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INVESTMENTS|BODIE,KANE,MARCUSCopyright?2011byTheMcGraw-HillCompanies,Inc.AllrMcGraw-Hill/IrwinCHAPTER 20OptionsMarkets:Introduction
Derivativesaresecuritiesthatgettheirvaluefromthepriceofothersecurities. Derivativesarecontingentclaimsbecausetheirpayoffsdependonthevalueofothersecurities. OptionsaretradedbothonorganizedexchangesandOTC.INVESTMENTS|BODIE,KANE,MARCUSOptions2
The Option Contract: CallsINVESTMENTS|BODIE,KANE,MARCUS Acalloptiongivesitsholdertherighttobuyanasset:AttheexerciseorstrikepriceOnorbeforetheexpirationdate Exercisetheoptiontobuytheunderlyingassetifmarketvalue>strike.3
The Option Contract: PutsINVESTMENTS|BODIE,KANE,MARCUS Aputoptiongivesitsholdertherighttosellanasset:AttheexerciseorstrikepriceOnorbeforetheexpirationdate Exercisetheoptiontoselltheunderlyingassetifmarketvalue<strike.4
The Option ContractINVESTMENTS|BODIE,KANE,MARCUS Thepurchasepriceoftheoptioniscalledthepremium. Sellers(writers)ofoptionsreceivepremiumincome. Ifholderexercisestheoption,theoptionwritermustmake(call)ortake(put)deliveryoftheunderlyingasset.5
Example20.1ProfitandLossonaCallINVESTMENTS|BODIE,KANE,MARCUS AJanuary2010callonIBMwithanexercisepriceof$130wassellingonDecember2,2009,for$2.18. TheoptionexpiresonthethirdFridayofthemonth,orJanuary15,2010. IfIBMremainsbelow$130,thecallwillexpireworthless.6
Example20.1ProfitandLossonaCallINVESTMENTS|BODIE,KANE,MARCUSSupposeIBMsellsfor$132ontheexpirationdate.Optionvalue=stockprice-exerciseprice$132-$130=$2Profit=Finalvalue–Originalinvestment$2.00-$2.18=-$0.18Optionwillbeexercisedtooffsetlossofpremium. CallwillnotbestrictlyprofitableunlessIBM’spriceexceeds$132.18(strike+premium)byexpiration.7
Example20.2ProfitandLossonaPutINVESTMENTS|BODIE,KANE,MARCUS C
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