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**CHAPTER 16 OPTION VALUATION
**

1. The intrinsic value = 55 – 50 = 5.00. The time value = 6.50 – 5.00 = 1.50 2. Put = 2.25 – 33 + 35 / e.04x.25 = 3.90 3. 2.50 = 3.00 – S + 75 / e.08 x1 , solving for S = 69.73 4. Put values also increase as the volatility of the underlying stock increases. We see this from the parity relationship as follows: C = P + S0 – PV(X) – PV(Dividends) Given a value of S and a risk-free interest rate, if C increases because of an increase in volatility, so must P in order to keep the parity equation in balance. Numerical example: Suppose you have a put with exercise price 100, and that the stock price can take on one of three values: 90, 100, 110. The payoff to the put for each stock price is: Stock price Put value 90 10 100 0 110 0

Now suppose the stock price can take on one of three alternate values also centered around 100, but with less volatility: 95, 100, 105. The payoff to the put for each stock price is: Stock price Put value 95 5 100 0 105 0

The payoff to the put in the low volatility example has one-half the expected value of the payoff in the high volatility example. 5. a. Put A must be written on the lower-priced stock. Otherwise, given the lower volatility of stock A, put A would sell for less than put B. b. Put B must be written on the stock with lower price. This would explain its higher value. c. Call B. Despite the higher price of stock B, call B is cheaper than call A. This can be explained by a lower time to maturity. d. Call B. This would explain its higher price. e. Not enough information. The call with the lower exercise price sells for more than the call with the higher exercise price. The values given are consistent with either stock having higher volatility.

16-1

Portfolio cost = 3S + 5P = $300 + 5P = $354.0: X 120 110 100 90 H edge ratio 0/30=0.545 ⇒ P = $54. S 45 50 55 d1 -0.Chapter 16 .7266 N(d 1 ) 0.545 Therefore 5P = $54. a. Note that.25 0. its hedge ratio increases to a maximum of 1.7662 8.545/5 = $10. When S = 130.10 = $354.000 10/30=0.2768 0.545 c. then P = 30. as the option becomes progressively more in the money.5987 0.91 16-2 .Option Valuation 6. When S = 80. Riskless portfolio 3 shares 5 puts Total S =80 240 150 390 S = 130 390 0 390 Present value = $390/1.00 7.391 0.333 20/30=0. then P = 0. The hedge ratio is: [(Pu – Pd)/(uS0 – dS0) = [(0 – 30)/(130 – 80)] = –3/5 b.666 30/30=1.

54 C rises to $7. P = $6.4466 C = S0 N(d1) − Xe–rT N(d2) = $7.Chapter 16 . A straddle is a call and a put. The change in the call price would be $1 only if: (i) there were a 100% probability that the call would be exercised. C falls to $5. e. and (ii) the interest rate were zero. The Black-Scholes value is: C + P = S0e = S0e − T δ − T δ N(d1) − Xe–rT N(d2) + Xe–rT [1 − N(d2)] − S0e − T δ [1 − N(d1)] [2 N(d1) − 1] + Xe–rT [1 − 2N(d2)] On the Excel spreadsheet (Spreadsheet 16.91 + ($110/1.88 C falls to $5.10) – $100 = $10.56 13.34 11. d1 = 0.455 ⇒ C = $10. The hedge ratio for the call is: [(Cu – Cd)/(uS0 – dS0)] = (20 – 0)/(130 – 80) = 2/5 Riskless portfolio 2 shares Short 5 calls Total S =80 160 0 160 S = 130 260 -100 160 P = C – S0 + PV(X) –5C + 200 = $160/1. 16-3 .91 = $10.60 12. the valuation formula is: B5*EXP(− B7*B3)*(2*E4 − 1) + B6*EXP(− B4*B3)*(1 − 2*E5) 14.34 – $50 + $49.5868 d2 = –0.91 10.14 C falls to $3. The call price will decrease by less than $1.91 Put-call parity relationship: $10.60 This value is from our Black-Scholes spreadsheet. but note that we could have derived the value from put-call parity: P = C – S0 + PV(X) = $7.2192 N(d1) = 0.40 C rises to $10. c.26 = $6. d.1343 N(d2) = 0. a.10 = $145.1 in the text). b.Option Valuation 9.

