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LeaseCALLOPTION;PUTOPTION.LongCallSortCallLongPutShortPutWarrant)207019708AT&TF=$1000,10.375%2014%30$760=F-P=1000-760=$240=240/30=$8niniPVIFFPVIFACPV,,×+×=(stepped-upexerciseprices)10%——30%ARight)00000A1A2A1A2ConvertibleBonds)1843NewYorkErie1992122000200367%19995%200235%——100(Callable)Puttable)1997325200112251076640801997319971219988200155320014604003-510-1532001-2003.33%--5%,,.2002,300.1%,95%2003.4,1592.7198.70.503%13.552.558.3385854051554.953.2545A1554.13759.5516520511.93A454052035512.557.6575858.85532004730StraightValueconversionRatio=/conversionValue=*conversionBreak-even=/conversionPremiumAmericanoptionsEuropeanoptionscalloptioncalloptionputoption0Black-scholesBlack-scholesTsiveriotisFernandes1998—Black-scholes2001Newton-Raphson5%—20%9.02%25.00/6.11%3.30/2.77%10.00/2.00%12.09/7.00%11.46/2.00%12.10/23.00%8.78/10.00%10.59/0.10%9.68/0.20%5.8/1.00%10.11/0.10%8.13/0.10%6.90/3.00%7.43/98%,96%,94%,92%98%,96%,94%,92%95%,94%,93%,92%()(95%)P0NKADP1P1=P01NP1=P0AK1KPP0Ak1nkP1=P0D199983200082250%250%35200083200182180%180%25200183200282100%100%1520028320038230%30%10A30107.36“-”BrennanSchwartz1981“”“”“”BrennanSchwartz1981“”BerlyMeans1933“”JensonMeckling1976“”“”Jenson1986Stulz1990HartMoore1995Jenson1986“”Isagawa2000“”——Isagawa2000——Mayers1998
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