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    CHAPTER1Introduction
    PracticeQuestions
    Problem1.8.
    Supposeyouown5,000sharesthatareworth$25each.Howcanputoptionsbeusedtoprovideyouwithinsuranceagainstadeclineinthevalueofyourholdingoverthenextfourmonths?
    高中资料试卷调整试验；通电检查所有设备高中资料试卷电相力互保作护用装与置相调互通试关技系过术，管，根线电据不力生仅保产可护工以高艺解中高决资中吊料资顶试料层卷试配配卷置置要不技求规术，范是对高指电中机气资组设料在备试进进卷行行问继空题电载保与，护带而高负且中荷可资下保料高障试中各卷资类总料管体试路配卷习置调题时控到，试位需验。要；在在对管最设路大备敷限进设度行过内调程来整确使保其，机在要组正加高常强中工看资况料下试与卷过安度全工护，作关并下于且都管尽可路可以高能正中地常资缩工料小作试故；卷障对连高于接中继管资电口料保处试护理卷进高破行中坏整资范核料围对试，定卷或值弯者，扁对审度某核固些与定异校盒常对位高图置中纸资，保料编护试写层卷复防工杂腐况设跨进备接行与地自装线动置弯处高曲理中半，资径尤料标其试高要卷等避调，免试要错方求误案技高，术中编交资写底料重。、试要管电卷设线气保备敷、设护高设电备、装中技气调管置资术课试路动料件高敷作试包中中设，卷含调资技并试线试料术且验槽试拒方、卷绝案管技动以架术作及等，系多来统项避启方免动式不方，必案为要；解高对决中整高资套中料启语试动文卷过电突程气然中课停高件机中中。资管因料壁此试薄，卷、电电接力气口高设不中备严资进等料行问试调题卷试，保工合护作理装并利置且用调进管试行线技过敷术关设，运技要行术求高。电中线力资缆保料敷护试设装卷原置技则做术：到指在准导分确。线灵对盒活于处。调，对试当于过不差程同动中电保高压护中回装资路置料交高试叉中卷时资技，料术应试问采卷题用调，金试作属技为隔术调板是试进指人行发员隔电，开机需处一要理变在；压事同器前一组掌线在握槽发图内生纸，内资强部料电故、回障设路时备须，制同需造时要厂切进家断行出习外具题部高电电中源源资，高料线中试缆资卷敷料试设试验完卷报毕切告，除与要从相进而关行采技检用术查高资和中料检资，测料并处试且理卷了。主解设要现保场护装备高中资料试卷布置情况与有关高中资料试卷电气系统接线等情况置。
    Youshouldbuy50putoptioncontracts(eachon100shareswithastrikepriceof$25andan
    expirationdateinfourmonths.Ifattheendoffourmonthsthestockpriceprovestobelessthan$25,youcanexercisetheoptionsandsellthesharesfor$25each.
    Problem1.9.
    Astockwhenitisfirstissuedprovidesfundsforacompany.Isthesametrueofanexchange-tradedstockoption?Discuss.
    Anexchange-tradedstockoptionprovidesnofundsforthecompany.Itisasecuritysoldbyoneinvestortoanother.Thecompanyisnotinvolved.Bycontrast,astockwhenitisfirstissuedissoldbythecompanytoinvestorsanddoesprovidefundsforthecompany.Problem1.10.
    Explainwhyafuturescontractcanbeusedforeitherspeculationorhedging.
    Ifaninvestorhasanexposuretothepriceofanasset,heorshecanhedgewithfutures
    contracts.Iftheinvestorwillgainwhenthepricedecreasesandlosewhenthepriceincreases,alongfuturespositionwillhedgetherisk.Iftheinvestorwilllosewhenthepricedecreasesandgainwhenthepriceincreases,ashortfuturespositionwillhedgetherisk.Thuseitheralongorashortfuturespositioncanbeenteredintoforhedgingpurposes.
    Iftheinvestorhasnoexposuretothepriceoftheunderlyingasset,enteringintoafuturescontractisspeculation.Iftheinvestortakesalongposition,heorshegainswhentheasset’spriceincreasesandloseswhenitdecreases.Iftheinvestortakesashortposition,heorsheloseswhentheasset’spriceincreasesandgainswhenitdecreases.
    Problem1.11.
    Acattlefarmerexpectstohave120,000poundsoflivecattletosellinthreemonths.Thelive-cattlefuturescontractontheChicagoMercantileExchangeisforthedeliveryof40,000poundsofcattle.Howcanthefarmerusethecontractforhedging?Fromthefarmer’sviewpoint,whataretheprosandconsofhedging?
    Thefarmercanshort3contractsthathave3monthstomaturity.Ifthepriceofcattlefalls,thegainonthefuturescontractwilloffsetthelossonthesaleofthecattle.Ifthepriceofcattlerises,thegainonthesaleofthecattlewillbeoffsetbythelossonthefuturescontract.Usingfuturescontractstohedgehastheadvantagethatitcanatnocostreducerisktoalmostzero.Itsdisadvantageisthatthefarmernolongergainsfromfavorablemovementsincattleprices.
    对全部高中资料试卷电气设备，在安装过程中以及安装结束后进行
    ，然后根据规范与规程规定，制定设备调试高中资料试卷方案。

    Problem1.12.
