« Home « Chủ đề chứng khoán phát sinh

Chủ đề : chứng khoán phát sinh


Có 20+ tài liệu thuộc chủ đề "chứng khoán phát sinh"

Real Options in practice Chapter 1

tailieu.vn

In the financial markets, it is the freedom of choice after revelation of additional information that increases or decreases the value of the asset on which the option owner holds the option. Managerial decisions create call and put options on real assets that give management the right, but not the obligation, to utilize those assets to achieve strategic goals and...

Real Options in practice Chapter 2

tailieu.vn

The value of the. The value of the call on the mine depends on the costs and resources required to recover its contents but also on the revenue stream to be generated by future sales. The value of the option on the mine today reflects the degree of managerial flexibility in place to respond to fu- ture uncertainties in the...

Real Options in practice Chapter 3

tailieu.vn

If the stock does cross that threshold prior to the expiration date of the option, the option ex- pires. The option expires if the price of the underlying asset remains below some level(s) continuously over a specified period of time, the “window.”. The value of the de- ferral option is highest for monopoly options but declines for shared options.. Let...

Real Options in practice Chapter 4

tailieu.vn

The Value of Uncertainty. T he general assumption in financial option pricing is that enhanced volatil- ity enhances the value of the option. “Greeks” are tools that can be used by analysts to describe and understand the sensitivity of the financial option to key uncertainty parameters. These parameters capture the sensi- tivity of the option to the uncertainty in time...

Real Options in practice Chapter 5

tailieu.vn

Much of the original success and application of the real option concept was driven by the insight that traditional NPV analysis undervalues embedded growth options. And yet, as of today, the body of the real option work is biased towards the analysis of decision scenarios in which the owner of the option is in a monopoly position. Here, by definition,...

Real Options in practice Chapter 6

tailieu.vn

There is a value- adding incentive to reduce uncertainty for those estimates, and from this de- rives the value of the option to wait for the arrival of new information.. The incentive to invest in active learning increases as the value of the in- formation increases, which in turn is reflective of the perceived risk. Risk aversion and information value...

Real Options in practice Chapter 7

tailieu.vn

The origin of the word is Greek. strategia refers to the office of the general. The strategic management literate witnessed the creation of the Boston Consulting Group Growth Share matrix and subsequent to that a strong focus on the portfolio approach to management. The creation of the balanced scorecard was driven by the ambition to offer an alternative perspective to...

Real Options in practice Chapter 8

tailieu.vn

FIGURE 8.1 The strategic options in the Antamina mine auction. Tradition- ally, mining auctions imply a bidding process for the upfront fee that enti- tles the winner to the right, but not the obligation, to explore the mine, a scenario that led to one of the first real option valuations. 2 The rules pro- posed by the Peruvian government, instead,...

Real Options in practice Chapter 9

tailieu.vn

The real option framework is not simply another financial tool for the fi- nance department. Implementation of the real option frame- work is intricately interwoven with organizational design and organizational behavior, as Figure 9.1 shows.. The other player, on the contrary, feels that, because of the narrow regulatory environment, cre- ating space for flexibility is extremely important. On the con-...

Real Options in practice Chapter 10

tailieu.vn

The value of the. FIGURE 10.4 The real option value matrix. FIGURE 10.6 The life-cycle of a real option. Amram, M., and N. Real Options. Arkes, H.R., and P. Arrow, K.J., and A.C. Baldwin, C.Y., and B.J. Bazerman, M.H., and J.J. Benaroch, M., and R.J. Berger, P., and E. Bernardo, A.E., and B. Black, F., and M. Bowman, E.H., and...

101Option Trading Secrets Section 1

tailieu.vn

Option Trading Secrets. otherwise, without prior written permission of the publisher. Printed in the United States.. From a Declaration of Principles jointly adopted by a Committee of the American Bar Association and a Committee of Publishers.. This publication should only be used by sophisticated investors who are fully aware of the risks in options trading. A reading of the options...

101Option Trading Secrets Section 2

tailieu.vn

Antoine de Saint-Exupery Every one tries to beat the market by trying to predict the future. Study after study shows that 80% to 90% of the stock mu- tual funds underperform the indexes and stock market averages year after year. Hence, there are no crystal balls for predicting the markets.. Academic studies strongly suggest that the markets move ran- domly...

101Option Trading Secrets Section 4

tailieu.vn

Option Writing. The option markets provide that rare opportunity for the in- dividual investor to be the bank, casino or legal bookie. In other words, you have the opportunity to take the bet rather than make the bet. Taking the bet refers to option writing—the direct oppo- site of option buying. The option writer is the one who takes and...

101Option Trading Secrets Section 5

tailieu.vn

Option Analysis. The one thing I love about options over other investments is that you can measure their value and the probability of profit mathematically. How do you measure the true value of a stock? There is too much uncertainty in the future to do so, and the fact that stock prices are all over the map each year demonstrates...

101Option Trading Secrets Section 6

tailieu.vn

Option spreading is another unique advantage of the option markets. (At the end of the book, we will dis- close two of the best plays in the option markets, spreads with these features.). be quite large, sometimes a large percentage of the option price.. Avoid any spread that involves three trades to get in the position, for if you don’t,...

101Option Trading Secrets Section 7

tailieu.vn

It is important that we gain every advantage we can in the market. Traditional trading, telephone trading, where you have to call a broker to execute a trade is too slow and hurts your agility in the market. Internet trading allows you to get immediate feedback regarding the status of a trade and allows you instantly to modify a trade...

101Option Trading Secrets Section 8

tailieu.vn

For when you trade, you are at war, and every ounce of energy should be applied to gain- ing an edge and locating your enemies.. Don’t tell anyone what you are doing, including your wife or husband. One advantage of internet trading is that you don’t have a personal broker to lead you either astray or threaten you with an....

101Option Trading Secrets Section 9

tailieu.vn

90 INFORMATION TREASURES ON THE HIGHWAY. One of the major reasons to have access to the internet is due to the vast amount of resources available on the net. On the net you can research any stock in great detail. The option game is a very competitive game, and, remem- ber, you are at war with the rest of the...

101Option Trading Secrets Section 10

tailieu.vn

We have discussed the in- herent statistical advantage in buying options due to the fact that stock prices move in a chaotic pattern, sometimes far beyond the range of the pricing model’s parameters.. Such surprise volatility makes options gems in the rough, or. They are overvalued with little chance of paying off. You must know your probability of making a...

101Option Trading Secrets Section 11

tailieu.vn

What is the option game? It’s an investment strategy that in- volves paying for the right to buy or sell stock or futures at a par- ticular price over a given time, or selling the right to someone else to buy or sell stock or futures for a particular price over a given time. Most of the investors only pretend...