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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Tài chính doanh nghiệp - Chapter 1: An overview of financial managementManagers are naturally inclined to act in their own best interests. But the following factors affect managerial behavior: Managerial compensation plans Direct intervention by shareholders The threat of firing The threat of takeover
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Tài chính doanh nghiệp - Chapter 1: IntroductionThe underlying asset is that which you have the right to buy or sell (with options) or the obligation to buy or deliver (with futures) Listed derivatives trade on an organized exchange such as the Chicago Board Options Exchange or the Chicago Board of Trade
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Tài chính doanh nghiệp - Chapter 20: Investment companiesOther services may include: discount brokerage service - purchase/sale of individual direct securities, such as stocks and bonds. Transaction Accounts - check writing and/or debit card relationship to mutual fund. Pension fund management for businesses
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Tài chính doanh nghiệp - Chapter 19: Investment bankingThe brokerage function is to bring a buyer and seller together. Dealer function - buying (bid) and selling (ask) from an inventory of securities owned by the seller. Providing loans to customers, who invest the margin proportion and borrow the rest. Dealer security inventories and customer credit are financed by bank call loans and repurchase ag...
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