Chapter 16 .Option Valuation 16-4 .

e. The put's hedge ratio [N(d1) –1] approaches zero as N(d1) approaches 1.0000 10. The option elasticity exceeds 1. As S increases.2 24. Therefore. higher beta implies higher total stock volatility. 23. the option is effectively a levered investment and is more sensitive to interest rate changes.4136 8. The spreadsheet appears as follows: INPUTS Standard deviation (annual) Maturity (in years) Risk-free rate (annual) Stock Price Exercise price Dividend yield (annual) 0.0].3213 b. In other words. The call option with a high exercise price has a lower hedge ratio. Therefore. The put option’s implied volatility has increased. 21. The hedge ratio of the straddle is the sum of the hedge ratios for the two options: 0.0089 -0. 16. the value of the put option increases as beta increases.4 + (–0.6) = –0. If this were not the case. 20. the stock with high firm-specific risk has higher total volatility.Option Valuation 15.3213 0.Chapter 16 . 19.4076 The standard deviation is: 0. As X decreases. then the call price would have fallen. Holding beta constant.3568 16-5 . 22.0. If this were not the case.5 0. the hedge ratio of the call option [N(d1)] approaches one.5036 0. a. the option on the stock with a lot of firm-specific risk is worth more. The hedge ratio of a put option with a very small exercise price is zero.. Both d1 and N(d1) are lower when X is higher. exercise of the put becomes less and less likely. The call option is more sensitive to changes in interest rates. As the stock price becomes infinitely large. Holding firm-specific risk constant.2183 0. The call option is less in the money. The spreadsheet below shows the standard deviation has increased to: 0.0 [i.0.05 100 105 0 OUTPUTS d1 d2 N(d1) N(d2) B/S call value B/S put value 0. then the put price would have fallen. the probability of exercise approaches 1. 18. N(d1) approaches 1. 17. so the probability of exercise approaches zero. The call option’s implied volatility has increased.

so that. The shorter maturity decreases the value of the option.5 0. A put is more in the money.0000 12.0484 -0.4807 0.05 100 105 0 OUTPUTS d1 d2 N(d1) N(d2) B/S call value B/S put value 0.2406 when exercise price decreases to $100. c.3568 0.2406 0.4087 when maturity decreases to four months.0182 -0.33333 0. Implied volatility decreases to 0.0619 0.4075 25.4075 Implied volatility has increased because the value of an option increases with greater volatility.4128 9. INPUTS Standard deviation (annual) Maturity (in years) Risk-free rate (annual) Stock Price Exercise price Dividend yield (annual) 0. INPUTS Standard deviation (annual) Maturity (in years) Risk-free rate (annual) Stock Price Exercise price Dividend yield (annual) 0.Option Valuation INPUTS Standard deviation (annual) Maturity (in years) Risk-free rate (annual) Stock Price Exercise price Dividend yield (annual) 0.0318 -0.Chapter 16 .4087 0.2541 0. implied volatility decreases. In order for the option price to remain at $8.5917 0.2646 d. The decrease in exercise price increases the value of the call. Implied volatility increases to 0.0001 11.5 0.05 98 105 0 OUTPUTS d1 d2 N(d1) N(d2) B/S call value B/S put value -0. when its exercise price is higher: 16-6 .3997 8.2204 0. therefore.2320 0.0000 11. INPUTS Standard deviation (annual) Maturity (in years) Risk-free rate (annual) Stock Price Exercise price Dividend yield (annual) 0.05 100 105 0 OUTPUTS d1 d2 N(d1) N(d2) B/S call value B/S put value -0.3006 0.0010 5. in order to the option price to remain at $8.3566 0. and has a hedge ratio closer to –1. implied volatility must increase.5127 0.4928 0.5320 e. The decrease in stock price decreases the value of the call.5247 8.3819 8.05 100 100 0 OUTPUTS d1 d2 N(d1) N(d2) B/S call value B/S put value 0. implied volatility increases.5 0. in order for the option price to remain unchanged at $8.

