Understanding options:
Now in a book that demystifies options for financial professionals, Professor Robert W. Kolb provides readers with a solid grounding in the principles and practices of options trading. An excellent resource for investors who need to quickly get up to speed in options, Understanding Options offers a...
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
New York u.a.
Wiley
1995
|
| Series: | Wiley marketplace book series
A Wiley finance edition |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Summary: | Now in a book that demystifies options for financial professionals, Professor Robert W. Kolb provides readers with a solid grounding in the principles and practices of options trading. An excellent resource for investors who need to quickly get up to speed in options, Understanding Options offers a balanced presentation that builds swiftly from the most basic concepts and terms to advanced trading strategies and techniques. |
| Physical Description: | XVII, 375 S. graph. Darst. |
| ISBN: | 0471085545 |
Staff View
MARC
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| 264 | 1 | |a New York u.a. |b Wiley |c 1995 | |
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| 520 | 3 | |a Now in a book that demystifies options for financial professionals, Professor Robert W. Kolb provides readers with a solid grounding in the principles and practices of options trading. An excellent resource for investors who need to quickly get up to speed in options, Understanding Options offers a balanced presentation that builds swiftly from the most basic concepts and terms to advanced trading strategies and techniques. | |
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| adam_text | Contents
1 The Options Market 1
Introduction 1
What Is an Option? 2
An Option Example 3
Moneyness 4
American and European Options 5
Why Trade Options? 6
The Options Contract 7
The Options Market 7
Reading Options Prices 7
Options Exchanges 8
Exchange Diversity and Market Statistics 11
Options Trading Procedures 16
Types of Traders 18
Other Trading Systems 21
Types of Orders 22
Order Routing and Execution 22
The Clearinghouse 23
Margins 24
Commissions 26
Taxation 27
Long a Call 28
Short a Call 28
Long a Put 29
Short a Put 29
The Organization of the Text 30
Summary 31
Review Questions 31
Notes 32
2 Options Payoffs and Options Strategies 35
Introduction 35
Stocks and Bonds 36
xiii
xiv Contents
Arbitrage 38
Options Notation 40
European and American Options Values at Expiration 41
Buy or Sell a Call Option 41
Call Options at Expiration and Arbitrage 47
Buy or Sell a Put Option 48
Moneyness 52
Options Combinations 53
The Straddle 53
The Strangle 55
Bull and Bear Spreads with Call Options 58
Bull and Bear Spreads with Put Options 61
The Box Spread 64
The Butterfly Spread with Calls 65
The Butterfly Spread with Puts 68
The Condor with Calls 71
The Condor with Puts 72
Ratio Spreads 75
Summary 77
Combining Options with Bonds and Stocks 77
The Covered Call: Stock plus a Short Call 80
Portfolio Insurance: Stock plus a Long Put 81
Mimicking and Synthetic Portfolios 87
Summary 94
Review Questions 94
Notes 97
3 Bounds on Options Prices 101
Introduction 101
The Boundary Space for Call and Put Options 102
The Boundary Space for a Call Option 103
The Boundary Space for a Put Option 105
Relationships Between Call Prices 105
Relationships Between Put Prices 115
Summary 124
Options Prices and the Interest Rate 126
Call Prices and Interest Rates 126
Put Prices and Interest Rates 126
Options Prices and Stock Price Movements 129
The Call Price 130
The Put Price 131
Options Prices and the Riskiness of Stocks 133
Options Prices for Riskless Stock 135
Riskier Stocks Result in Higher Options Prices 135
Summary 136
Contents
Review Questions 137
Notes 139
4 European Options Pricing 141
Introduction 141
The Single Period Binomial Model 142
The Role of Probabilities 145
Summary 146
The Multi Period Binomial Model 147
The Multi Period Binomial Call Pricing Model 149
Binomial Put Options Pricing 152
Stock Price Movements 153
The Binomial Approach to the Black Scholes Model 160
The Black Scholes Options Pricing Model 162
The Black Scholes Call Option Pricing Model 162
Computing Black Scholes Options Prices 163
The Black Scholes Put Option Pricing Model 165
Inputs for the Black Scholes Model 166
Estimating the Risk Free Rate of Interest 166
