Strategies ? Synthetic Stock = Short Put Long Call ? Oc = Op= S=27 Ps=27 P / L P s 2 7 3 0 2 4 1 . 5 0 + 1 . 5 0 Option Strategies P / L P s 2 7 3 0 2 4 1 . 5 0 + 1 . 5 0 ? Synthetic Stock = Short Put Long Call ? Oc = Op= S=27 Ps=27 Option Strategies P/L Ps27 3024+? Synthetic Stock = Short Put Long Call ? Oc = Op= S=27 Ps=27 Option Strategies Why? 1 Reduce risk butterfly spread 2 Gamble reverse straddle 3 Arbitrage as in synthetics Arbitrage If the price of a synthetic stock is different than the price of the actual stock, an opportunity for profit exists. Corporate Options Ch 21 3 types of “Real Options” 1 The opportunity to make followup investments. 2 The opportunity to abandon a project 3 The opportunity to “wait” and invest later. Value “Real Option” = NPV with option NPV w/o option Example Abandon Mrs. Mulla gives you a nonretractable offer to buy your pany for $150 mil at anytime within the next year. Given the following decision tree of possible outes, what is the value of
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