The cost of the call-pluszero portfolio is: [C + PV(X + D)]. the value of the collar increases by $0. 16-7 .0 – N(d1) = –0. The delta of the collar is calculated as follows: Stock Short call Long put Total Delta 1.Chapter 16 .25. a.40.1 -0.40 0. Position Stock Put Total b. The cost of the stock-plus-put portfolio is (S0 + P).25 If the stock price increases by $1. c.5 -0.Option Valuation Put A B C X 10 20 30 Delta -0. The stock will be worth $1 more. and the call written is a liability that increases by $0. a. regardless of the stock price (ST).35 N(d1) – 1 = –0. the loss on the short put is $0. Therefore: S0 + P = C + PV(X + D) 27.35.9 26. Position Call Zeroes Total ST < X ST + D X – ST X+D ST > X ST + D 0 ST + D ST < X 0 X+D X+D ST > X ST – X X+D ST + D The total value for each of the two strategies is the same.

Step 1: Calculate the option values at expiration. If S becomes very large. As S approaches zero. Therefore.Option Valuation b.5 Step 3: Form a riskless portfolio made up of one share of stock and two written calls. the value of the portfolio is simply the (present value of the) exercise price of the put. since the exercise price is $100. the corresponding two possible call values are: Cu = $20 and Cd = $0.0 and the delta for the long put position approaches zero. Both N(d1) terms approach 1 so that the delta for the short call position approaches – 1. The two possible stock prices are: S+ = $120 and S– = $80. the value of the portfolio is simply the (present value of the) exercise price of the call. and is unaffected by small changes in the stock price. and is unaffected by small changes in the stock price. Step 2: Calculate the hedge ratio: (Cu – Cd)/(uS0 – dS0) = (20 – 0)/(120 – 80) = 0.Chapter 16 .0. 16-8 . the delta of the collar also approaches zero. 29. and the profit potential is less. Therefore.19 Step 5: Set the value of the hedged position equal to the present value of the certain payoff: $100 – 2C0 = $76.0. 30. For very small stock prices. The two possible stock prices are: S+ = $130 and S– = $70. Step 2: Calculate the hedge ratio: (Cu – Cd)/(uS0 – dS0) = (30 – 0)/(130 – 70) = 0. a. For equal dollar investments. then the delta of the collar approaches zero. the corresponding two possible call values are: Cu = $30 and Cd = $0. For equal numbers of shares controlled. the dollar exposure of the calls is less than that of the stocks. Choice B: Calls have hedge ratios less than 1. the capital gain potential for calls is higher than for stocks. b. Step 4: Calculate the present value of $80 with a one-year interest rate of 5% = $76.90 Notice that we never use the probabilities of a stock price increase or decrease.5 Step 3: Form a riskless portfolio made up of one share of stock and two written calls. Intuitively. The cost of the riskless portfolio is: (S0 – 2C0) = 100 – 2C0 and the certain end-of-year value is $70. since the exercise price is $100. Both N(d1) terms approach 0 so that the delta for the short call position approaches zero and the delta for the long put position approaches –1. 28. These are not needed to value the call option. The cost of the riskless portfolio is: (S0 – 2C0) = 100 – 2C0 and the certain end-of-year value is $80.19 Step 6: Solve for the value of the call: C0 = $11. Step 1: Calculate the option values at expiration. for very large stock prices. Choice A: Calls have higher elasticity than shares.

