Tài chính doanh nghiệp - Chapter 6: The black - Scholes option pricing modelThe valuation equation has two parts One gives a “pseudo-probability” weighted expected stock price (an inflow) One gives the time-value of money adjusted expected payment at exercise (an outflow)
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Tài chính doanh nghiệp - Chapter 6: Time value of moneyFuture value Present value Annuities Rates of return Amortization
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Tài chính doanh nghiệp - Chapter 5: Option pricingPriced analogously to calls You can combine puts with stock so that the future value of the portfolio is known Assume a value of $100
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Tài chính doanh nghiệp - Chapter 5: Risk and rates of returnIf an investor chooses to hold a one-stock portfolio (exposed to more risk than a diversified investor), would the investor be compensated for the risk they bear? NO! Stand-alone risk is not important to a well-diversified investor. Rational, risk-averse investors are concerned with σp, which is based upon market risk. There can be only one pri...
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Tài chính doanh nghiệp - Chapter 4: Option combinations and spreadsA diagonal spread involves options from different expiration months and with different striking prices They are chosen diagonally from the option listing in the financial pages Diagonal spreads can be bullish or bearish
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Tài chính doanh nghiệp - Chapter 4: The financial environment: markets, institutions, and interest ratesExchange rate risk – If an investment is denominated in a currency other than U.S. dollars, the investment’s value will depend on what happens to exchange rates. Country risk – Arises from investing or doing business in a particular country and depends on the country’s economic, political, and social environment.
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Tài chính doanh nghiệp - Chapter 3: Basic option strategies: covered calls and protective putsWriting a Naked Microsoft Call Example (cont’d) A brokerage firm feels it is extremely unlikely that MSFT stock will rise to $35 per share in ten days. The firm decides to write 100 SEP 35 calls. The firm receives $0.05 x 10,000 = $500 now. If the stock price stays below $35, nothing else happens. If the stock were to rise dramatically, the firm ...
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Tài chính doanh nghiệp - Chapter 3: Analysis of financial statementsROA = Net income / Total assets = $253.6 / $3,497 = 7.3% ROE = Net income / Total common equity = $253.6 / $1,952 = 13.0%
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Tài chính doanh nghiệp - Chapter 2: Basic principles of stock optionsWhen someone buys an option as an opening transaction, the owner of an option will ultimately do one of three things with it: Sell it to someone else Let it expire Exercise it For example, buying a ticket to an athletic event
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Tài chính doanh nghiệp - Chapter 2: Financial statements, cash flow, and taxesFCF = OCF – Gross capital investment - OR - FCF02 = NOPAT – Net capital investment = -$78,569 – ($1,852,832 - $1,187,200) = -$744,201 Is negative free cash flow always a bad sign?
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