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- 1. Introduction to Corporate Finance Options Prepared by Ying Pan Tong Niu Charlie Giurleo I.Murat Coskun
- 3. Options House selling at $1M Option Contract @ $10,000 Seller (Writer) Buyer (Holder)
- 4. Options House now selling at $2M ( ) Seller (Writer) Buyer (Holder) Scenario #1 Option Contract @ $10,000 $2,000,000 $1,000,000 - $10,000 $990,000 (Profit)
- 5. Options House now selling at $100K ( ) Seller (Writer) Buyer (Holder) Scenario #2 Option Contract @ $10,000 - $10,000 ($10,000) (Loss)
- 13. Payoff from the buying a call Options Striking Price Stock Price Expiration Date P /C Option Price Option Value Net Profit 80 100 July C 9 20 11
- 15. Payoff from writing a call. Options Striking Price Stock Price Expiration Date P /C Option Price Option Value Net Profit 80 100 July C 9 20 11
- 17. Payoff from buying a put . Options Striking Price Stock Price Expiration Date P /C Option Price Option Value Net Profit 85 75 Aug P 5 10 5
- 19. Payoff from writing a put. Options Striking Price Stock Price Expiration Date P /C Option Price Option Value Net Profit 85 75 Aug P 5 10 5
- 26. Options For this case assume a 50% probability for both outcomes Call option calculation S 0 =70, E=45, R f =2% & t=1 therefore:
- 27. Options Therefore value of call option is $17.16
- 29. Options
- 34. Q & A Options
- 39. Options References: TradeKing.com Covered Call Options Strategy. <http://www.youtube.com/watch?v=UT6Y4OZ_Ejc> OptionsPhysics.com Straddles and Strangles. <http://www.youtube.com/watch?v=HPHs7UsjBmY&NR=1> The Options Guide Options & Futures Trading Explained <http://www.theoptionsguide.com/> About.com <http://daytrading.about.com/b/2007/11/18/options-trading-basic-options-strategies.htm> OptionsTradingGuide.com <http://www.option-trading-guide.com/spreads.html> The Options Industry Council Strategies <http://www.optionseducation.org/strategy/default.jsp> Barrie, Scott (2001). The Complete Idiot's Guide to Options and Futures. Alpha Books. pp. 120–121. InvestorWords.com Index Options. < http://www.investorwords.com/2431/index_option.html > OIC< http://www.optionseducation.org/basics/leaps/default.jsp > Index Options. InvestorWords.com, March 18, 2011 Option (finance), Wikipedia, modified on 15 March 2011 at 23:34, < http://en.wikipedia.org/wiki/Option_(finance) > Options Basics: Types of options. Investopedia.com, March 18, 2011 < http://www.investopedia.com/university/options/option3.asp > Black, F. and Myron, S. The Pricing and Corporate Liabilities. Journal of Political Economy, 81, 637-659 Cox, J. C., Ross, S.A. and Rubinstein, M. (1979). Option Pricing: A Simplified Approach. Journal of Financial Economics, 7, 229-263 Dixit, A. K. and Pindyck, R.S.(1995). The Options Approach to Capital Investment . Harvard Business Review, 73, 105---115. Dale Jackson, BNN Producer 3:32 pm, E.T. February 17,2011 Canadian <http://www.bnn.ca/Blogs/2011/02/17/It-may-be-time-for-alternative-thinking.aspx> Call Options Trading for Beginners - Put and Call Options Explained < http://www.youtube.com/watch?v=q_z1Zx_BALo > Ross S.A., Westerfield R.W., Jordan B.D., Roberts G.S., (2010) Fundamentals of Corporate Finance, Seventh Canadian Edition . Canada: McGraw-Hill Ryerson Kaplan Schweser Faculty (2010). Chartered Financial Analyst Level 2, Book 5, Derivatives and portfolio management. La Crosse, WI, United States: Kaplan Berk J.,DeMarzo P.M.,Stangeland D.,(2010) Corporate Finance , Canadian Edition, Canada: Pearson Education Canada
Notas do Editor
- London International Financial Futures and Options Exchange Chicago Board Options Exchange Boston Options Exchange NYSE Amex Options Montreal Exchange:
- Capping the down side and hedge your losses
- This simple formula is used specifically when the option is certain to finish in the money. When determining option values using this method, there are 4 main factors that need to be identified. The first factor is stock price ( S 0 ). If this increases then so does the value of the call. Next, if the exercise price (E) increases, then the value of the call goes down. If the time to expiration of the call (t) increases then the option will be worth more. Similarly, if the risk-free rate ( R f ) increases then the option value will also rise.
- . In this case, the greater the variance of the return on the underlying asset, the greater the value of the option. present value of the lower stock price (S 1- ) is invested in a risk free asset and then a ratio is calculated to determine the number of call options necessary for the sum to equate to the current stock price
- When using the One-period binomial model , we need to know the beginning asset value, the size of the 2 possible changes and the probabilities of each of these changes occurring. In knowing these values, we can calculate the expected value of the option in 1 period by adding the probability-weighted average of the payoffs in each state. This value would then need to be discounted at the risk free rate to determine the option’s value today.
- Mirror of Bullish Strategies
- Mirror of Bullish Strategies
- ANSWER IS B
- Here The trader can both buy or write calls and puts THE ANSWER IS D
- ANSWER IS B
- ANSWER IS C
- High Risk: no protection if stock moves down
- Difference in the costs of calls and puts will likely mean that the trader will not have the equal number of calls and puts, but the dollar amount must be virtually identical for the straddle to work as intended. A trader chooses an options straddle when he or she does not have a clear sense of which direction a given stock will move, but has a strong opinion that the stock’s volatility or movement will increase before the options expire.
- The owner of a long strangle makes a profit if the underlying price moves far enough away from the current price, either above or below. Thus, an investor may take a long strangle position if he thinks the underlying security is higly volatile, buy does not know which direction it will move. This position is a limited risk, since the most a purchaser may lose is the cost of both options. At the same time, there is unlimited profit potential.
- Mirror of Bullish Strategies
- Mirror of Bullish Strategies