張同學(xué)
2017-11-26 07:311. Embedded put option will reduce the effective duration of the bond,and call option will increase the effective duration of the bond 對(duì)嗎？？ 2. 能再講一下，在fixed income中，call option vs. warrants 區(qū)別？
所屬：CFA Level I 視頻位置 相關(guān)試題
來(lái)源： 視頻位置 相關(guān)試題
1個(gè)回答
金融慕播課賀老師助教
2017-11-27 11:33
該回答已被題主采納
同學(xué)你好，第一句話(huà)是錯(cuò)誤的。
無(wú)論是put option還是call option，都是會(huì)減少duration的。
call option 和 warrants完全沒(méi)有關(guān)系。書(shū)上原話(huà)是這樣的。
warrant是類(lèi)似于可轉(zhuǎn)換option的一個(gè)金融產(chǎn)品，但是不是內(nèi)含的option，而是一種附加的option。conversion option是你可以選擇時(shí)間進(jìn)行債轉(zhuǎn)股，比例是定好的。warrant是股票購(gòu)買(mǎi)價(jià)格是一定的。
Although somewhat similar in purpose to a conversion option, a warrant is actually not an embedded option but rather an “attached” option. A warrant entitles the holder to buy the underlying stock of the issuing company at a fixed exercise price until the expiration date. Warrants are considered yield enhancements; they are frequently attached to bond issues as a “sweetener.” Warrants are actively traded in some financial markets, such as the Deutsche B?rse and the Hong Kong Stock Exchange.
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