Estimating the Stock s Standard Deviation 167
European Options and Dividends 170
The Effect of Dividends on Options Prices 171
Adjustments for Known Dividends 172
Adjustments for Continuous Dividends—Merton s Model 173
The Binomial Model and Dividends 175
Summary 181
Tests of the Options Pricing Model 182
The Black Scholes Study 183
The Galai Studies 183
The Bhattacharya Study 184
The MacBeth Merville Study 185
The Rubinstein Study 185
Summary 185
Summary 186
Review Questions 186
Notes 189
5 Options Sensitivities and Options Hedging 195
Introduction 195
Options Sensitivities in the Merton and Black Scholes Models 195
DELTA 200
DELTA Neutral Positions 202
THETA 205
VEGA 207
xvi Contents
RHO 209
GAMMA 210
Positive and Negative GAMMA Portfolios 213
Creating Neutral Portfolios 216
Options Sensitivities and Options Trading Strategies 218
The Straddle 218
The Strangle 220
The Butterfly Spread with Calls 222
The Bull Spread with Calls 224
A Ratio Spread with Calls 225
The Calendar Spread 227
Summary 231
Review Questions 232
Note 233
6 American Options Pricing 235
Introduction 235
American versus European Options 236
American versus European Puts 236
American versus European Calls 238
Pseudo American Call Option Pricing 240
Exact American Call Option Pricing 242
Analytical Approximations of American Options Prices 247
The Binomial Model and American Options Prices 252
No Dividends 253
The Basic Strategy 253
Continuous Dividends 257
Known Dividend Yields 261
Known Dollar Dividends 263
Summary 267
Review Questions 268
Notes 270
7 Options on Stock Indexes, Foreign Currency, and Futures 271
Introduction 271
European Options Pricing 272
Merton s Model 272
The Binomial Model 273
Options on Stock Indexes 274
Options on Foreign Currency 275
Options on Futures 277
Options on Futures versus Options on Physicals 280
Options Sensitivities 282
Pricing American Options 284
Contents »
Analytical Approximations 285
The Binomial Model 289
Summary 298
Review Questions 300
Notes 301
8 The Options Approach to Corporate Securities 303
Introduction 303
Equity and a Pure Discount Bond 304
Common Stock as a Call Option 304
The Options Analysis of Corporate Debt 306
Senior and Subordinated Debt 309
Callable Bonds 311
Convertible Bonds 313
Warrants 315
Summary 316
Review Questions 317
Notes 319
Solutions to Chapter Questions and Problems 321
Appendix 365
Index 367
|
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| id | DE-604.BV010295593 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T17:50:02Z |
| institution | BVB |
| isbn | 0471085545 |
| language | English |
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| physical | XVII, 375 S. graph. Darst. |
| publishDate | 1995 |
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| publisher | Wiley |
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| series2 | Wiley marketplace book series A Wiley finance edition |
| spelling | Kolb, Robert W. Verfasser aut Understanding options Robert Kolb New York u.a. Wiley 1995 XVII, 375 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Wiley marketplace book series A Wiley finance edition Now in a book that demystifies options for financial professionals, Professor Robert W. Kolb provides readers with a solid grounding in the principles and practices of options trading. An excellent resource for investors who need to quickly get up to speed in options, Understanding Options offers a balanced presentation that builds swiftly from the most basic concepts and terms to advanced trading strategies and techniques. Options (Finance) Optionshandel (DE-588)4126185-9 gnd rswk-swf Optionshandel (DE-588)4126185-9 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006849612&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Kolb, Robert W. Understanding options Options (Finance) Optionshandel (DE-588)4126185-9 gnd |
| subject_GND | (DE-588)4126185-9 |
| title | Understanding options |
| title_auth | Understanding options |
| title_exact_search | Understanding options |
| title_full | Understanding options Robert Kolb |
| title_fullStr | Understanding options Robert Kolb |
| title_full_unstemmed | Understanding options Robert Kolb |
| title_short | Understanding options |
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| topic_facet | Options (Finance) Optionshandel |
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