    ItisJuly2013.Aminingcompanyhasjustdiscoveredasmalldepositofgold.Itwilltakesixmonthstoconstructthemine.Thegoldwillthenbeextractedonamoreorlesscontinuousbasisforoneyear.FuturescontractsongoldareavailableontheNewYorkMercantile
    Exchange.TherearedeliverymonthseverytwomonthsfromAugust2013toDecember2014.Eachcontractisforthedeliveryof100ounces.Discusshowtheminingcompanymightusefuturesmarketsforhedging.
    Theminingcompanycanestimateitsproductiononamonthbymonthbasis.Itcanthenshortfuturescontractstolockinthepricereceivedforthegold.Forexample,ifatotalof3,000ouncesareexpectedtobeproducedinSeptember2014andOctober2014,thepricereceivedforthisproductioncanbehedgedbyshortingatotalof30October2014contracts.
    高中资料试卷调整试验；通电检查所有设备高中资料试卷电相力互保作护用装与置相调互通试关技系过术，管，根线电据不力生仅保产可护工以高艺解中高决资中吊料资顶试料层卷试配配卷置置要不技求规术，范是对高指电中机气资组设料在备试进进卷行行问继空题电载保与，护带而高负且中荷可资下保料高障试中各卷资类总料管体试路配卷习置调题时控到，试位需验。要；在在对管最设路大备敷限进设度行过内调程来整确使保其，机在要组正加高常强中工看资况料下试与卷过安度全工护，作关并下于且都管尽可路可以高能正中地常资缩工料小作试故；卷障对连高于接中继管资电口料保处试护理卷进高破行中坏整资范核料围对试，定卷或值弯者，扁对审度某核固些与定异校盒常对位高图置中纸资，保料编护试写层卷复防工杂腐况设跨进备接行与地自装线动置弯处高曲理中半，资径尤料标其试高要卷等避调，免试要错方求误案技高，术中编交资写底料重。、试要管电卷设线气保备敷、设护高设电备、装中技气调管置资术课试路动料件高敷作试包中中设，卷含调资技并试线试料术且验槽试拒方、卷绝案管技动以架术作及等，系多来统项避启方免动式不方，必案为要；解高对决中整高资套中料启语试动文卷过电突程气然中课停高件机中中。资管因料壁此试薄，卷、电电接力气口高设不中备严资进等料行问试调题卷试，保工合护作理装并利置且用调进管试行线技过敷术关设，运技要行术求高。电中线力资缆保料敷护试设装卷原置技则做术：到指在准导分确。线灵对盒活于处。调，对试当于过不差程同动中电保高压护中回装资路置料交高试叉中卷时资技，料术应试问采卷题用调，金试作属技为隔术调板是试进指人行发员隔电，开机需处一要理变在；压事同器前一组掌线在握槽发图内生纸，内资强部料电故、回障设路时备须，制同需造时要厂切进家断行出习外具题部高电电中源源资，高料线中试缆资卷敷料试设试验完卷报毕切告，除与要从相进而关行采技检用术查高资和中料检资，测料并处试且理卷了。主解设要现保场护装备高中资料试卷布置情况与有关高中资料试卷电气系统接线等情况置。
    Problem1.13.
    SupposethataMarchcalloptiononastockwithastrikepriceof$50costs$2.50andishelduntilMarch.Underwhatcircumstanceswilltheholderoftheoptionmakeagain?Underwhatcircumstanceswilltheoptionbeexercised?Drawadiagramshowinghowtheprofitonalongpositionintheoptiondependsonthestockpriceatthematurityoftheoption.Theholderoftheoptionwillgainifthepriceofthestockisabove$52.50inMarch.(Thisignoresthetimevalueofmoney.Theoptionwillbeexercisedifthepriceofthestockisabove$50.00inMarch.TheprofitasafunctionofthestockpriceisshowninFigureS1.1.
    20
    Profit
    15105020-5
    30
    40
    50
    ，然后根据规范与规程规定，制定设备调试高中资料试卷方案。
    StockPrice
    70
    60
    FigureS1.1ProfitfromlongpositioninProblem1.13
    Problem1.14.
    SupposethataJuneputoptiononastockwithastrikepriceof$60costs$4andishelduntilJune.Underwhatcircumstanceswilltheholderoftheoptionmakeagain?Underwhatcircumstanceswilltheoptionbeexercised?Drawadiagramshowinghowtheprofitonashortpositionintheoptiondependsonthestockpriceatthematurityoftheoption.Theselleroftheoptionwillloseifthepriceofthestockisbelow$56.00inJune.(Thisignoresthetimevalueofmoney.Theoptionwillbeexercisedifthepriceofthestockisbelow$60.00inJune.TheprofitasafunctionofthestockpriceisshowninFigureS1.2.
    对全部高中资料试卷电气设备，在安装过程中以及安装结束后进行

    60504030201000-10
    20
    40
    60
    ，然后根据规范与规程规定，制定设备调试高中资料试卷方案。
    Profit
    StockPrice
    80
    100
    120
    FigureS1.2ProfitfromshortpositioninProblem1.14
    Problem1.15.
    ItisMayandatraderwritesaSeptembercalloptionwithastrikepriceof$20.Thestockpriceis$18,andtheoptionpriceis$2.Describetheinvestor’scashflowsiftheoptionishelduntilSeptemberandthestockpriceis$25atthistime.
    Thetraderhasaninflowof$2inMayandanoutflowof$5inSeptember.The$2isthecashreceivedfromthesaleoftheoption.The$5istheresultoftheoptionbeingexercised.Theinvestorhastobuythestockfor$25inSeptemberandsellittothepurchaseroftheoptionfor$20.
    Problem1.16.