75 = = −1.50 16.50 (since at this point the stock price is duS0 = $104. From this point. Therefore.50 (since at this point the stock price is udS0 = $104.25 16-9 . We start by finding the value of Pu .50 $121.00 The portfolio must have a current market value equal to the present value of $121: 110 + 3Pu = $121/1.50) or rise to a value of Pdd = $19. From this point (at which dS0 = $95).238 ⇒ Pu = $1. which reflects the fact that the put will necessarily expire in the money if the stock price falls to $95 in the first period: H= Pdu − Pdd $5.50 3 Thus.05 = $115.67 The value of the call is now greater than the value of the call in the lower-volatility scenario.00 uuS0 = $121 $121.0.00 $121.Option Valuation Step 4: Calculate the present value of $70 with a one-year interest rate of 5% = $66. which is less than the $110 exercise price). the stock price is ddS0 = $90. the hedge ratio at this point is − 1. the put can fall to an expiration-date value of Puu = $0 (since at this point the stock price is uuS0 = $121) or rise to a final value of Pud = $5.0 duS 0 − ddS 0 $104 .67 Step 5: Set the value of the hedged position equal to the present value of the certain payoff: $100 – 2C0 = $66.Chapter 16 . the put can fall to an expiration-date value of Pdu = $5.50 − $19 .50 $104.50 − $90 .746 Next we find the value of Pd . 31.75 (since at this point. the hedge ratio at this point is: H= Puu − Pud $0 − $5.50 1 = =− uuS 0 − udS 0 $121 − $104 . the following portfolio will be worth $121 at option expiration regardless of the ultimate stock price: Riskless portfolio Buy 1 share at price uS0 = $110 Buy 3 puts at price Pu Total udS0 = $104.67 Step 6: Solve for the value of the call: C0 = $16.50.25).00 0. Therefore.

434 + ($110/1.648 ⇒ P = $4.25 $90. Put-call parity requires that: P = C + PV(X) − S $4. the put can rise to a value of Pd = $9. the following portfolio will be worth $110 at option expiration regardless of the ultimate stock price: Riskless portfolio Buy 1 share at price dS0 = $95 Buy 1 put at price Pd Total ddS0 = $90.784 1. we solve for P using the values of Pu and Pd . From its initial value. 16-10 .53 at option expiration regardless of the ultimate stock price: Riskless portfolio Buy 0.50 5.5344 share at price S = $100 Buy 1 put at price P Total dS0 = $95 $50.762 $60.44 + P = $60.530 uS0 = $110 $58.53/1. Therefore.53: $53.768 9.762 Finally. the stock price is dS0 = $95) or fall to a value of Pu = $1. the hedge ratio at this point is: H= Pu − Pd $1.762 (at this point.75 $110. the stock price is uS0 = $110).746 (at this point.1 and Concept Check #4 that C = $4.05 = $104.530 The portfolio must have a market value equal to the present value of $60.208 = $4.50 $104.00 duS0 = $104.25 19.762 = = −0. Recall from Example 15.746 $60.Option Valuation Thus.00 The portfolio must have a current market value equal to the present value of $110: 95 + Pd = $110/1.Chapter 16 .5344 uS 0 − dS 0 $110 − $95 Thus. the following portfolio will be worth $60.052) − $100 Except for minor rounding error.208 Finally.762 ⇒ Pd = $9.746 − $9. put-call parity is satisfied.05 = $57. we check put-call parity.50 $110.434.

