期权、期货及其他衍生产品课件3金融工程学.ppt
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1、Determination of Forward and Futures PricesChapter 51Consumption vs Investment AssetslInvestment assets are assets held by significant numbers of people purely for investment purposes(Examples:stock,bond,gold,silver)lConsumption assets are assets held primarily for consumption(Examples:copper,oil)2S
2、hort Selling(Page 99-101)lShort selling involves selling securities you do not ownlYour broker borrows the securities from another client and sells them in the market in the usual waylAt some stage you must buy the securities back so they can be replaced in the account of the client3Short Selling(co
3、ntinued)lIf at any time while the contract is open the broker is not able to borrow shares,the investor is forced to close out the position,even if not ready to do so,called short-squeezed(挤空,挟仓).lYou must pay dividends and other benefits the owner of the securities receives4Example The investor is
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- 期权 期货 及其 衍生 产品 课件 金融 工程学
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