衍生性金融商品(1)

Principles of Managerial

Finance

Brief Edition

Chapter 18

Hybrid And

Derivative Securities

Learning Objectives

• Differentiate between hybrid and derivative securities and their roles in the corporation.

• Review the basic types of leases, leasing arrangements, the lease versus purchase decision, the effects of leasing on future financing, and the advantages and disadvantages of leasing.

• Describe the basic types of convertible securities, their general features, and financing with convertibles.

Learning Objectives

• Demonstrate the procedures for determining the straight bond value, conversion (or stock) value, and market value of a convertible bond.

• Explain the basic characteristics of stock purchase warrants, the implied price of an attached warrant, and the values of warrants.

• Define the options and discuss the basics of calls and puts, options markets, options trading, the role of call and put options in fund raising, and hedging foreign currency exposures with options.

An Overview of Hybrids & Derivatives

• In their simplest form, bonds are pure debt and common stocks are pure equity.

• Preferred stocks, on the other hand, are a hybrid of the two.

• They are like common stocks in that they promise to pay dividends, are perpetual, and represent ownership.

• They are like bonds in that dividends are fixed like bond interest payments.

• Other hybrid securities include financial leases, convertible securities, and stock purchase warrants.

An Overview of Hybrids & Derivatives

• The latter part of this chapter focuses on derivative securities.

• Derivatives are securities that is neither debt nor equity but derives its value from an underlying asset that is often another security.

• Derivative securities are not used by corporations to raise funds.

• Rather, they serve as a useful tool for managing certain aspects of firm risk.

Leasing

租賃

• Leasing is the process by which a firm can obtain the use of certain fixed assets for which it must make a series of contractual, periodic, tax-deductible payments.

承租人

• The lessee is the receiver of the services of the assets under a lease contract.

出租人

• The lessor is the owner of the assets that are being leased.

如電腦、汽車

Leasing

承租人可選擇取消此

租約，但需付罰款

Operating Leases

• An operating lease is a cancelable contractual arrangement whereby the lessee agrees to make periodic payments to the lessor, often for 5 or fewer years, to obtain an assets services.

• Generally, the total payments over the term of the lease are less than the lessor’s initial cost of the leased asset.

• If the operating lease is held to maturity, the lessee returns the leased asset over to the lessor, who may lease it again or sell the asset ，有時租約會載明給承租人在到期時優先購

置此資產的權利

• 該租賃資產之壽命通常長於租約期間

Leasing

Financial (or Capital) Leases

• A financial lease is a longer-term lease than an operating lease.

所以對承租人而言，資本租賃就像長期負債，其租賃

費用就像利息支出，可節稅，沒繳錢也會導致破產

• Financial leases are non-cancelable and obligate the lessee to make payments for the use of an asset over a predefined period of time.

• The total payments over the term of the lease are greater than the lessor’s initial cost of the leased asset.

• Financial leases are commonly used for leasing land, buildings, and large pieces of equipment.

Leasing

Leasing Arrangements

• A direct lease is a lease under which a lessor owns or acquires the assets that are leased to a given lessee.

• A sale-leaseback arrangement is a lease under which the lessee sells an asset for cash to a prospective lessor and then leases back the same asset.

當承租人有資產但需要現金時

• A leveraged lease is a lease under which the lessor acts as an equity participant, supplying about 20 percent of the cost of the asset with a lender supplying the balance.

適用於非常昂貴的資產

Leasing

Leasing Arrangements

維護條款

• Operating leases normally require maintenance

出租人 clauses requiring the lessor to maintain the assets and to make insurance and tax payments.

the option to re-lease assets at the expiration of the lease.

• Finally, purchase options are provisions frequently included in both operating and financial leases that

承租人 allow the lessee to purchase the asset at maturity -usually at a pre-specified price.

Leasing

The Lease-Versus-Purchase Decision

• The lease-versus-buy decision is a common decision faced by firms considering the acquisition of a new asset.

• This decision involves the application of capital budgeting techniques as does any other asset investment acquisition decision.

• The preferred method is the calculation of NPV based on the incremental cash flows (lease versys buy) using the following steps:

Leasing

指借錢購置


• STEP 1: Find the after-tax cash outflows for each year under the lease alternative.

• STEP 2: Find the after-tax cash outflows for each year under the purchase alternative

• STEP 3: Calculate the present value of the cash outflows from Step 1 and Step 2 using the after-tax cost of debt as the discount rate.