5) = 0. The goal is a portfolio with the same exposure to the stock as the hypothetical protective put portfolio. which costs $50.05 (risk-free rate) T = 4 years (horizon of program) a.25 (volatility) r = 0.2578 Place 25. earning 5% interest. At the new portfolio value. 33. Stock price Half share Bills Total S = 90 45 55 100 S = 110 55 55 110 16-11 .5.2779.05 = $104. the put delta becomes –0. S0 = 100 (current value of portfolio) X = 100 (floor promised to clients. The put delta is: N(d1) – 1 = 0.7422 – 1 = –0. and place the remaining funds ($52.38 b.22 million) b. with present value: $110/1.Option Valuation 32. so that the amount held in bills should be: ($97 million × 0.96 million.38) in bills.78% of the portfolio in bills.5 shares of stock.22% in equity ($74.Chapter 16 .76 ⇒ P = $2.5 A portfolio comprised of one share and two puts provides a guaranteed payoff of 110. 0% return) σ = 0. Stock price Put payoff 110 0 90 10 The hedge ratio is: –0. we want to hold (1 – 0. Since the put’s hedge ratio is – 0.18 million of equity and use the proceeds to buy bills.38 = $102.76 $100 + 2P = $104.2779) = $26. a. The cost of the protective put portfolio is the cost of one share plus the cost of one put: $100 + $2. 74.38 c.76 Therefore: S + 2P = $104. The manager must sell $1.

Option Valuation This payoff is identical to that of the protective put portfolio. 16-12 . the stock plus bills strategy replicates both the cost and payoff of the protective put. Thus.Chapter 16 .

The combined portfolio will suffer a loss. Since an American option may be exercised early. i. The protective put purchased will expire worthless.2214 u = 16-13 .10 on the long put. Both options expire out of the money. for a total of 730 days. the early exercise opportunity may provide value not camputured in the European option.20 versus a cost of $16.90 = 8. Conversely. Delta of each will approach zero as expiration approaches and it becomes certain that the options will not be exercised. down-down. If we assume the option is an American option. Each short call will payout $27.10. b. and are thus not exercised.0 c.8187 1. the put seems expensive. The calls will expire worthless and the portfolio will retain the short call option price. The call sells at an implied volatility (20. i. Thus.60.00%) that is greater than historical volatility. while each put will lose the option price of $16. i. iii. Over two periods. less the short option price of $8. the loss was 44-52. The written calls will expire in the money. i.00%). The call is out of the money as expiration approaches.Chapter 16 . the existence of a dividend and the possibility of early exercise may cause the markety price to CFA 3 a. iii. ii. We calculate u and d for this example as follows: t u = eσ ∆ =1.00%) that is less than recent historical volatility (21. ii. b.Option Valuation CFA 1 a. To construct a 2-period stock price lattice for a 2-year option. the stock price must follow one of four patterns: up-up. ii. For each strategy the portfolio gained $44. The call seems relatively cheap. or down-up. The delta of the call will approach 1. updown. the delta of the put approaches − as exercise becomes certain.90 per index unit. 1. The put delta will approach zero. The proceeds are slightly higher on the short calls than the long put since the option price from 2 short calls was $17. Both options expire out of the money. The option price will decline. The option price will increase. and the Black Scholes model does not assume early exercise. The put option will be exercised and the proceeds used to offset the purchase price of the put and the decline in value of the portfolio. ii. each period consists of 365 days. This could cause the price to be higher. the put sells at an implied volatility (22. Delta approaches zero.0 as the stock goes deep into the money. CFA 2 a.2214 d = 1 1 = 0. while expiration of the call approaches and exercise becomes essentially certain.

2214 = $61.8187 = $40. the dividend yield is subtracted from the risk-free rate. For each terminal stock price.2214 = $74.06184 − 0.07 × 0.8187 The probability of a downward stock price movement in any period is: 1 – 0.6038 1.00 ddS0 = $40.8187 = $50.5 2 The calculations for the values shown above are as follows: uS0 = $50 × 1.δ ) ∆t −d u-d = 1.2214 − 0.94 × 0.0 0 $ 50 .07 dS0 = $50 × 0.07 × 1.8187 = 0. 0 7 $ 5 0 .8187 r = 1 + risk-free rate = 1.) The probability of an upward stock price movement in any period is: Π = u e (r .52 b. Because the company does not pay any dividend.2214 = $50. (For a dividend-paying stock.59 udS0 = $61. 94 $ 3 3 .6038 = 0.2214 d = 1 + percentage decrease in a period if the stock price falls = 0.06184 The two-period binomial tree is as follows: $ 7 4 .3962 The value of a call option at expiration is: 16-14 .0 0 $4 0 .94 uuS0 = $61. δ = 0. a call option has a specific value.00 duS0 = $40.8187 = $33.Option Valuation The binomial parameters are: u = 1 + percentage increase in a period if the stock price rises = 1.Chapter 16 . 0 0 $ 5 0 .94 × 1.5 9 $ 6 1.