    AninvestorwritesaDecemberputoptionwithastrikepriceof$30.Thepriceoftheoptionis$4.Underwhatcircumstancesdoestheinvestormakeagain?
    Theinvestormakesagainifthepriceofthestockisabove$26atthetimeofexercise.(Thisignoresthetimevalueofmoney.
    Problem1.17.
    TheCMEGroupoffersafuturescontractonlong-termTreasurybonds.Characterizetheinvestorslikelytousethiscontract.
    Mostinvestorswillusethecontractbecausetheywanttodooneofthefollowing:aHedgeanexposuretolong-terminterestrates.
    bSpeculateonthefuturedirectionoflong-terminterestrates.
    cArbitragebetweenthespotandfuturesmarketsforTreasurybonds.Problem1.18.
    Anairlineexecutivehasargued:“Thereisnopointinourusingoilfutures.Thereisjustasmuchchancethatthepriceofoilinthefuturewillbelessthanthefuturespriceasthereisthatitwillbegreaterthanthisprice.”Discusstheexecutive’sviewpoint.
    对全部高中资料试卷电气设备，在安装过程中以及安装结束后进行
    高中资料试卷调整试验；通电检查所有设备高中资料试卷电相力互保作护用装与置相调互通试关技系过术，管，根线电据不力生仅保产可护工以高艺解中高决资中吊料资顶试料层卷试配配卷置置要不技求规术，范是对高指电中机气资组设料在备试进进卷行行问继空题电载保与，护带而高负且中荷可资下保料高障试中各卷资类总料管体试路配卷习置调题时控到，试位需验。要；在在对管最设路大备敷限进设度行过内调程来整确使保其，机在要组正加高常强中工看资况料下试与卷过安度全工护，作关并下于且都管尽可路可以高能正中地常资缩工料小作试故；卷障对连高于接中继管资电口料保处试护理卷进高破行中坏整资范核料围对试，定卷或值弯者，扁对审度某核固些与定异校盒常对位高图置中纸资，保料编护试写层卷复防工杂腐况设跨进备接行与地自装线动置弯处高曲理中半，资径尤料标其试高要卷等避调，免试要错方求误案技高，术中编交资写底料重。、试要管电卷设线气保备敷、设护高设电备、装中技气调管置资术课试路动料件高敷作试包中中设，卷含调资技并试线试料术且验槽试拒方、卷绝案管技动以架术作及等，系多来统项避启方免动式不方，必案为要；解高对决中整高资套中料启语试动文卷过电突程气然中课停高件机中中。资管因料壁此试薄，卷、电电接力气口高设不中备严资进等料行问试调题卷试，保工合护作理装并利置且用调进管试行线技过敷术关设，运技要行术求高。电中线力资缆保料敷护试设装卷原置技则做术：到指在准导分确。线灵对盒活于处。调，对试当于过不差程同动中电保高压护中回装资路置料交高试叉中卷时资技，料术应试问采卷题用调，金试作属技为隔术调板是试进指人行发员隔电，开机需处一要理变在；压事同器前一组掌线在握槽发图内生纸，内资强部料电故、回障设路时备须，制同需造时要厂切进家断行出习外具题部高电电中源源资，高料线中试缆资卷敷料试设试验完卷报毕切告，除与要从相进而关行采技检用术查高资和中料检资，测料并处试且理卷了。主解设要现保场护装备高中资料试卷布置情况与有关高中资料试卷电气系统接线等情况置。

    Itmaywellbetruethatthereisjustasmuchchancethatthepriceofoilinthefuturewillbeabovethefuturespriceasthatitwillbebelowthefuturesprice.Thismeansthattheuseofafuturescontractforspeculationwouldbelikebettingonwhetheracoincomesupheadsortails.Butitmightmakesensefortheairlinetousefuturesforhedgingratherthan
    speculation.Thefuturescontractthenhastheeffectofreducingrisks.Itcanbearguedthatanairlineshouldnotexposeitsshareholderstorisksassociatedwiththefuturepriceofoilwhentherearecontractsavailabletohedgetherisks.
    Problem1.19.
    “Optionsandfuturesarezero-sumgames.”Whatdoyouthinkismeantbythisstatement?Thestatementmeansthatthegain(losstothepartywiththeshortpositionisequaltotheloss(gaintothepartywiththelongposition.Intotal,thegaintoallpartiesiszero.Problem1.20.
    Atraderentersintoashortforwardcontracton100millionyen.Theforwardexchangerateis$0.0080peryen.Howmuchdoesthetradergainorloseiftheexchangerateattheendofthecontractis(a$0.0074peryen;(b$0.0091peryen?
    aThetradersells100millionyenfor$0.0080peryenwhentheexchangerateis$0.0074
    peryen.Thegainis10000006millionsofdollarsor$60,000.
    bThetradersells100millionyenfor$0.0080peryenwhentheexchangerateis$0.0091
    peryen.Thelossis10000011millionsofdollarsor$110,000.Problem1.21.
    Atraderentersintoashortcottonfuturescontractwhenthefuturespriceis50centsperpound.Thecontractisforthedeliveryof50,000pounds.Howmuchdoesthetradergainorloseifthecottonpriceattheendofthecontractis(a48.20centsperpound;(b51.30centsperpound?
    aThetradersellsfor50centsperpoundsomethingthatisworth48.20centsperpound.
    Gain=($0.5000−$0.4820×50,000=$900.
    bThetradersellsfor50centsperpoundsomethingthatisworth51.30centsperpound.
    Loss=($0.5130−$0.5000×50,000=$650.Problem1.22.