• STEP 4: Choose the alternative with the lower present value of cash outflows.

Leasing


Roberts Company, a small machine shop, is contemplating acquiring a new machine tool costing

$24,000. Arrangements can be made to lease or purchase. The firm is in the 40 percent tax bracket.

Lease. The firm would obtain a 5-year lease requiring annual end-of-year payments of $6,000. All maintenance

出租人承租人 costs will be borne by the lessor, and the lessee would exercise the option to purchase the machine for $4,000 at termination of the lease. Assume this is an operating lease!

Leasing


Purchase. The firm would finance the purchase of the machine with a 9%, 5-year loan requiring end-of-year installment payments of $6,170. It would be depreciated under MACRS using a 5-year recovery period. The firm would pay $1,500 per year for a service contract that covers all maintenance costs; insurance and other costs would be borne by the firm. The firm plans to keep the machine and use it beyond its 5-year recovery period.

$ 24 , 000

 x



PVIFA k



9 %, n



5



24 , 000

 x



3 .

890

 x



$ 6 , 170

Leasing


STEP 1: Find the after-tax cash outflows for each year under the lease alternative.

The after-tax cash outflow from the lease payments can be found as follows:

A-T Outflow from Lease = $6,000 x (1 - t)

After tax

= $6,000 x (1 - .40)

= $3,600

In the final year, the $4,000 cost of the purchase option would be added to the $3,600 lease outflow to get a year 5 outflow of $7,600.

Leasing


STEP 2: Find the after-tax cash outflows for each year under the purchase alternative.

First, the annual interest component of each loan payment must be determined since only interest can be deducted for tax purposes as shown in Table 18.1 on the following slide.

Second, the A-T outflows must be computed as shown in

Table 18.2.

Leasing


Leasing

The Lease-Versus-Purchase Decision p.96

20%

32%

19%

12%

12%

5%

可忽略，雖較不精確，在此只考慮 5 年內的 cash flows

Leasing


STEP 3: Calculate the present value of the cash outflows from Step 1 and Step 2 using the after-tax cost as the discount rate

Leasing


9% × (1-40%)=5.4% ，但考慮舉債的

發行成本，所以用 6%

 why not consider 營運收入及其他營業費用 ? ∵ lease 和 purchase 都會有

Leasing


STEP 4: Choose the alternate with the smaller present value of cash outflows.

Because the present value of cash outflows for leasing

($18,151) is lower than that for purchasing ($19,539), the leasing alternative is preferred -- resulting in an incremental savings of $1,388.

Leasing

Effects of Leasing on Future Financing

• FASB, No. 13 requires explicit disclosure of financial lease obligations on the firm’s balance sheet.

• Financial lease must be shown as a capitalized lease, meaning that the present value of all payments are included as an asset and corresponding liability.

• An operating lease on the other hand, need not be capitalized, but must be reported in the footnotes.

• Because the consequences of missing financial lease payments are the same as that of missing the principal and interest payment on debt, a financial analyst must view the lease as a long-term debt payment.

Leasing

Advantages of Leasing

• The firm may avoid the cost of obsolescence if the lessor fails to accurately anticipate the obsolescence of assets and sets the lease payment too low.

營業租賃較易發生

• A lessee avoids many of the restrictive covenants that are normally included as part of a long-term loan.

低成本，不會常需要購置的資產

• Leasing -- especially operating leases -- may provide the firm with needed financial flexibility.

因不需要安排其

他的融資

• Sale-leaseback arrangements may permit the firm to increase its liquidity by converting an existing asset into cash, which may then be used as working capital.

Leasing

會計處理 ( 承租人 )

1.

營業租賃租金費用

現金

2.

資本租賃 xxx

租賃資產

應付租賃款

固定資產 xxx

長期負債 xxx xxx

資本租賃每期認列 depreciation expense ，每期再攤銷應付

租賃款並認列利息費用

應付租賃款

利息費用

現金 xxx xxx xxx

 在資本租賃裡，要將應付租賃款分年攤還 ( 資本化處理 ) ，

所以應付租賃款 ( 也就是 Capitalized lease value)=

(

租金 t

1

 k ) t t n 



1

Leasing

Advantages of Leasing

承租人承租土地後

，每期租賃費用可

節稅

• Leasing allows the lessee, in effect, to depreciate land, which is prohibited if the land were purchased.

