Put call aprity 2(numerical)
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According to the put-call parity relationship, the price of a European put option with a strike price of $50 and expiration in one month should be $3, given that the corresponding call option trades for $5, the risk-free rate is 2%, and the spot price of the underlying asset (crude oil) is $52. The put-call parity relationship states that the call price minus the put price should equal the forward price minus the strike price, discounted to the present value using the risk-free rate.
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The Net Operating Income Approach suggests that a firm's capital structure and use of leverage is irrelevant to the total value or market price of the firm. It also claims that the overall cost of capital remains constant regardless of leverage. Key assumptions are that there are no taxes, debt costs remain constant, and the overall cost remains constant. An example shows that even if leverage increases from $200k to $300k debt, the total firm value, stock price, and overall cost of capital remain the same at $400k, proving the approach's claim of irrelevance.
Modigliani & miller approach
The document discusses Modigliani & Miller's capital structure theory. It states that according to their approach from the 1950s, a firm's valuation is irrelevant to its capital structure. Whether a firm is highly leveraged or has low debt, its market value depends solely on operating profits, not capital structure.
The document then explains arbitrage as the process that justifies this hypothesis. Arbitrage involves buying securities cheaply and selling them where prices are higher, restoring market equilibrium. This implies that identical securities cannot sell at different prices.
Finally, the document outlines the assumptions of M&M's original proposition that capital structure does not affect valuation, and how relaxing those assumptions in proposition two introduces factors like
Traditional approach
The document discusses the traditional approach to capital structure theory. According to the traditional approach, a firm's weighted average cost of capital and market value are related to the proportion of debt in its capital structure. The theory holds that initially increasing debt can reduce costs and increase firm value, but beyond a certain point, higher financial risk from more debt will increase costs. Assumptions include interest rates rising with more debt while expected equity returns initially stay constant then rise with perceived financial risk. An example computation illustrates how costs and values change with different debt levels.
Option hedging strategiespart1
Options can be used as hedging strategies to reduce investment risk. Hedging involves taking an offsetting investment position to limit losses from the primary position. One hedging strategy is covered calls, where an investor writes call options against a long stock position to generate income from premiums while limiting upside potential to the strike price in exchange for downside protection. The main risk is opportunity cost if the stock rises rapidly above the strike price.
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本公司拥有海外各大学样板无数，能完美还原。
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留信网认证的作用:
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面向美国乔治城大学毕业留学生提供以下服务:
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专业服务，请勿犹豫联系我
如果您真实毕业回国，对于学历认证无从下手，请联系我，我们免费帮您递交
诚招代理：本公司诚聘当地代理人员，如果你有业余时间，或者你有同学朋友需要，有兴趣就请联系我
你赢我赢，共创双赢
你做代理，可以帮助帝国理工大学同学朋友
你做代理，可以拯救帝国理工大学失足青年
你做代理，可以挽救帝国理工大学一个个人才
你做代理，你将是别人人生帝国理工大学的转折点
你做代理，可以改变自己，改变他人，给他人和自己一个机会美景更增添一份性感夹杂着一份纯洁的妖娆毫无违和感实在给人带来一份悠然幸福的心情如果说现在的审美已经断然拒绝了无声的话那么在树林间飞掠而过的小鸟叽叽咋咋的叫声是否就是这最后的点睛之笔悠然走在林间的小路上宁静与清香一丝丝的盛夏气息吸入身体昔日生活里的繁忙与焦躁早已淡然无存心中满是悠然清淡的芳菲身体不由的轻松脚步也感到无比的轻快走出这盘栾交错的小道眼前是连绵不绝的山峦浩荡天地间大自然毫无吝啬的展现它的达
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Put call aprity 2(numerical)
- 1. • Let suppose S=100,K=110, Call Premium= Rs5, Put Premium= Rs3 • First Plan – Buy Stock – 100 Sell Stock -150 Buy Put - 3 Put Lapse Total - 103 Cash flow-150 • Second Plan Buy Call – 5 Sell Stock -150 Investment (110/1.10) - 100 Call Exercise -40 Investment-100 Total - 105 Cash flow-150
- 2. • let us now consider a question involving the put-call parity. Suppose a European call option on a barrel of crude oil with a strike price of $50 and a maturity of one-month, trades for $5. What is the price of the put premium with identical strike price and time until expiration, if the one-month risk-free rate is 2% and the spot price of the underlying asset is $52? • Solution: