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You are on page 1of 74

CHAPTER

22

Finance: Basic

Concepts

McGraw-Hill/Irwin

Corporate Finance, 7/e

22-2

Chapter Outline

22.1 Options

22.2 Call Options

22.3 Put Options

22.4 Selling Options

22.5 Reading The Wall Street Journal

22.6 Combinations of Options

22.7 Valuing Options

22.8 An OptionPricing Formula

22.9 Stocks and Bonds as Options

22.10 Capital-Structure Policy and Options

22.11 Mergers and Options

22.12 Investment in Real Projects and Options

22.13 Summary and Conclusions

McGraw-Hill/Irwin

Corporate Finance, 7/e

22-3

22.1 Options

Many corporate securities are similar to the stock

options that are traded on organized exchanges.

Almost every issue of corporate stocks and bonds

has option features.

In addition, capital structure and capital

budgeting decisions can be viewed in terms of

options.

McGraw-Hill/Irwin

Corporate Finance, 7/e

22-4

Preliminaries

An option gives the holder the right, but not the obligation, to buy

or sell a given quantity of an asset on (or perhaps before) a given

date, at prices agreed upon today.

Calls versus Puts

Call options gives the holder the right, but not the obligation, to buy

a given quantity of some asset at some time in the future, at prices

agreed upon today. When exercising a call option, you call in the

asset.

Put options gives the holder the right, but not the obligation, to sell a

given quantity of an asset at some time in the future, at prices agreed

upon today. When exercising a put, you put the asset to someone.

McGraw-Hill/Irwin

Corporate Finance, 7/e

22-5

Exercising the Option

The act of buying or selling the underlying asset through the option contract.

Refers to the fixed price in the option contract at which the holder can buy or sell

the underlying asset.

Expiry

The maturity date of the option is referred to as the expiration date, or the expiry.

European options can be exercised only at expiry.

American options can be exercised at any time up to expiry.

McGraw-Hill/Irwin

Corporate Finance, 7/e

22-6

In-the-Money

The exercise price is less than the spot price of the underlying

asset.

At-the-Money

The exercise price is equal to the spot price of the underlying

asset.

Out-of-the-Money

The exercise price is more than the spot price of the

underlying asset.

McGraw-Hill/Irwin

Corporate Finance, 7/e

22-7

Intrinsic Value

The difference between the exercise price of the

option and the spot price of the underlying asset.

Speculative Value

The difference between the option premium and the

intrinsic value of the option.

Option

Premium

McGraw-Hill/Irwin

Corporate Finance, 7/e

Intrinsic

Value

Speculative

+

Value

22-8

Call options gives the holder the right, but

not the obligation, to buy a given quantity

of some asset on or before some time in the

future, at prices agreed upon today.

When exercising a call option, you call in

the asset.

McGraw-Hill/Irwin

Corporate Finance, 7/e

22-9

at Expiry

At expiry, an American call option is worth the same as a

European option with the same characteristics.

If the call is in-the-money, it is worth ST E.

If the call is out-of-the-money, it is worthless:

C = Max[ST E, 0]

Where

ST is the value of the stock at expiry (time T)

E is the exercise price.

C is the value of the call option at expiry

McGraw-Hill/Irwin

Corporate Finance, 7/e

2210

ac

al

Bu

y

60

40

20

20

40

50

60

80

100

120

Stock price ($)

20

40

McGraw-Hill/Irwin

Corporate Finance, 7/e

2005 The McGraw-Hill Companies, Inc. All Rights

2211

Option payoffs ($)

60

40

20

20

40

50

60

80

100

120

Stock price ($)

20

ll

ac

Se

40

l

al

McGraw-Hill/Irwin

Corporate Finance, 7/e

2212

Option payoffs ($)

60

Buy a call

40

20

10

20

40

50

60

10

80

100

120

Stock price ($)

20

40

McGraw-Hill/Irwin

Corporate Finance, 7/e

option premium = $10

Sell a call

2213

Put options gives the holder the right, but

not the obligation, to sell a given quantity of

an asset on or before some time in the

future, at prices agreed upon today.

When exercising a put, you put the asset

to someone.

McGraw-Hill/Irwin

Corporate Finance, 7/e

2214

at Expiry

At expiry, an American put option is worth

the same as a European option with the

same characteristics.

If the put is in-the-money, it is worth E ST .

If the put is out-of-the-money, it is

worthless.

P = Max[E ST, 0]

McGraw-Hill/Irwin

Corporate Finance, 7/e

2215

Option payoffs ($)

60

50

40

20

20

40

50

60

80

100

Buy a put

Stock price ($)

20

40

McGraw-Hill/Irwin

Corporate Finance, 7/e

2005 The McGraw-Hill Companies, Inc. All Rights

2216

Option payoffs ($)

40

20

Sell a put

0

20

40

50

60

80

100

Stock price ($)

20

40

50

McGraw-Hill/Irwin

Corporate Finance, 7/e

2217

Option payoffs ($)

60

40

20

Sell a put

10

10

20

40

50

60

80

100

Buy a put

20

40

McGraw-Hill/Irwin

Corporate Finance, 7/e

2005 The McGraw-Hill Companies, Inc. All Rights

2218

The purchaser of an option has an option.

40

Buy a call

y

Bu

ap

ut

10

10

Sell a call

Buy a call

ll

e

S

Sell a put

40

50 60

100

Buy a put

ut

p

a

40

McGraw-Hill/Irwin

Corporate Finance, 7/e

option premium = $10

Sell a call

2219

Street Journal

Option/Strike Exp.

IBM

130 Oct

138

130 Jan

138

135 Jul

138

135 Aug

138

140 Jul

138

140 Aug

McGraw-Hill/Irwin

Corporate Finance, 7/e

364 15

107

5

112 19

420

9

2365

4 2431 13/16

1231

9

94

5

1826

1

427

2

2193

6

58

7

2220

This option has a strike price of $135;

Option/Strike Exp.

IBM

130 Oct

138

130 Jan

138

135 Jul

138

135 Aug

138

140 Jul

138

140 Aug

364 15

107

5

112 19

420

9

2365

4 2431 13/16

1231

9

94

5

1826

1

427

2

2193

6

58

7

July is the expiration month

McGraw-Hill/Irwin

Corporate Finance, 7/e

2221

This makes a call option with this exercise price in-themoney by $3.25 = $138 $135.

Option/Strike Exp.

IBM

130 Oct

138

130 Jan

138

135 Jul

138

135 Aug

138

140 Jul

138

140 Aug

364 15

107

5

112 19

420

9

2365

4 2431 13/16

1231

9

94

5

1826

1

427

2

2193

6

58

7

McGraw-Hill/Irwin

Corporate Finance, 7/e

2222

Option/Strike Exp.

IBM

130 Oct

138

130 Jan

138

135 Jul

138

135 Aug

138

140 Jul

138

140 Aug

364 15

107

5

112 19

420

9

2365

4 2431 13/16

1231

9

94

5

1826

1

427

2

2193

6

58

7

exercise price were traded.

McGraw-Hill/Irwin

Corporate Finance, 7/e

2223

The CALL option with a strike price

of $135 is trading for $4.75.

IBM

130 Oct

364 15

107

5

138

130 Jan

112 19

420

9

138

135 Jul

2365

4 2431 13/16

138

135 Aug 1231

9

94

5

138

140 Jul

1826

1

427

2

138

140 Aug 2193

6

58

7

Since the option is on 100 shares of stock, buying

this option would cost $475 plus commissions.

McGraw-Hill/Irwin

Corporate Finance, 7/e

2224

--Call---Put-Option/Strike Exp. Vol. Last Vol. Last

IBM

130 Oct

364 15

107

5

138

130 Jan

112 19

420

9

138

135 Jul

2365

4 2431 13/16

138

135 Aug 1231

9

94

5

138

140 Jul

1826

1

427

2

138

140 Aug 2193

6

58

7

On this day, 2,431 put options with this

exercise price were traded.

McGraw-Hill/Irwin

Corporate Finance, 7/e

2225

The PUT option with a strike price of $135 is

trading for $.8125.

IBM

130 Oct

364 15

107

5

138

130 Jan

112 19

420

9

138

135 Jul

2365

4 2431 13/16

138

135 Aug 1231

9

94

5

138

140 Jul

1826

1

427

2

138

140 Aug 2193

6

58

7

Since the option is on 100 shares of stock, buying

this option would cost $81.25 plus commissions.

McGraw-Hill/Irwin

Corporate Finance, 7/e

2226

Puts and calls can serve as the building

blocks for more complex option contracts.

If you understand this, you can become a

financial engineer, tailoring the risk-return

profile to meet your clients needs.

McGraw-Hill/Irwin

Corporate Finance, 7/e

2227

the Underlying Stock: Payoffs at Expiry

Value at

expiry

$50

Buy the

stock

price of $50

$0

$50

McGraw-Hill/Irwin

Corporate Finance, 7/e

Value of

stock at

expiry

2005 The McGraw-Hill Companies, Inc. All Rights

2228

Value at

expiry

$40

Protective Put

strategy has

downside protection

and upside potential

$0

-$10

-$40

McGraw-Hill/Irwin

Corporate Finance, 7/e

$40 $50

for $10

Value of

stock at

expiry

2005 The McGraw-Hill Companies, Inc. All Rights

2229

Value at

expiry

$10

$0

$40 $50

-$30

of $50 for $10

-$40

McGraw-Hill/Irwin

Corporate Finance, 7/e

2230

Buy a call with exercise

price of $50 for $10

40

30

30

20

40

60

70

price of $50 for $10

$50

A Long Straddle only makes money if the stock price moves

$20 away from $50.

McGraw-Hill/Irwin

Corporate Finance, 7/e

2231

This Short Straddle only loses money if the stock

price moves $20 away from $50.

20

$50 for $10

30

30

40

McGraw-Hill/Irwin

Corporate Finance, 7/e

40

$50

60

70

exercise price of $50 for $10

2005 The McGraw-Hill Companies, Inc. All Rights

2232

E

(1+ r)T

Portfolio payoff

Call

bond

25

25

consisting of a call with a strike price of $25 and a

bond with a future value of $25.

McGraw-Hill/Irwin

Corporate Finance, 7/e

2233

Portfolio payoff

25

25

consisting of a share of stock and a put with a $25

strike.

McGraw-Hill/Irwin

Corporate Finance, 7/e

Portfolio value today

E

= c0 +

(1+ r)T

2234

25

= p0 + S0

25

25

25

Since these portfolios have identical payoffs, they must have the same

value today: hence

Put-Call Parity: c0 + E/(1+r)T = p0 + S0

McGraw-Hill/Irwin

Corporate Finance, 7/e

2235

The last section

concerned itself with

the value of an option

at expiry.

McGraw-Hill/Irwin

Corporate Finance, 7/e

the value of an option

prior to the expiration

date.

A much more

interesting question.

2236

1.

2.

3.

4.

5.

Stock price

Exercise price

Interest rate

Volatility in the stock price

Expiration date

Call

+

+

+

+

Put

+

+

max (S0 E, 0) < C0 < S0.

The precise position will depend on these factors.

McGraw-Hill/Irwin

Corporate Finance, 7/e

2237

for an American Call

ST

Profit

25

Call

Market Value

Time value

Intrinsic value

ST

E

Out-of-the-money

loss

In-the-money

The value of a call option C0 must fall within max (S0 E, 0) < C0 < S0.

McGraw-Hill/Irwin

Corporate Finance, 7/e

2238

We will start with a

binomial option

pricing formula to

build our intuition.

McGraw-Hill/Irwin

Corporate Finance, 7/e

Then we will

graduate to the

normal

approximation to

the binomial for

some real-world

option valuation.

2005 The McGraw-Hill Companies, Inc. All Rights

2239

Suppose a stock is worth $25 today and in one period will either be

worth 15% more or 15% less. S0= $25 today and in one year S1is

either $28.75 or $21.25. The risk-free rate is 5%. What is the

value of an at-the-money call option?

S0

S1

$28.75 = $25(1.15)

$25

$21.25 = $25(1 .15)

McGraw-Hill/Irwin

Corporate Finance, 7/e

2240

1. A call option on this stock with exercise price of $25 will have

2. We can replicate the payoffs of the call option. With a levered

position in the stock.

S0

S1

C1

$28.75

$3.75

$21.25

$0

$25

McGraw-Hill/Irwin

Corporate Finance, 7/e

2241

The net payoff for this levered equity portfolio in one period is either

$7.50 or $0.

The levered equity portfolio has twice the options payoff so the

portfolio is worth twice the call option value.

S0

( S1 debt ) = portfolio C1

$3.75

$25

$21.25 $21.25 =

McGraw-Hill/Irwin

Corporate Finance, 7/e

$0

$0

2242

The value today of the levered equity portfolio is

todays value of one share less the present value

$21.25

of a $21.25 debt:

$25

(1 rf )

S0

( S1 debt ) = portfolio C1

$3.75

$25

$21.25 $21.25 =

McGraw-Hill/Irwin

Corporate Finance, 7/e

$0

$0

2243

as half of the value of the

levered equity portfolio:

S0

1

$21.25

C0 $25

2

(1 r f )

( S1 debt ) = portfolio C1

$3.75

$25

$21.25 $21.25 =

McGraw-Hill/Irwin

Corporate Finance, 7/e

$0

$0

2244

1

$21.25 1

$25 20.24 $2.38

C0 $25

2

(1.05) 2

C0

$2.38

S0

( S1 debt ) = portfolio C1

$3.75

$25

$21.25 $21.25 =

McGraw-Hill/Irwin

Corporate Finance, 7/e

$0

$0

2245

The most important lesson (so far) from the

binomial option pricing model is:

Many derivative securities can be valued by

valuing portfolios of primitive securities

when those portfolios have the same

payoffs as the derivative securities.

McGraw-Hill/Irwin

Corporate Finance, 7/e

2246

This practice of the construction of a

riskless hedge is called delta hedging.

The delta of a call option is positive.

Recall from the example:

$3.75 0

$3.75 1

Swing of call

Swing of stock

$28.75 $21.25 $7.5 2

The delta of a put option is negative.

McGraw-Hill/Irwin

Corporate Finance, 7/e

2247

Delta

Determining the Amount of Borrowing:

1

$21.25 1

$25 $20.24 $2.38

C0 $25

2

(1.05) 2

borrowed

$2.38 = $25 Amount borrowed

Amount borrowed = $10.12

McGraw-Hill/Irwin

Corporate Finance, 7/e

2248

S(U), V(U)

q

S(0), V(0)

1- q

S(D), V(D)

portfolio. An equivalent method is risk-neutral

valuation

V (0)

McGraw-Hill/Irwin

Corporate Finance, 7/e

q V (U ) (1 q) V ( D)

(1 rf )

2249

S(U), V(U)

q

q is the risk-neutral

probability of an

up move.

S(0), V(0)

S(0) is the value of the

underlying asset today.

1- q

S(D), V(D)

the next period following an up move and a

down move, respectively.

V(U) and V(D) are the values of the asset in the next period

following an up move and a down move, respectively.

McGraw-Hill/Irwin

Corporate Finance, 7/e

2250

S(U), V(U)

q

V (0)

S(0), V(0)

q V (U ) (1 q) V ( D)

(1 rf )

1- q

S(D), V(D)

an observable security price: the value of S(0):

q S (U ) (1 q) S ( D)

S (0)

(1 rf )

McGraw-Hill/Irwin

Corporate Finance, 7/e

(1 rf ) S (0) S ( D )

S (U ) S ( D )

2251

Suppose a stock is worth $25 today and in one period will

either be worth 15% more or 15% less. The risk-free rate is

5%. What is the value of an at-the-money call option?

