Professional Documents
Culture Documents
09 Options Markets
09 Options Markets
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use.
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14 Options
Chapter Objectives
Markets
■ provide a background on options
■ explain why stock option premiums vary
■ explain how stock options are used to
speculate
■ explain how stock options are used to hedge
■ explain the use of stock index options
■ explain the use of options on futures
© 2013 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as
permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom
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2
Opsi untuk membeli atau menjual suatu sekuritas, dengan membayar biaya
premium di awal transaksi >> karena opsi jadi bisa dibatalkan tanpa
pemberitahuan lebih dahulu
Background on Options
Option is called:
■ In the money when market price > exercise price
■ At the money when market price = exercise price
■ Out of the money when market price < exercise price
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Exhibit 14.1 Institutional Use of Options Markets
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permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom
Background on Options
9 © 2013 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as
permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom
Determinants of Stock Option Premiums
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permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom
Determinants of Stock Option Premiums
11 © 2013 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as
permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom
Determinants of Stock Option Premiums
12 © 2013 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as
permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom
Exhibit 14.7 Framework for Explaining Why a Stock
Option’s Premium Changes over Time
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permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom
Speculating with Stock Options
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permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom
Exhibit 14.8 Potential Gains or Losses on a Call
Option: Exercise Price = $115, Premium = $4
PERSPEKTIF BUYER
• Opsi untuk beli seharga $ 115, jika harga pasarnya menjadi $120,
eksekusi opsi / tidak? Berapa profit / loss nya?
• Jika harga pasarnya menjadi $ 110, eksekusi opsi/tidak? Berapa
profit/loss nya?
• Jangan lupa sudah bayar premium di awal sebesar $4
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Exhibit 14.8 Potential Gains or Losses on a Call
Option: Exercise Price = $115, Premium = $4
PERSPEKTIF SELLER
• Opsi untuk beli seharga $ 115, jika harga pasarnya menjadi $125,
partner anda jadi beli atau tidak? Anda sbg seller rugi atau tidak?
• Jika harga pasarnya menjadi $ 110, partner anda jadi beli atau tidak?
Anda sbg seller rugi atau tidak?
• Jangan lupa sudah terima premium di awal sebesar $4
16
Exhibit 14.10 Potential Returns on Three Different
Call Options
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Exhibit 14.12 Potential Gains or Losses on a Put
Option: Exercise Price = $110, Premium = $2
PERSPEKTIF BUYER
• Opsi untuk jual seharga $ 110, jika harga pasarnya menjadi $105,
eksekusi opsi / tidak?
• Jika harga pasarnya menjadi $ 115, eksekusi opsi/tidak?
• Jangan lupa sudah bayar premium di awal sebesar $2
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Exhibit 14.12 Potential Gains or Losses on a Put
Option: Exercise Price = $110, Premium = $2
PERSPEKTIF SELLER
• Opsi untuk jual seharga $ 110, jika harga pasarnya menjadi $105,
partner anda jadi jual atau tidak? Berapa profit/loss anda?
• Jika harga pasarnya menjadi $ 115, partner anda jadi jual atau tidak?
Berapa profit/loss anda?
• Jangan lupa sudah terima premium di awal sebesar $2
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Speculating with Stock Options
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Hedging with Stock Options
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Hedging with Stock Options
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permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom
Options on ETFs and Stock Indexes
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permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom
Exhibit 14.14 Sampling of ETFs and Indexes on
Which Options Are Traded
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Options on ETFs and Stock Indexes
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permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom
Options on Futures Contracts
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permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom
Options on Futures Contracts
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Exhibit 14.15 Results from Hedging with Put Options
on Treasury Bond Futures
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permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom
Options as Executive Compensation
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Globalization of Option Markets