Q6.1
CONCEPT
PREVIEW
Imagine that you are the chief executive officer of a firm that has granted you
one million stock options. These options were granted to you seven years ago and
will expire in three years time. Your firm has done very well in the last seven years,
your current outlook is bright, and your stock now trades at $35 per share. At the
same time, your options are said to be deep “in-the-money” and allow you to
purchase your firm’s stock at a price of $10 per share. Suppose that you face a
choice. You can do one of the following:
1.Exercise the options today, sell the stock, take the $25 million
profit, and purchase other assets for your portfolio.
2.Delay exercising your options, hoping the stock price will go up
even more.
我會選擇方案 1，因為實際賺得的收益才能算自己的資產，若延遲行使將會有
許多未知變數存在，並不能保證有收益，故選擇方案 1。