The binomial tree would look like this:

$28.75 $25 (1.15)

$25,C(0)

1- q

McGraw-Hill/Irwin

Corporate Finance, 7/e

$28.75,C(D)

$21.25,C(D)

2005 The McGraw-Hill Companies, Inc. All Rights

2252

The next step would be to compute the risk neutral probabilities

q

(1 rf ) S (0) S ( D)

S (U ) S ( D)

$5

2 3

q

$28.75 $21.25

$7.50

2/3

$28.75,C(D)

$25,C(0)

1/3

McGraw-Hill/Irwin

Corporate Finance, 7/e

$21.25,C(D)

2005 The McGraw-Hill Companies, Inc. All Rights

2253

After that, find the value of the call in the up state and

down state.

C (U ) $28.75 $25

2/3

$25,C(0)

C ( D) max[$25 $28.75,0]

1/3

McGraw-Hill/Irwin

Corporate Finance, 7/e

$28.75, $3.75

$21.25, $0

2254

Finally, find the value of the call at time 0:

q C (U ) (1 q) C ( D)

C (0)

(1 rf )

C (0)

C (0)

2 3 $3.75 (1 3) $0

(1.05)

$2.50

$2.38

(1.05)

2/3

$28.75,$3.75

$25,$2.38

$25,C(0)

1/3

McGraw-Hill/Irwin

Corporate Finance, 7/e

$21.25, $0

2255

Risk-Neutral Valuation

and the Replicating Portfolio

valuing the call using a replicating portfolio.

2 3 $3.75 (1 3) $0 $2.50

C0

$2.38

(1.05)

1.05

1

$21.25 1

$25 20.24 $2.38

C0 $25

2

(1.05) 2

McGraw-Hill/Irwin

Corporate Finance, 7/e

2256

rT

r = the risk-free interest rate.

2

ln(S / E ) (r )T

2

d1

T

standardized, normally

distributed, random

variable will be less than

d2 d1 T

or equal to d.

The Black-Scholes Model allows us to value options in the

real world just as we have done in the 2-state world.

McGraw-Hill/Irwin

Corporate Finance, 7/e

2257

with an exercise price of $150

The current value of a share of Microsoft is $160

The interest rate available in the U.S. is r = 5%.

The option maturity is 6 months (half of a year).

The volatility of the underlying asset is 30% per annum.

Before we start, note that the intrinsic value of the option

is $10our answer must be at least that amount.

McGraw-Hill/Irwin

Corporate Finance, 7/e

2258

calculator handy, follow along.

First calculate d1 and d2

(r .5 2 )T

ln(

S

/

E

)

d1

T

(.05 .5(0.30)2 ).5

ln(

160

/

150

)

0.5282

d1

0.30 .5

Then,

d2 d1 T 0.52815 0.30 .5 0.31602

McGraw-Hill/Irwin

Corporate Finance, 7/e

2259

rT

C0 S N(d1 ) Ee N(d2 )

d1 0.5282

d2 0.31602

N(d2) = N(0.31602) = 0.62401

C0 $20.92

McGraw-Hill/Irwin

Corporate Finance, 7/e

.05 .5

0. 62401

2261

Levered Equity is a Call Option.

The underlying asset comprise the assets of the firm.

The strike price is the payoff of the bond.

greater in value than the debt, the shareholders have an

in-the-money call, they will pay the bondholders and

call in the assets of the firm.

If at the maturity of the debt the shareholders have an

out-of-the-money call, they will not pay the bondholders

(i.e. the shareholders will declare bankruptcy) and let the

call expire.

McGraw-Hill/Irwin

Corporate Finance, 7/e

2262

Levered Equity is a Put Option.

The underlying asset comprise the assets of the firm.

The strike price is the payoff of the bond.

less in value than the debt, shareholders have an in-themoney put.

They will put the firm to the bondholders.

If at the maturity of the debt the shareholders have an

out-of-the-money put, they will not exercise the option

(i.e. NOT declare bankruptcy) and let the put expire.

McGraw-Hill/Irwin

Corporate Finance, 7/e

2263

It all comes down to put-call parity.

