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1、confirmingpagesPART6"""""CHAPTEROPTIONS21ValuingOptions!InthelastchapterweintroducedyoutocallandInthischapterweshowhowthesevariablescanputoptions.Calloptionsgivetheownertherighttobecombinedintoanexactoption-valuationmodel—abuyanassetataspecifiedexerciseprice;p
2、utoptionsformulawecanplugnumbersintotogetadefinitegivetherighttosell.Wealsotookthefirststeptowardanswer.Wefirstdescribeasimplewaytovalueoptions,understandinghowoptionsarevalued.Thevalueofaknownasthebinomialmodel.Wethenintroducethecalloptiondependsonfivevariabl
3、es:Black–Scholesformulaforvaluingoptions.Finally,weprovideachecklistshowinghowthesetwomethods1.Thehigherthepriceoftheasset,themorevaluablecanbeusedtosolveanumberofpracticaloptionanoptiontobuyit.problems.2.ThelowerthepricethatyoumustpaytoexerciseThemostefficien
4、twaytovaluemostoptionsistothecall,themorevaluabletheoption.useacomputer.Butinthischapterwewillworkthrough3.Youdonotneedtopaytheexercisepriceuntilthesomesimpleexamplesbyhand.Wedosobecauseoptionexpires.Thisdelayismostvaluablewhentheunlessyouunderstandthebasicpri
5、nciplesbehindinterestrateishigh.optionvaluation,youarelikelytomakemistakesin4.Ifthestockpriceisbelowtheexercisepriceatsettingupanoptionproblemandyouwon’tknowhowmaturity,thecallisvaluelessregardlessofwhethertointerpretthecomputer’sanswerandexplainittothepriceis
6、$1belowor$100below.However,forothers.everydollarthatthestockpricerisesabovetheInthelastchapterwelookedattheputandcallexerciseprice,theoptionholdergainsanadditionaloptionsonGooglestock.Inthischapterwestickwithdollar.Thus,thevalueofthecalloptionincreasesthatexam
7、pleandshowyouhowtovaluetheGooglewiththevolatilityofthestockprice.options.Butrememberwhyyouneedtounderstand5.Finally,along-termoptionismorevaluablethanaoptionvaluation.Itisnottomakeaquickbucktradingshort-termoption.Adistantmaturitydelaysthepointonanoptionsexcha
8、nge.Itisbecausemanycapitalatwhichtheholderneedstopaytheexercisepricebudgetingandfinancingdecisionshaveoptionsandincreasesthechanceofalargejumpintheembeddedinthem.Wediscussavarietyo