• Because it results in the receipt of service from an asset possibly without increasing the assets or liabilities on the firm’s balance sheet, leasing may result in misleading financial ratios.

i.e.

低估資產與負債

，可美化報表，如

• Leasing provides 100 percent financing.

asset turnover, 但這

只會發生在營業租賃

• When the firm becomes bankrupt or is reorganized, the maximum claim of lessors against the corporation is 3 years of lease payments, and the lessor gets the asset back.

與一般之債權人相較

Leasing

Disadvantages of Leasing

很多時候出租人

的報酬其實是相

當高的

• A lease does not have a stated interest cost.

• At the end of the term of the lease agreement, the salvage value of an asset, if any, is realized by the lessor.

除非承租人於期滿後買下該資產

• Under a lease, the lessee is generally prohibited from making improvements on the leased property or asset without approval of the lessor.

• If a lessee leases an asset that subsequently becomes obsolete, it must still make lease payments over the remaining term of the lease.

Convertible Securities

• A conversion feature is an option that is included as part of a bond or preferred stock issue that allows its holder to change the security into a stated number of shares of common stock.

• The conversion feature typically enhances the value of the issue.


Types of Convertible Securities

• A convertible bond can be changed into a specified number of shares of common stock.

• It is almost always a debenture - an unsecured bond with a call feature.

Issuer 可 retire 或 encourage conversion of outstanding convertible bonds when appropriate

• Because the conversion feature provides the purchaser with the possibility of becoming a shareholder on favorable terms, convertible bonds are

Cost of capital 較低 generally a less expensive form of financing than similar-risk nonconvertible or straight bonds.


Types of Convertible Securities

• A convertible preferred stock is a preferred stock that can be changed into a specified number of shares of common stock.

• It can normally be sold with a lower stated dividend than a similar-risk nonconvertible preferred stock.

• This is because the convertible preferred holder is assured of the fixed dividend payment and also may receive the appreciation resulting from increases in the market price of the underlying common stock.


General Features of Convertibles

• The conversion ratio is the ratio at which a convertible security can be exchanged for common stock and can be state in two ways:

– in terms of a given number of shares of common

Western Wear Company, a manufacturer of denim products, has an outstanding bond with a $1,000 par value and convertible into 25 shares of common stock. The bond’s conversion ratio is 25. The conversion price for the bond is $40 per share ($1,000 ÷ 25).



• The conversion ratio is the ratio at which a convertible security can be exchanged for common stock and can be state in two ways:

– in terms of a given number of shares of common

– by dividing the par value of the convertible by the conversion price

Mosher Company, a franchisor of seafood restaurants, has outstanding a convertible 20-year bond with a par value of

$1,000. The bond is convertible at $50 per share into common stock. The conversion ratio is 20 ($1,000 ÷ $50).

 issuer 在發行可轉債時，會將 conversion price 設定在當時的股票市價之上



• The conversion (or stock) value is the value of the convertible measured in terms of market price of the common stock into which it can be converted.

McNamara Industries, a petroleum processor, has outstanding a $1,000 bond that is convertible into common stock at $62.50 per share. The conversion ratio is therefore

16 ($1,000 ÷ $62.50). Because the current market price of the common stock is $65 per share, the conversion value is

$1,040 (16 x $65). Because the conversion value is above the bond value of $1,000, conversion is a viable option for the owner.



• The presence of contingent securities, which include convertibles, warrants, and stock options, affects the reporting of the firm’s EPS.

• Firms with contingent securities that if converted would dilute EPS are required to report earnings in two ways -- basic EPS and diluted EPS.

Basic EPS are calculated without regard to contingent securities. They are found by dividing earnings available to common stockholders by the number of shares of common stock outstanding.



• The presence of contingent securities, which include convertibles, warrants, and stock options, affects the reporting of the firm’s EPS.

• Firms with contingent securities that if converted would dilute EPS are required to report earnings in two ways -- basic EPS and diluted EPS.

Diluted EPS are calculated under the assumption that all contingent securities are converted, and are therefore common stock.


公司發行 C.B.

的動機

• Convertible securities can be used as a form of deferred common stock financing.

日後股價上升後，可轉債才會真的被轉換成普通股

，等於可以發行較少的股數，減少 EPS 的 dilution

• Convertible securities can be used as a sweetener by giving the purchaser an opportunity to share in the firm’s success by converting to common stock.