E

c0 = S0 + p0

(1+ r)T

Value of a

call on the

firm

Value of a

Value of

= the firm + put on the

firm

Stockholders

position in terms

of call options

McGraw-Hill/Irwin

Corporate Finance, 7/e

Value of a

risk-free

bond

Stockholders

position in terms

of put options

2005 The McGraw-Hill Companies, Inc. All Rights

2264

and Options

Recall some of the agency costs of debt:

they can all be seen in terms of options.

For example, recall the incentive

shareholders in a levered firm have to take

large risks.

McGraw-Hill/Irwin

Corporate Finance, 7/e

2265

in Distress

Assets

Cash

Fixed Asset

Total

BVMVLiabilities

$200$200LT bonds

$400$0Equity $300

$600$200Total $600

BVMV

$300

$200

$200

$0

McGraw-Hill/Irwin

Corporate Finance, 7/e

2266

The Gamble

Win Big

Lose Big

Probability

10%

90%

Payoff

$1,000

$0

Required return is 50%

Expected CF from the Gamble = $1000 0.10 + $0 = $100

$100

NPV = $200 +

(1.10)

NPV = $133

McGraw-Hill/Irwin

Corporate Finance, 7/e

2267

Project with Large Risks

Expected CF from the Gamble

To Bondholders = $300 0.10 + $0 = $30

To Stockholders = ($1000 $300) 0.10 + $0 = $70

PV of Stocks Without the Gamble = $0

$30

PV of Bonds With the Gamble: $20 =

(1.50)

$70

PV of Stocks With the Gamble: $47 =

(1.50)

The stocks are worth more with the high risk project because the call

option that the shareholders of the levered firm hold is worth more when

the volatility of the firm is increased.

McGraw-Hill/Irwin

Corporate Finance, 7/e

2268

This is an area rich with optionality, both in the

structuring of the deals and in their execution.

In the first half of 2000, General Mills was

attempting to acquire the Pillsbury division of

Diageo PLC.

The structure of the deal was Diageos

stockholders received 141 million shares of

General Mills stock (then valued at $42.55) plus

contingent value rights of $4.55 per share.

McGraw-Hill/Irwin

Corporate Finance, 7/e

2269

Cash

payment to

newly

issued

shares

the difference between $42.55 and

General Mills stock price in one

year up to a maximum of $4.55.

$4.55

$0

$38 $42.55

McGraw-Hill/Irwin

Corporate Finance, 7/e

Value of General

Mills in 1 year

2270

The contingent value plan can be viewed in

terms of puts:

Each newly issued share of General Mills

given to Diageos shareholders came with a

put option with an exercise price of $42.55.

But the shareholders of Diageo sold a put with

an exercise price of $38

McGraw-Hill/Irwin

Corporate Finance, 7/e

2271

Own a put

Strike $42.55

$42.55

$42.55

$38.00

$4.55

$0

$38 $42.55

$38

McGraw-Hill/Irwin

Corporate Finance, 7/e

Value of General

Mills in 1 year

Sell a put

Strike $38

2005 The McGraw-Hill Companies, Inc. All Rights

2272

Value of

General

Mills in 1

year

Value of a share

plus cash

payment

Value of a share

$42.55

$4.55

$0

$38 $42.55

McGraw-Hill/Irwin

Corporate Finance, 7/e

Value of General

Mills in 1 year

2273

Classic NPV calculations typically ignore

the flexibility that real-world firms typically

have.

The next chapter will take up this point.

McGraw-Hill/Irwin

Corporate Finance, 7/e

2274

The most familiar options are puts and calls.

Put options give the holder the right to sell stock at a

set price for a given amount of time.

Call options give the holder the right to buy stock at a

set price for a given amount of time.

Put-Call parity

E

c0

T = S0 + p0

(1+ r)

McGraw-Hill/Irwin

Corporate Finance, 7/e

2275

The value of a stock option depends on six factors:

1. Current price of underlying stock.

2. Dividend yield of the underlying stock.

3. Strike price specified in the option contract.

4. Risk-free interest rate over the life of the contract.

5. Time remaining until the option contract expires.

6. Price volatility of the underlying stock.

terms of options.

1.

2.

assets of the firm.

Real projects often have hidden option that enhance value.

McGraw-Hill/Irwin

Corporate Finance, 7/e

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