耶鲁大学金融市场英文文本FinancialMarketsLecture23TranscriptWord格式文档下载.docx

耶鲁大学金融市场英文文本FinancialMarketsLecture23TranscriptWord格式文档下载.docx

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sacontractthathasanownerandtheowneroftheoptioncontracthasrightstofindinthecontracteithertobuyorsellsomething--let'

ssayashareofstock--ataspecifiedpriceandspecifieddate.Therearetwokinds;

there'

saputandacall.Aputoptionistherighttosell.It'

stypicallyahundredshares,sowe'

llsayahundredsharesofacompany;

let'

ssayit'

sGoogle.Theoptionwouldhave--ifitwasaputoptionandtherewasaprice,thenyouwouldhavetherightup--letmesee,there'

stheexerciseprice,alsoknownasthestrike,andthere'

stheexercisedate.

Ishouldalsoemphasizethattherearetwokindsofoptions.ThereareAmerican,socalled,andEuropean,socalled.IthasnothingtowithwhethertheyareinAmericaorEuropebecauseinEuropetheytradebothAmericanoptionsandEuropeanoptionsandinAmericatheytradebothAmericanoptionsandEuropeanoptions;

so,it'

sveryunfortunateterminology.TheAmerican--whatthismeans--anAmericanoptionmeanstherighttoexercisetheoptiononanydateuntilandincludingtheexercisedate;

withEuropean,it'

sonlyonexercisedate.That'

swhatthosewordsmean.

So,usuallywe'

retalkingaboutAmericanoptions.IfyouhaveanAmericanoption--Americanputoption--onsharesofsomestock,thenyouhavetherightanytimeyoufeellikeit,untiltheexercisedate,tosellthatoptionatthepricespecifiedinthecontract,calledtheexerciseprice.Ifit'

sEuropean,youhavetowaituntiltheexercisedateandthenyouhaveonedaywhenyoucandothat.Acalloptionistherighttobuyashareofstockorwhateveritis--whateverisspecifiedintheoption.Inatraditionaloption,therearetwoparties;

sthebuyoftheoptionandusuallywepresentthemfromtheperspectiveofthebuyeroftheoption.Thebuyeroftheoptionpaysapricetobuytheoption--nottobeconfusedwiththeexerciseprice--andthen,dependingonwhetherit'

sAmericanorEuropean,hasuntiltheexercisedatetoexercisetheoption;

but,thebuyerdoesn'

thavetodoanything.Youcanjustdonothing;

youcanbuytheoptionandifyoudonothingitbecomesworthlessbecausetheonlywaytheoptionevergivesyouvalueafteryoubuyitisifyouexerciseit,meaningyousay,Iwillusemyrighttobuyorsell.

Theotherpartyisthewriteroftheoption.Becauseit'

sacontract,ithastobebetweentwoparties.Somebodyisontheothersideandyoucandoeitherone;

youcaneitherbuyorwriteanoption.Ifyou--letmemakethisclear;

ifyouwriteacalloption,thenwhatyouarecommittingyourselftodoasthewriter--yousignthecontractfromthewriter'

scontract,whichgoesalongwiththebuyer'

scontract.Well,itprovidesrightstothebuyer.Ifyouwriteacalloption,thenyou--andsayit'

sAmerican--thenyouaresigningacontract--let'

sonstock--todeliveronehundredsharestotheotherguy,thebuyer,wheneverthatguyfeelslikeit.Thatguywillpayyouthecontractedprice,soit'

snot--itdoesn'

tseemlikemuchfuntobeawriterofanoptionbecauseyouhave--you'

rejustsittingtherewaitingforthisotherpersontomakeuphisorhermind.There'

sabenefit;

mainly,yougetthemoney.Thebuyeroftheoptionpaysyouupfrontforprovidingthisrighttothebuyer,sowritersofoptionswritethemhopingthattheyexpireunexercised;

that'

swhentheymakemoney.Ifyouwriteanoptionandthebuyeroftheoptionpaysyouthemoneyupfrontandthenyouneverhearfromthebuyeragain,thenyou'

re--that'

sthewayyoulikeit.So,youmakemoneybywritingoptionsandhopingthattheydon'

tgetexercised.

Ofcourse,youcanwriteaputoptionandthatmeans--ifyouwriteaputoption,youaresigningacontractthatsaysthatwheneverthisotherguyontheotherside,thebuyer,decidesto,thatguywillsellyouahundredsharesatthespecifiedprice.Again,you'

relayingyourselfopento,wheneverthisguywantsto,you'

vegottoreceiveahundredsharesandpaythemoney.

Now,thesekindsofcontractsareveryoldand,infact,wehadaconferenceovertheweekendattheYaleSchoolofManagementon--itwasaveryinteresting--I'

veneverexperiencedanythingquitelikeit.MaybeIshouldputthewebsiteupforyoutolookat.There'

sabook;

it'

scalledTheGreatMirrorofFolly,writtenin1720aboutthestockmarketandtheBeineckeRareBookLibraryhasacopyofit.They'

reveryrare--aboutthestockmarketcrashof1720.Didyouknowthattherewasabigstockmarketcrashintheyear1720?

WhatwashappeninginNewHavenin1720?

Well,Iknowonethingthatwashappeningin1720inNewHaven--I'

mguessing;

I'

mprettysure.Youhadsomeprettyangryinvestorswholosteverythinginthes