• Convertibles can normally be sold with lower interest rates than nonconvertibles.

• Convertibles can be sold with fewer restrictive covenants than nonconvertibles.

Debt ，而非一開始就用較貴的普通股去募資。

• Convertibles can be used to raise cheap funds temporarily.

等日後公司的投資案成功，股價上漲後， convertibles 會被轉

換成普通股，公司的資本結構也會轉成 less leveraged


Overhanging Issue of a Convertible Bond

 當股價上升到超過 conversion price 時，通常 C.B.

的市價也會上升到很接近 conversion value ，所以 C.B. holder 不會選擇 convert 。為了預防發生這樣的情

形， issuer 會加入 call feature to encourage or “force” conversion 。例如：設定 call price 為 C.B.

的 par value 再加上一個 call premium( 如： C.B.

的一年票面利息

 通常 issuer 會等股價上升到使得 conversion value 超過 call price 的 10%-15%

以上，才會去行使 call privilege 。因為唯有這樣， issuer 才能確保當他 exercise call privilege 時， C.B. holder 會自動 convert 成股票，不是接受 issuer 的 call

 但是當股價上升程度不夠，使得“ force conversion” 不會產生時，這樣的 callable C.B.

稱為「 overhanging issue 」，這對 issuer 很不好，因為 issuer 若要 call, C.B. holder 會選擇不要 convert ，就讓 issuer 去 call, 這時 issuer 要花大錢。

* 去 call 這些 C.B.

，資金來源若是發行股票，則需發行較多的張數，因為股價還

可以更高，現在股價相對較低，所以會稀釋股東之所有權 )

。資金來源若是舉

債，則會提高 leverage( 或是不變 ) 。


Determining the Value of a Convertible Bond

• The straight bond value of a convertible bond is the price at which it would sell in the market without the conversion feature.

• The straight value is typically the floor, or minimum, price at which it would be traded.

Duncan Company, a southeastern discount chain, has just sold a $1,000 par value, 20-year convertible with a 12% coupon rate. Interest will be paid at the end of each year, and the principal will be repaid at maturity. A straight bond could have been sold with a 14% coupon but the conversion feature compensates for the lower rate on the convertible. The straight value could be calculated as:





N=20 years

Par value=$1,000

Coupon rate=12%

Yield to maturity k=14%





• This value, $867.76, is the minimum price at which the convertible is expected to sell.


Conversion (or Stock) Value

• The conversion value of a convertible is the value of the convertible measured in terms of the market price of the common stock into which the security can be converted.

• When the market price of the common stock exceeds the conversion price, the conversion value exceeds the par value.

Duncan Company’s convertible bond described earlier is convertible at $50 per share. Each bond can therefore be converted into 20 shares of common stock. The conversion values of the bond when the stock is selling at $30, $40, $50,

$60, $70, and $80 are shown as follows:

股票市價超過 conversion price 時



Conversion value 也會

超過 par value



• When the market price of the common stock exceeds the $50 conversion price, the conversion value exceeds the $1,000 par value.

• Because the straight bond is $876.76, the bond will never sell for less than this amount regardless of how low its conversion value is.

• If the market price were $30, the bond would still sell for $876,76 -- not $600 -- because its value as a bond would dominate.


Market Value

• The market value of a convertible bond is likely to be greater than its straight value or conversion value.

• The amount by which its market value exceeds its straight or conversion value is called the market premium.

• This relationship can be described graphically as shown in Figure 18.1


Market Value

Straight bond 是降低損失的保障，而 market premium 則是因為 conversion value 帶來的 capital gain of C.B.

斜率 =20

=conversion ratio

$876.76

當股價超過 x 點時， conversion value

就超過 straight bond value ，此時。

Conversion value 就成為 C.B.

的 market value 的下限。反之當股價下跌到低於 x

點時， straight bond value 就會為 C.B.

的 market value 的下限。

Conversion price

Stock Purchase Warrants

• A stock purchase warrant is a security that gives its holder the right to purchase a certain number of shares of common stock at a pre-specified price over a certain period of time.

• Warrants are like stock rights (described in Chapter 2) in that holders of warrants earn no income from them until they are exercised or sold.

• They also bear some similarity to convertibles in that they provide for the injection of additional equity capital into the firm at some future date.


Basic Characteristics

• Warrants are often attached to debt issues as “sweeteners” to add to the marketability of the issue and lower the required interest rate.