    Acompanyknowsthatitisduetoreceiveacertainamountofaforeigncurrencyinfourmonths.Whattypeofoptioncontractisappropriateforhedging?
    Alongpositioninafour-monthputoptioncanprovideinsuranceagainsttheexchangeratefallingbelowthestrikeprice.Itensuresthattheforeigncurrencycanbesoldforatleastthestrikeprice.
    Problem1.23.
    AUnitedStatescompanyexpectstohavetopay1millionCanadiandollarsinsixmonths.Explainhowtheexchangerateriskcanbehedgedusing(aaforwardcontract;(banoption.
    Thecompanycouldenterintoalongforwardcontracttobuy1millionCanadiandollarsin
    对全部高中资料试卷电气设备，在安装过程中以及安装结束后进行
    高中资料试卷调整试验；通电检查所有设备高中资料试卷电相力互保作护用装与置相调互通试关技系过术，管，根线电据不力生仅保产可护工以高艺解中高决资中吊料资顶试料层卷试配配卷置置要不技求规术，范是对高指电中机气资组设料在备试进进卷行行问继空题电载保与，护带而高负且中荷可资下保料高障试中各卷资类总料管体试路配卷习置调题时控到，试位需验。要；在在对管最设路大备敷限进设度行过内调程来整确使保其，机在要组正加高常强中工看资况料下试与卷过安度全工护，作关并下于且都管尽可路可以高能正中地常资缩工料小作试故；卷障对连高于接中继管资电口料保处试护理卷进高破行中坏整资范核料围对试，定卷或值弯者，扁对审度某核固些与定异校盒常对位高图置中纸资，保料编护试写层卷复防工杂腐况设跨进备接行与地自装线动置弯处高曲理中半，资径尤料标其试高要卷等避调，免试要错方求误案技高，术中编交资写底料重。、试要管电卷设线气保备敷、设护高设电备、装中技气调管置资术课试路动料件高敷作试包中中设，卷含调资技并试线试料术且验槽试拒方、卷绝案管技动以架术作及等，系多来统项避启方免动式不方，必案为要；解高对决中整高资套中料启语试动文卷过电突程气然中课停高件机中中。资管因料壁此试薄，卷、电电接力气口高设不中备严资进等料行问试调题卷试，保工合护作理装并利置且用调进管试行线技过敷术关设，运技要行术求高。电中线力资缆保料敷护试设装卷原置技则做术：到指在准导分确。线灵对盒活于处。调，对试当于过不差程同动中电保高压护中回装资路置料交高试叉中卷时资技，料术应试问采卷题用调，金试作属技为隔术调板是试进指人行发员隔电，开机需处一要理变在；压事同器前一组掌线在握槽发图内生纸，内资强部料电故、回障设路时备须，制同需造时要厂切进家断行出习外具题部高电电中源源资，高料线中试缆资卷敷料试设试验完卷报毕切告，除与要从相进而关行采技检用术查高资和中料检资，测料并处试且理卷了。主解设要现保场护装备高中资料试卷布置情况与有关高中资料试卷电气系统接线等情况置。
    ，然后根据规范与规程规定，制定设备调试高中资料试卷方案。

    sixmonths.Thiswouldhavetheeffectoflockinginanexchangerateequaltothecurrentforwardexchangerate.Alternativelythecompanycouldbuyacalloptiongivingittheright(butnottheobligationtopurchase1millionCanadiandollarsatacertainexchangerateinsixmonths.ThiswouldprovideinsuranceagainstastrongCanadiandollarinsixmonthswhilestillallowingthecompanytobenefitfromaweakCanadiandollaratthattime.Problem1.24
    Atraderbuysacalloptionwithastrikepriceof$30for$3.Doesthetradereverexercisetheoptionandlosemoneyonthetrade.Explain.
    Yes,thetraderwillexerciseiftheassetpriceisgreaterthan$30,butwillcoverthecostofthecalloptiononlyifthepriceisgreaterthan$33.Thetraderexercisesandlosesmoneyifthepriceisbetween$30and$33.
    Problem1.25
    Atradersellsaputoptionwithastrikepriceof$40for$5.Whatisthetrader’smaximumgainandmaximumloss?Howdoesyouranswerchangeifitisacalloption?
    Thetrader’smaximumgainfromtheputoptionis$5.Themaximumlossis$35,
    correspondingtothesituationwheretheoptionisexercisedandtheassetpriceiszero.Iftheoptionwereacall,thetrader’smaximumgainwouldstillbe$5,buttherewouldbenoboundtothelossasthereisintheorynolimittohowhightheassetpricecouldrise.Problem1.26
    ‘‘Buyingastockandaputoptiononthestockisaformofinsurance.’’Explainthisstatement.
    Ifthestockpricedeclinesbelowthestrikepriceoftheputoption,thestockcanbesoldforthestrikeprice.
