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1、confirmingpagesPART6CHAPTER"""""20OPTIONSUnderstandingOptions!Popquiz:WhatdothefollowingeventshaveinCompaniesregularlyusecommodity,currency,andcommon?interest-rateoptionstoreducerisk.Forexample,ameatpackingcompanythatwishestoputaceilingon?Thecoffeeroaster,GreenMountain,buysoptionst
2、hecostofbeefmighttakeoutanoptiontobuylivecattlethatputaceilingonthepricethatitwillpayforitsatafixedprice.Acompanythatwishestolimititsfuturefuturepurchasesofbeans.borrowingcostsmighttakeoutanoptiontoselllong-?Flatironoffersitspresidentabonusifthecompany’stermbondsatafixedprice.Andso
3、on.InChapter26westockpriceexceeds$120.explainhowfirmsemployoptionstolimittheirrisk.?BlitzenComputerdipsatoeinthewaterandentersManycapitalinvestmentsincludeanembeddedanewmarket.optiontoexpandinthefuture.Forinstance,thecompanymayinvestinapatentthatallowsittoexploit?MaltedHerringpostp
4、onesinvestmentinapositive-anewtechnologyoritmaypurchaseadjoininglandNPVplant.thatgivesittheoptioninthefuturetoincreasecapacity.?Hewlett-PackardexportspartiallyassembledIneachcasethecompanyispayingmoneytodayprinterseventhoughitwouldbecheapertoshipthefortheopportunitytomakeafurtherin
5、vestment.Tofinishedproduct.putitanotherway,thecompanyisacquiringgrowth?Dominioninstallsadual-firedunitatitsPossumopportunities.PointpowerstationthatcanuseeitherfueloilorHereisanotherdisguisedoptiontoinvest:Youarenaturalgas.consideringthepurchaseofatractofdesertlandthat?In2004AirFra
6、nceacquirestheDutchairline,KLM,isknowntocontaingolddeposits.Unfortunately,theinexchangeforapackageofAirFrancesharesandcostofextractionishigherthanthecurrentpriceofwarrants.ThewarrantsentitleKLM’sshareholdersgold.Doesthismeanthelandisalmostworthless?tobuyadditionalAirFrancesharesfor
7、€20eachNotatall.Youarenotobligedtominethegold,butwithinthennext3.5years.ownershipofthelandgivesyoutheoptiontodoso.Ofcourse,ifyouknowthatthegoldpricewillremain?InFebruary2008ChiquitaBrandsissues$200belowtheextractioncost,thentheoptionisworthless.millionof4.25%convertiblebondsmaturin
8、ginButifthereisuncertainty