或者減少 restrictive covenant

• The price at which warrant holders can purchase a specified number of common shares is normally referred to as the exercise (or option) price which is normally set at 10 to 20 percent above the market price of the common stock at the time of issuance.

• Warrants normally have a life of no more than 10 years although some have infinite lives.  通常是 non-callable

• 當股票市價超過 exercise price 時， warrant holder 才會去 exercise


Basic Characteristics

• Warrants are usually “detachable” meaning that the bondholder may sell the warrant without selling the underlying security and are often listed and actively traded.

• Like rights, warrants provide a form of deferred equity financing.

• Unlike rights, warrants are exercisable for a period of years and are issued at a exercise price above the prevailing market price of the firm’s common stock.

Rights 的壽命只有幾個月，且其 subscription price

(exercise price) 通常比當時股票市價還低

•  Warrant 和 C.B.

的比較：

– C.B. convert 後 leverage 減少的程度要超過 warrant 被 exercise 後 leverage 減少的程度

– C.B.

被 convert 後，並沒有現金流入公司，但 warrant 被 exercise( 通常是股

價大漲 ) 後，會有現金流入公司。


The Implied Price of an Attached Warrant

• When attached to a bond, the implied price of a warrant can be found by using the following equation.

Implied price of all warrants

= price of bond with warrants attached – straight bond value (18.1)

• The straight bond value is found in a fashion similar to that found using convertible bonds.

• Dividing the implied price of all warrants by the number of warrants attached to each bond results in the implied price of each warrant.



Martin Marine Products, a manufacturer of marine drive shafts and propellers, just issued a 10.5% coupon, $1,000 par value, 20-year bond paying annual interest and having

20 warrants attached for the purchase of common stock.

The bonds were initially sold at $1,000. When issued the similar risk straight bonds were selling to yield 12%. The straight value of the bond would be the present value of its payments discounted at the 12% yield on similar-risk straight bonds.



• Substituting the $1,000 price of the bond with warrants attached and the $888 straight bond value into equation 18.1, we get an implied price of all warrants of $112 as follows:



Implied price of all warrants = $1,000 - $888 = $112

• Dividing the implied price of all warrants by the number of warrants attached to each bond -- 20 in this case -- we find the implied price of each warrant.

Implied price of each warrant = $112 ÷ 20 = $5.60

• Therefore, by purchasing Martin Marine Products’ bond with warrants attached for $1,000, one is effectively paying $5.60 for each warrant.


The Value of Warrants

• Like a convertible, a warrant has both a market value and theoretical value.

• The difference between these values -- the warrant premium -- depends largely on investor expectations and the ability of investors to get more leverage from the warrants than from the underlying stock.

買 warrant 比買股票會有

更高的預期報酬與更高 expect the warrant to sell for in the marketplace as shown in equation 18.2.



Theoretical Value of a Warrant

The theoretical value of a stock purchase warrant is the amount one would expect the warrant to sell for in the marketplace. Equation 18.2 gives the theoretical value of a warrant:

TVW=(P

0

-E) × N 18.2

Where

TVW= theoretical value of a warrant

P

0

= current market price of a share of common stock

E=exercise price of the warrant

N=number of shares of common stock obtainable with one warrant



Dusting Electronics, a major producer of transistors, has outstanding warrants that are exercisable at $40 per share and entitle holders to purchase three shares of common stock. The warrants were initially attached to a bond issue to sweeten the bond. The common stock of the firm is currently selling for $45 per share. Substituting P

0

=

$45, E = $40, and N = 3 into Equation 18.2 yields a theoretical value of $15 [($45 - $40) x 3].

 假設沒有投資人有 $2,430 ， 1 個 warrant 市價為 $18 ，他可拿來買

股票 $2,430/$45=54 股，或者拿來買 $2,430/$18=135 個 warrants

假設股價漲到 1 股為 $48 ，則買股票的人賺到 $3 × 54=$162 ，而買 warrant 的人至少賺到 [($8 × 3)-$18] × 135=$810 ，當然風險也跟著

增加



• The market value of a warrant is generally above its theoretical value.

• Only when the theoretical value is very high, or the warrant is near its expiration date, are the market value and theoretical values close.

• The warrant premium is the amount by which market value exceeds theoretical value and results from both positive expectations and the ability of the investor with a fixed sum to invest to obtain much larger potential return (and risk) by trading in warrants rather than the underlying stock.