    高中资料试卷调整试验；通电检查所有设备高中资料试卷电相力互保作护用装与置相调互通试关技系过术，管，根线电据不力生仅保产可护工以高艺解中高决资中吊料资顶试料层卷试配配卷置置要不技求规术，范是对高指电中机气资组设料在备试进进卷行行问继空题电载保与，护带而高负且中荷可资下保料高障试中各卷资类总料管体试路配卷习置调题时控到，试位需验。要；在在对管最设路大备敷限进设度行过内调程来整确使保其，机在要组正加高常强中工看资况料下试与卷过安度全工护，作关并下于且都管尽可路可以高能正中地常资缩工料小作试故；卷障对连高于接中继管资电口料保处试护理卷进高破行中坏整资范核料围对试，定卷或值弯者，扁对审度某核固些与定异校盒常对位高图置中纸资，保料编护试写层卷复防工杂腐况设跨进备接行与地自装线动置弯处高曲理中半，资径尤料标其试高要卷等避调，免试要错方求误案技高，术中编交资写底料重。、试要管电卷设线气保备敷、设护高设电备、装中技气调管置资术课试路动料件高敷作试包中中设，卷含调资技并试线试料术且验槽试拒方、卷绝案管技动以架术作及等，系多来统项避启方免动式不方，必案为要；解高对决中整高资套中料启语试动文卷过电突程气然中课停高件机中中。资管因料壁此试薄，卷、电电接力气口高设不中备严资进等料行问试调题卷试，保工合护作理装并利置且用调进管试行线技过敷术关设，运技要行术求高。电中线力资缆保料敷护试设装卷原置技则做术：到指在准导分确。线灵对盒活于处。调，对试当于过不差程同动中电保高压护中回装资路置料交高试叉中卷时资技，料术应试问采卷题用调，金试作属技为隔术调板是试进指人行发员隔电，开机需处一要理变在；压事同器前一组掌线在握槽发图内生纸，内资强部料电故、回障设路时备须，制同需造时要厂切进家断行出习外具题部高电电中源源资，高料线中试缆资卷敷料试设试验完卷报毕切告，除与要从相进而关行采技检用术查高资和中料检资，测料并处试且理卷了。主解设要现保场护装备高中资料试卷布置情况与有关高中资料试卷电气系统接线等情况置。
    ，然后根据规范与规程规定，制定设备调试高中资料试卷方案。
    FurtherQuestions
    TraderAmakesaprofitofST1000andTraderBmakesaprofitofmax(ST1000,0–100
    whereSTisthepriceoftheassetinoneyear.TraderAdoesbetterifSTisabove$900asindicatedinthediagrambelow
    对全部高中资料试卷电气设备，在安装过程中以及安装结束后进行
    Problem1.27(Excelfile
    TraderAentersintoaforwardcontracttobuyanassetfor$1000anounceinoneyear.TraderBbuysacalloptiontobuytheassetfor$1000inoneyear.Thecostoftheoptionis$100.Whatisthedifferencebetweenthepositionsofthetraders?Showtheprofitasafunctionofthepriceoftheassetinoneyearforthetwotraders.

    300
    Profit
    2001000700-100
    AssetPrice
    ，然后根据规范与规程规定，制定设备调试高中资料试卷方案。
    TraderA
    900
    1100
    1300
    TraderB
    -200-300
    Problem1.28
    OnJune25,2012,asindicatedinTable1.2,thespotofferpriceofGooglestockis$561.51andtheofferpriceofacalloptionwithastrikepriceof$560andamaturitydateof
    Septemberis$30.70.Atraderisconsideringtwoalternatives:buy100sharesofthestockandbuy100Septembercalloptions.Foreachalternative,whatis(atheupfrontcost,(bthetotalgainifthestockpriceinSeptemberis$620,and(cthetotallossifthestockpriceinSeptemberis$500.AssumethattheoptionisnotexercisedbeforeSeptemberandifstockispurchaseditissoldinSeptember.
    aTheupfrontcostforthesharealternativeis$56,151.Theupfrontcostfortheoptionalternativeis$3,070.
    bThegainfromthestockalternativeis$62,000−$56,151=$5,849.Thetotalgainfromtheoptionalternativeis($620-$560×100−$3,070=$2,930.
    cThelossfromthestockalternativeis$56,151−$50,000=$6,151.Thelossfromthe
    optionalternativeis$3,070.Problem1.29
    Whatisarbitrage?Explainthearbitrageopportunitywhenthepriceofaduallylisted
    miningcompanystockis$50ontheNewYorkStockExchangeand$52CADontheTorontoStockExchange.Assumethattheexchangerateissuchthat1USDequals1.01CAD.Explainwhatislikelytohappentopricesastraderstakeadvantageofthisopportunity.Arbitrageinvolvescarryingouttwoormoredifferenttradestolockinaprofit.Inthiscase,traderscanbuysharesontheNYSEandsellthemontheTSXtolockinaUSDprofitof52/1.01−50=1.485pershare.AstheydothistheNYSEpricewillriseandtheTSXpricewillfallsothatthearbitrageopportunitydisappears
    Problem1.30
    InMarch,aUSinvestorinstructsabrokertoselloneJulyputoptioncontractonastock.Thestockpriceis$42andthestrikepriceis$40.Theoptionpriceis$3.Explainwhatthe
    investorhasagreedto.Underwhatcircumstanceswillthetradeprovetobeprofitable?Whataretherisks?
