and pronounced
for both puts and calls
(3) Increasing the risk-free rate has a positive impact on call values and a negative impact on put values
(4) For both puts and calls, increasing the time to expiration has a positive effect on option value. An option is therefore a wasting asset: its value declines as time goes by, all held constant
In October 2009, United Kingdom inflation rate is + 1.5%. According to graph and table, now United Kingdom inflation rate is higher than September. (+ 0.4%).
- CPI inflation declined to 1.1% in October.
- RPI dropped to -1.3%
- The successive downturn
- Factors : low food and electiricity prices, decline in utility bills, reduction VAT
2. United States
In October 2009, United States
Realized Return
We invested government bond.
- In UK
Rate of government bond UK(10.26)=3.7%
<10.26.2009> <11.27.2009>
$1000/1.6324 = £612.6 £22.6662 * 1.6511
£612.6 * 0.037=£ 22.6662 = $37.424
∴ Realized Return = $37.424
Return (Domestic Investment)
We invested government bond.
- In USA
Rate of government
5월 1일부터 5월 31일 까지의 Total Return 을 비교
Why ?
미국, 우리나라를 비롯한 전 세계 각국에 지점을 둔 랭킹 4위의 글로벌 은행
1. GDP Growth Rate of U.S. and Korea
GDP of U.S. 1.9% GDP of Korea 0.9%
→ Import > export (U.S.)
Demand for $ goes up (Value of $ goes up)
→ Low value of ₩ (₩/$ ↑)
1. 신주인수권부사채
(1) 신주인수권부사채의 의의
신주인수권부사채(Bond with Warrant : BW)란 사채권자에게 일정기간이 경과한 후에 일정한 가격(행사가격)으로 발행회사의 신주를 인수할 수 있는 권리 즉, 정해진 가격에 유상증자에 참여할 수 있는 권리를 부여한 채권이다. 전환사채와는 달리 신주인