6期权市场的运作è&i

6期权市场的运作è&i

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Unformatted text preview: Ï ½ | $ L § 5 û ) 7 K ó ä 6 1 8 ù ? µ U fangns@swufe.edu.cn Ü H ã ² Æ 7 K Æ 2011 c S G Æ Ï S N J Ù Ï ½ ± 9 k ' Ä V g § â Ø Ó y © I O é Ï ? 1 © a § Ï ½ | ü C { ¤ Ú { I Ì Ï ¢ ´ ¤ § ¿ l Ï Ü O ! ¢ ´ Ý ! Ý Ú Ï 1 L ¡ é Ï ½ | ä N $ Å ? 1 " Æ S Ù § · A Ý º Ï ½ ± 9 k ' Ä V g Ú © a § ¿ é Ï ½ | ä N $ Å k \ ) " Ï Ï £ Option ¤§ ´ D Ù © ï 3 5 ½ Ï S U ïñ V ½ d £ { ¡ Æ d £ Striking Price ¤ ½ 1 d £ Exercise Price ¤¤ © ï ½ Ñ È ½ ê þ , « 7 K ] £ ¡ I ] Underlying Assets ¤ | Ü " Ï © ï ¼ ù | § 7 L | G Ï Ñ È ½ ¤ ^ § ¡ Ï ¤ £ Premium ¤ ½ Ï d £ Option Price ¤ Ï © ï Ú Ñ È Ï © ï £ Buyer ¤§ ¡ ± k ö £ Holder ¤ ½ Ï õ Þ § 3 | G Ï ¤ § Ò Pk 3 Ü 5 ½ m 1 ¦ Ù © ï ½ Ñ È I ] | § ± Ø 1 ¦ ù | § Ø « ú ? Û Â Ö Ï Ñ È £ Seller ¤§ \ u ö £ Writer ¤ ½ Ï Þ § 3 Â ï ¤ | G Ï ¤ § Ò « ú 3 5 ½ m S â ï ¦ Á 1 Ü Â Ö § v k ? Û | 3 Ï ¢ ´ ¥ § ïñ V 3 | Ú Â Ö þ k X ² w Ø é ¡ 5 § Ï ¤ ´ ù Ø é ¡ 5 Ö § d ï | G ñ " ² | G § à Øï ´ Ä 1 ¦ | § Ù ¤ G Ñ Ï ¤ þ Ø ò w Þ Ï Ú w O Ï D Ï ï ± 1 d © ï I ] | Ü § Ò ´ w Þ Ï ¶ D Ï ï ± 1 d Ñ È I ] | Ü Ò ´ w O Ï " ú % 5 d þ Þ Ý ] ö ò ¤ w Þ Ï ï § @ ú % 5 d e O Ý ] ö ò ¤ w O Ï ï Ï m Ï Ü ¥ , ¢ ´ ´ Ï Ï m £ expiration date, exercise date, or maturity ¤§ Ï ï U 3 Ü ¤ 5 ½ m S 1 ¦ Ù | § L Ï E 1 = ¿ Xg ï ù | U Ï ï 1 Ï y © § Ï © î ª Ï Ú { ª Ï 3 Ù ¦ ^ £ I ] ! 1 d Ú Ï m ¤ Ñ Ó ¹ e § du { ª Ï ± k ö Ø Pk î ª Ï ¤ k | © § Pk 3 Ï c 1 Ï | § Ù d ½ Ø U ¢ u é A î ª Ï d 1 d 1 d ´ Ï Ü ¤ 5 ½ ! Ï ï 3 1 ¦ Ù | ¢ S 1 d £ I ] ï d ½ ñ d ¤ " w , § 1 d ² ( ½ § Ï ï Ò 7 , â 1 d Ú I ] ¢ S ½ | d é p $ 5 û ½ ´ Ä 1 ¦ Ï § d d û ) Ï ¢ ´ ¥ ~ ^ S 3 d ! ¢ ! J Ú ² d V g S 3 d ¤ ¢ S 3 d £ Intrinsic Value ¤§ Ï á = 1 ¤ ä k d ù ü ö ¥ " é u w Þ Ï ï 5 ` § S 3 d Ò ´½ | d p u 1 d 5  à ¶ é u w O Ï ï 5 ` § S 3 d Ò ´ 1 d p u ½ | d 5  à " S 3 d £ Y ¤ X J ^ S 5 L « I ] ¨ c ½ | d § X L « 1 d § K S 3 d Ò ´ d S Ú X m ' X û ½ " S 3 d ´ / ¤ Ï d Ä " 5 µ 1. { ` ² å § ù p = Ñ I ] à ù | / e Ï S 3 d 2. ¨ I ] ½ d $ u Æ d § w Þ Ï õ Þ ´ Ø ¬ 1 ¦ Ï ¶ Ó § ¨ I ] ½ d p u Æ d § w O Ï õ Þ ´ Ø ¬ 1 ¦ Ï " Ï d Ï S 3 d A o ´ u u ¢ ! ² ! J Ï ¢ ! J Ú ² d Ï ´ S 3 d ; ' n V g " ¤ ¢ ¢ Ï £ In the Money ¤§ ´ S 3 d Ï § X J S 3 d é § ¡ Ý ¢ ¶ J Ï £ Out of the Money ¤§ ´ S 3 d K Ï § X J S 3 d K é § ¡ Ý J ¶ ² d Ï £ At the Money ¤§ ´ S 3 d " Ï Ï d § é u w Þ Ï ó § ½ | d p u 1 d ¢ § ½ | d...
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6期权市场的运作è&i

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