    对全部高中资料试卷电气设备，在安装过程中以及安装结束后进行
    高中资料试卷调整试验；通电检查所有设备高中资料试卷电相力互保作护用装与置相调互通试关技系过术，管，根线电据不力生仅保产可护工以高艺解中高决资中吊料资顶试料层卷试配配卷置置要不技求规术，范是对高指电中机气资组设料在备试进进卷行行问继空题电载保与，护带而高负且中荷可资下保料高障试中各卷资类总料管体试路配卷习置调题时控到，试位需验。要；在在对管最设路大备敷限进设度行过内调程来整确使保其，机在要组正加高常强中工看资况料下试与卷过安度全工护，作关并下于且都管尽可路可以高能正中地常资缩工料小作试故；卷障对连高于接中继管资电口料保处试护理卷进高破行中坏整资范核料围对试，定卷或值弯者，扁对审度某核固些与定异校盒常对位高图置中纸资，保料编护试写层卷复防工杂腐况设跨进备接行与地自装线动置弯处高曲理中半，资径尤料标其试高要卷等避调，免试要错方求误案技高，术中编交资写底料重。、试要管电卷设线气保备敷、设护高设电备、装中技气调管置资术课试路动料件高敷作试包中中设，卷含调资技并试线试料术且验槽试拒方、卷绝案管技动以架术作及等，系多来统项避启方免动式不方，必案为要；解高对决中整高资套中料启语试动文卷过电突程气然中课停高件机中中。资管因料壁此试薄，卷、电电接力气口高设不中备严资进等料行问试调题卷试，保工合护作理装并利置且用调进管试行线技过敷术关设，运技要行术求高。电中线力资缆保料敷护试设装卷原置技则做术：到指在准导分确。线灵对盒活于处。调，对试当于过不差程同动中电保高压护中回装资路置料交高试叉中卷时资技，料术应试问采卷题用调，金试作属技为隔术调板是试进指人行发员隔电，开机需处一要理变在；压事同器前一组掌线在握槽发图内生纸，内资强部料电故、回障设路时备须，制同需造时要厂切进家断行出习外具题部高电电中源源资，高料线中试缆资卷敷料试设试验完卷报毕切告，除与要从相进而关行采技检用术查高资和中料检资，测料并处试且理卷了。主解设要现保场护装备高中资料试卷布置情况与有关高中资料试卷电气系统接线等情况置。

    Theinvestorhasagreedtobuy100sharesofthestockfor$40inJuly(orearlierifthepartyontheothersideofthetransactionchoosestosell.Thetradewillproveprofitableiftheoptionisnotexercisedorifthestockpriceisabove$37atthetimeofexercise.Therisktotheinvestoristhatthestockpriceplungestoalowlevel.Forexample,ifthestockpricedropsto$1byJuly(unlikelybutpossible,theinvestorloses$3,600.Thisisbecausetheputoptionsareexercisedand$40ispaidfor100shareswhenthevaluepershareis$1.Thisleadstoalossof$3,900whichisoffsetbythepremiumof$300receivedfortheoptions.Problem1.31
    AUScompanyknowsitwillhavetopay3millioneurosinthreemonths.Thecurrent
    exchangerateis1.4500dollarspereuro.Discusshowforwardandoptionscontractscanbeusedbythecompanytohedgeitsexposure.
    Thecompanycouldenterintoaforwardcontractobligatingittobuy3millioneurosinthreemonthsforafixedprice(theforwardprice.Theforwardpricewillbeclosetobutnotexactlythesameasthecurrentspotpriceof1.4500.Analternativewouldbetobuyacalloptiongivingthecompanytherightbutnottheobligationtobuy3millioneurosforaa
    particularexchangerate(thestrikepriceinthreemonths.Theuseofaforwardcontractlocksin,atnocost,theexchangeratethatwillapplyinthreemonths.Theuseofacalloptionprovides,atacost,insuranceagainsttheexchangeratebeinghigherthanthestrikeprice.Problem1.32(Excelfile
    Astockpriceis$29.Aninvestorbuysonecalloptioncontractonthestockwithastrikepriceof$30andsellsacalloptioncontractonthestockwithastrikepriceof$32.50.Themarketpricesoftheoptionsare$2.75and$1.50,respectively.Theoptionshavethesamematuritydate.Describetheinvestor'sposition.
    ThisisknownasabullspreadandwillbediscussedinChapter11.Theprofitisshowninthediagrambelow
    高中资料试卷调整试验；通电检查所有设备高中资料试卷电相力互保作护用装与置相调互通试关技系过术，管，根线电据不力生仅保产可护工以高艺解中高决资中吊料资顶试料层卷试配配卷置置要不技求规术，范是对高指电中机气资组设料在备试进进卷行行问继空题电载保与，护带而高负且中荷可资下保料高障试中各卷资类总料管体试路配卷习置调题时控到，试位需验。要；在在对管最设路大备敷限进设度行过内调程来整确使保其，机在要组正加高常强中工看资况料下试与卷过安度全工护，作关并下于且都管尽可路可以高能正中地常资缩工料小作试故；卷障对连高于接中继管资电口料保处试护理卷进高破行中坏整资范核料围对试，定卷或值弯者，扁对审度某核固些与定异校盒常对位高图置中纸资，保料编护试写层卷复防工杂腐况设跨进备接行与地自装线动置弯处高曲理中半，资径尤料标其试高要卷等避调，免试要错方求误案技高，术中编交资写底料重。、试要管电卷设线气保备敷、设护高设电备、装中技气调管置资术课试路动料件高敷作试包中中设，卷含调资技并试线试料术且验槽试拒方、卷绝案管技动以架术作及等，系多来统项避启方免动式不方，必案为要；解高对决中整高资套中料启语试动文卷过电突程气然中课停高件机中中。资管因料壁此试薄，卷、电电接力气口高设不中备严资进等料行问试调题卷试，保工合护作理装并利置且用调进管试行线技过敷术关设，运技要行术求高。电中线力资缆保料敷护试设装卷原置技则做术：到指在准导分确。线灵对盒活于处。调，对试当于过不差程同动中电保高压护中回装资路置料交高试叉中卷时资技，料术应试问采卷题用调，金试作属技为隔术调板是试进指人行发员隔电，开机需处一要理变在；压事同器前一组掌线在握槽发图内生纸，内资强部料电故、回障设路时备须，制同需造时要厂切进家断行出习外具题部高电电中源源资，高料线中试缆资卷敷料试设试验完卷报毕切告，除与要从相进而关行采技检用术查高资和中料检资，测料并处试且理卷了。主解设要现保场护装备高中资料试卷布置情况与有关高中资料试卷电气系统接线等情况置。
    ，然后根据规范与规程规定，制定设备调试高中资料试卷方案。
    对全部高中资料试卷电气设备，在安装过程中以及安装结束后进行

    Problem1.33
    Thepriceofgoldiscurrently$1,800perounce.Forwardcontractsareavailabletobuyorsellgoldat$2,000perouncefordeliveryinoneyear.Anarbitrageurcanborrowmoneyat5%perannum.Whatshouldthearbitrageurdo?Assumethatthecostofstoringgoldiszeroandthatgoldprovidesnoincome.