81 $0.52 – $60.48) = $0.00) = max (0. S – X) = max (0. $33.00 × 0.00) = max (0. –$10. S – X) = max (0. $50. $50.00 16-15 .00 × 0.00 + $8.00 × 0. $14.00) = $0.Chapter 16 .00 $0.06184.00 Period 1: $14.00) = $0.81)/1.30 Cd = ($0.06184 = $0.00)/1. –$10.72 $0.00 Cdu = max (0.6038 (probability of a upward stock movement) = $0.00 The calculations for the values shown above are as follows: Period 2: Cuu = max (0.3962 (probability of a downward stock movement) = $0.00 × 0.30 $0. the values for the call in period 1 are: Cu = ($0.00 $4.00 + $0.00 Period 0: $8.3962 (probability of a downward stock movement) = $0.59 Cud = max (0.Option Valuation max (0.59 × 0.00 – $60.59 – $60.01 $0. S – X) where: S = current price of stock index X = exercise price of the call option The two-period binomial tree for the option values is as follows: $14.6038 (probability of a upward stock movement) = $8.00 With r = 1. $74.00 – $60.00 $0.00 Cdd = max (0. S – X) = max (0.00 $0.00) = max (0.00 $0.6038 (probability of a upward stock movement) = $5.3962 (probability of a downward stock movement) = $0.06184 = $8. S – X) = max (0.30 × 0.59 $8.59) = $14. –$26.00) = max (0.

52) = max (0.06184.00 + $3.57 Period 0: $3. X – S) = max (0.48 Period 1: $0.72 – $7.00 Pdu = max (0.93 d.04 $26.3962 2 × 0) = $4.48) = $26.Chapter 16 .04 + $10.6038 (probability of a upward stock movement) = $6.72 1.06184 = $3. $10.25 $15. the values for the put in period 1 are: Pu = ($0.48 × 0.00 – $50.96)/1. the value of the call in period 0 is: ($5. $60.3962 (probability of a downward stock movement) = $10.96 $10. $60.3962 × 0.06184.3962 × 0) + (0.00 × 0.Option Valuation With r = 1.00)/1.6038 × 0.00 × 0.00) = $10.00 $10.57 × 0. –$14.00 Pud = max (0.00) = $10.06184 = $15.6038 × 0) + (0.73 × 0.00) = max (0.59) = $0.6038 (probability of a upward stock movement) = $0.3962 (probability of a downward stock movement) = $3. $26.06184 2 c.00 Pdd = max (0.06184 = $4.3962 (probability of a downward stock movement) = $6.01 + $0.00 – $33.49)/1.00) = max (0.06184 = $7.72 Alternatively: C= Π uu C uu + Π ud C ud + Π du C du + Π dd C dd = r2 (0. $10.59 ) + (0.17)/1.00 – $60e-0. X – S) = max (0.06184.25 + $6.93 = $50.00 – $50. X – S) = max (0. the value of the put in period 0 is: ($2. The put-call parity relationship is: C – P = S0 – Xe-rt Substituting the values for this problem: $4.49 With r = 1. X – S) = max (0.6038 2 ×14 . The period 2 option values are computed as follows: Puu = max (0.6038 (probability of a upward stock movement) = $2. $60.00 – $74.00 × 0.59) = max (0.73 Pd = ($6. $60.17 With r = 1.21 16-16 .06 × 2 = –$3.

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