1、 Lease CALL OPTION; PUT OPTION. Long Call Sort Call Long Put Short Put Warrant) 20 70 1970 8 AT&T F=$1000, 10.375% 20 14% 30 $760 =F-P=1000-760=$240 =240/30=$8 n i n i PVIF F PVIFA C PV , , + = (stepped-up exercise prices) 10%30% A Right) 0 0 0 0 0 A1 A2 A1 A2 Convertible Bonds) 1843 New York Erie 1
2、992 12 2000 2003 67% 1999 5% 2002 35% 100 (Callable) Puttable) 1997 3 25 2001 12 25 10 7 6 6 40 80 1997 3 1997 12 1998 8 2001 5 5 3 2001 4 60 400 3-5 10-15 3 2001-2003.3 3%- 5% , , . 2002 , 30 0.1%, 95% 2003.4, 1592.7 198.7 0.503% 13.5 5 2.5 5 8.3 3 8 5 8 5 40 5 15 5 4.9 5 3.2 5 4 5 A 15 5 4.1 3 7 5 9.5 5 16 5 20 5 11.9 3 A 4 5 40 5 20 3 5 5 12.5 5 7.6 5 7 5 8 5 8.8 5 5 3 2004 7 30 Straight Value conversion Ratio = / conversion Value = * conversion Break-even = / conversion Premium American options European options call option call option put option 0