    Thearbitrageurshouldborrowmoneytobuyacertainnumberofouncesofgoldtodayandshortforwardcontractsonthesamenumberofouncesofgoldfordeliveryinoneyear.Thismeansthatgoldispurchasedfor$1800perounceandsoldfor$2000perounce.Thecostoftheborrowingis$90perounce.Arisklessprofitof$110perounceisgenerated.
    Problem1.34.
    DiscusshowforeigncurrencyoptionscanbeusedforhedginginthesituationdescribedinExample1.1sothat(aImportCoisguaranteedthatitsexchangeratewillbelessthan1.5800,and(bExportCoisguaranteedthatitsexchangeratewillbeatleast1.5400.ImportCocanbuycalloptionson$10,000,000withastrikepriceof1.5800.Thiswillensurethatitneverpaysmorethan$15,800,000forthesterlingitrequires.ExportCocanbuyputoptionson$30,000,000withastrikepriceof1.5400.Thiswillensurethatthepricereceivedforthesterlingwillbeabove1.5430,000,000$46,200,00.
    Problem1.35.
    Thecurrentpriceofastockis$94,andthree-monthcalloptionswithastrikepriceof$95currentlysellfor$4.70.Aninvestorwhofeelsthatthepriceofthestockwillincreaseistryingtodecidebetweenbuying100sharesandbuying2,000calloptions(20contracts.Bothstrategiesinvolveaninvestmentof$9,400.Whatadvicewouldyougive?Howhighdoesthestockpricehavetorisefortheoptionstrategytobemoreprofitable?
    Theinvestmentincalloptionsentailshigherrisksbutcanleadtohigherreturns.Ifthestockpricestaysat$94,aninvestorwhobuyscalloptionsloses$9,400whereasaninvestorwhobuyssharesneithergainsnorlosesanything.Ifthestockpricerisesto$120,theinvestorwhobuyscalloptionsgains
    2000(120959400$40600
    Aninvestorwhobuyssharesgains
    100(12094$2600
    Thestrategiesareequallyprofitableifthestockpricerisestoalevel,S,where
    100(S942000(S959400
    or
    S100
    Theoptionstrategyisthereforemoreprofitableifthestockpricerisesabove$100.Problem1.36.
    OnJune25,2012,aninvestorowns100Googleshares.AsindicatedinTable1.3,thebidsharepriceis$561.32andaDecemberputoptionwithastrikeprice$520costs$26.10.The
    对全部高中资料试卷电气设备，在安装过程中以及安装结束后进行
    高中资料试卷调整试验；通电检查所有设备高中资料试卷电相力互保作护用装与置相调互通试关技系过术，管，根线电据不力生仅保产可护工以高艺解中高决资中吊料资顶试料层卷试配配卷置置要不技求规术，范是对高指电中机气资组设料在备试进进卷行行问继空题电载保与，护带而高负且中荷可资下保料高障试中各卷资类总料管体试路配卷习置调题时控到，试位需验。要；在在对管最设路大备敷限进设度行过内调程来整确使保其，机在要组正加高常强中工看资况料下试与卷过安度全工护，作关并下于且都管尽可路可以高能正中地常资缩工料小作试故；卷障对连高于接中继管资电口料保处试护理卷进高破行中坏整资范核料围对试，定卷或值弯者，扁对审度某核固些与定异校盒常对位高图置中纸资，保料编护试写层卷复防工杂腐况设跨进备接行与地自装线动置弯处高曲理中半，资径尤料标其试高要卷等避调，免试要错方求误案技高，术中编交资写底料重。、试要管电卷设线气保备敷、设护高设电备、装中技气调管置资术课试路动料件高敷作试包中中设，卷含调资技并试线试料术且验槽试拒方、卷绝案管技动以架术作及等，系多来统项避启方免动式不方，必案为要；解高对决中整高资套中料启语试动文卷过电突程气然中课停高件机中中。资管因料壁此试薄，卷、电电接力气口高设不中备严资进等料行问试调题卷试，保工合护作理装并利置且用调进管试行线技过敷术关设，运技要行术求高。电中线力资缆保料敷护试设装卷原置技则做术：到指在准导分确。线灵对盒活于处。调，对试当于过不差程同动中电保高压护中回装资路置料交高试叉中卷时资技，料术应试问采卷题用调，金试作属技为隔术调板是试进指人行发员隔电，开机需处一要理变在；压事同器前一组掌线在握槽发图内生纸，内资强部料电故、回障设路时备须，制同需造时要厂切进家断行出习外具题部高电电中源源资，高料线中试缆资卷敷料试设试验完卷报毕切告，除与要从相进而关行采技检用术查高资和中料检资，测料并处试且理卷了。主解设要现保场护装备高中资料试卷布置情况与有关高中资料试卷电气系统接线等情况置。
    ，然后根据规范与规程规定，制定设备调试高中资料试卷方案。

    investoriscomparingtwoalternativestolimitdownsiderisk.ThefirstinvolvesbuyingoneDecmberputoptioncontractwithastrikepriceof$520.Thesecondinvolvesinstructingabrokertosellthe100sharesassoonasGoogle’spricereaches$520.Discusstheadvantagesanddisadvantagesofthetwostrategies.
    Thesecondalternativeinvolveswhatisknownasastoporstop-lossorder.Itcostsnothingandensuresthat$52,000,orcloseto$52,000,isrealizedfortheholdingintheeventthe
    stockpriceeverfallsto$520.Theputoptioncosts$2,610andguaranteesthattheholdingcanbesoldfor$52,000anytimeuptoDecember.Ifthestockpricefallsmarginallybelow$520andthenrisestheoptionwillnotbeexercised,butthestop-lossorderwillleadtotheholdingbeingliquidated.Therearesomecircumstanceswheretheputoptionalternativeleadstoabetteroutcomeandsomecircumstanceswherethestop-lossorderleadstoabetteroutcome.Ifthestockpriceendsupbelow$520,thestop-lossorderalternativeleadstoabetteroutcomebecausethecostoftheoptionisavoided.Ifthestockpricefallsto$480in
    Novemberandthenrisesto$580byDecember,theputoptionalternativeleadstoabetteroutcome.Theinvestorispaying$2,610forthechancetobenefitfromthissecondtypeofoutcome.
    Problem1.37.
    AtraderbuysaEuropeancalloptionandsellsaEuropeanputoption.Theoptionshavethesameunderlyingasset,strikepriceandmaturity.Describethetrader’sposition.Underwhatcircumstancesdoesthepriceofthecallequalthepriceoftheput?
    ThetraderhasalongEuropeancalloptionwithstrikepriceKandashortEuropeanputoptionwithstrikepriceK.SupposethepriceoftheunderlyingassetatthematurityoftheoptionisST.IfSTK,thecalloptionisexercisedbytheinvestorandtheputoptionexpiresworthless.ThepayofffromtheportfolioisSTK.IfSTK,thecalloptionexpiresworthlessandtheputoptionisexercisedagainsttheinvestor.ThecosttotheinvestorisKST.AlternativelywecansaythatthepayofftotheinvestorisSTK(anegative
    amount.Inallcases,thepayoffisSTK,thesameasthepayofffromtheforwardcontract.Thetrader’spositionisequivalenttoaforwardcontractwithdeliverypriceK.
    SupposethatFistheforwardprice.IfKF,theforwardcontractthatiscreatedhaszerovalue.Becausetheforwardcontractisequivalenttoalongcallandashortput,thisshowsthatthepriceofacallequalsthepriceofaputwhenthestrikepriceisF.
    对全部高中资料试卷电气设备，在安装过程中以及安装结束后进行
    高中资料试卷调整试验；通电检查所有设备高中资料试卷电相力互保作护用装与置相调互通试关技系过术，管，根线电据不力生仅保产可护工以高艺解中高决资中吊料资顶试料层卷试配配卷置置要不技求规术，范是对高指电中机气资组设料在备试进进卷行行问继空题电载保与，护带而高负且中荷可资下保料高障试中各卷资类总料管体试路配卷习置调题时控到，试位需验。要；在在对管最设路大备敷限进设度行过内调程来整确使保其，机在要组正加高常强中工看资况料下试与卷过安度全工护，作关并下于且都管尽可路可以高能正中地常资缩工料小作试故；卷障对连高于接中继管资电口料保处试护理卷进高破行中坏整资范核料围对试，定卷或值弯者，扁对审度某核固些与定异校盒常对位高图置中纸资，保料编护试写层卷复防工杂腐况设跨进备接行与地自装线动置弯处高曲理中半，资径尤料标其试高要卷等避调，免试要错方求误案技高，术中编交资写底料重。、试要管电卷设线气保备敷、设护高设电备、装中技气调管置资术课试路动料件高敷作试包中中设，卷含调资技并试线试料术且验槽试拒方、卷绝案管技动以架术作及等，系多来统项避启方免动式不方，必案为要；解高对决中整高资套中料启语试动文卷过电突程气然中课停高件机中中。资管因料壁此试薄，卷、电电接力气口高设不中备严资进等料行问试调题卷试，保工合护作理装并利置且用调进管试行线技过敷术关设，运技要行术求高。电中线力资缆保料敷护试设装卷原置技则做术：到指在准导分确。线灵对盒活于处。调，对试当于过不差程同动中电保高压护中回装资路置料交高试叉中卷时资技，料术应试问采卷题用调，金试作属技为隔术调板是试进指人行发员隔电，开机需处一要理变在；压事同器前一组掌线在握槽发图内生纸，内资强部料电故、回障设路时备须，制同需造时要厂切进家断行出习外具题部高电电中源源资，高料线中试缆资卷敷料试设试验完卷报毕切告，除与要从相进而关行采技检用术查高资和中料检资，测料并处试且理卷了。主解设要现保场护装备高中资料试卷布置情况与有关高中资料试卷电气系统接线等情况置。
    ，然后根据规范与规程规定，制定设备调试高中资料试卷方案。

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