• These concepts can be described graphically as shown in

Figure 18.2.



Exercise price y=( x -40) × 3

Options

• An option is an instrument that provides its holder with an opportunity to purchase or sell a specified asset at a stated price on or before a set expiration date.

European American

• Options are probably the most popular type of derivative security.

• Three basic forms of options are rights, warrants, and calls and puts.

• This section will focus on calls and put options.

Options

Calls and Puts

• A call option is an option to purchase a specified number of shares of stock (typically 100) on or before a specified future date at a stated price.

• They usually have initial lives of 1 to 9 months.

(exercise)

• The striking price is the price at which the holder of a call can buy the stock before or at the option’s expiration date.

• The striking price is usually set close to the prevailing market price of the stock at the time it is issued.

Options

Calls and Puts

• A put option is an option to sell a specified number of shares of common stock on or before a specified future date at a stated striking price.

• Like the call option, the striking price is set close to the market price at the time it is issued.

Options

Options Markets

• One way of making an options transaction is through one of about 20 call and put options dealers with the help of a stockbroker.

• A more popular method of investing is through the organized options exchanges.

• The dominant exchange is the Chicago Board of

Options Exchange (CBOE).

• Others include the AMEX, NYSE, and other, regional exchanges.

• One option is typically for 100 shares of stock.

Options

Options Trading

• Call options are typically purchased with the expectation that the market price of the underlying price will rise by more than enough to cover its cost resulting in a profit.

$250 ÷ 100 股 american

Cindy Peters pays $250 for a 3-month call option on Wing

Enterprises with a striking price of $50. This means she is entitle to purchase 100 shares of Wing at $50 per share at any time during the next 3 months. The stock must climb $2.50

per share to $52.50 to cover the cost of the option ignoring brokerage fees and dividends. If Wing were to rise to $60 per share, Cindy’s net profit would be $750 [(100 shares x

$60/share) - (100 shares x $50/share) - $250].

Options

Options Trading

• Put options are typically purchased with the expectation that the market price of the underlying price will fall by more than enough to cover its cost resulting in a profit.

Don Kelley pays $325 for a 6-month option on Dante United at a striking price of $40. The stock must drop by $3.25 per share ($325 ÷ 100 shares) to $36.75 per share to cover the cost of the option ignoring brokerage fees and dividends. If the stock price were to drop to $30 per share, Don’s profit would be $675 [(100 shares x $40/share) - (100 shares x

$30/share) - $325].

Options

The Role of Calls and Puts in Fund Raising

• Although they are popular investment vehicles, call and put options play not direct role in the fund-raising activities of the financial manager.

• Since options are issued by investors and not by the firm, they are not a source of financing for companies.

• The presence of options trading in the firm’s stock could -by increasing trading activity -stabilize the firm’s stock in the marketplace, but financial managers have no control over whether this is the case.

• Options 被 investor 當成避險或投資之工具

Options

Hedging Foreign Currency Exposures with Options

• Options offer the key benefit of hedging, which involves offsetting or protecting against the risk of adverse price movements, while simultaneously preserving the possibility of profiting from favorable price movements.

• The disadvantage of using is their relatively high cost compared to more traditional futures and forward contracts.

 假設美國出口商賣貨給瑞士，預期 3 個月後會接到一筆瑞士法郎的

貨款。若現在匯率為 $0.72/sf ，該出口商擔心法郎會貶值成 $0.65/sf 。

所以他可先在市場上購買 3 個月期的瑞士法郎 put option ， exercise price=$0.70/sf 。也就是 3 個月後，若瑞士法郎真從 $0.72/sf 貶值成

$0.65/sf ，該出口商可以 exercise 這個 put option ，也就是以

=$0.70/sf 賣出瑞士法郎，所以可減少匯兌損失。但若瑞士法郎乃升

值為 $0.79/sf ，則該出口商會讓 put option expires without exercise.

衍生性金融商品(1)

Principles of Managerial

Finance

Brief Edition

Chapter 18

Hybrid And

Derivative Securities

An Overview of Hybrids & Derivatives

An Overview of Hybrids & Derivatives

Hedging Foreign Currency Exposures with Options

Related documents

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衍生性金融商品(1)

Principles of Managerial

Finance

Brief Edition

Chapter 18

Hybrid And

Derivative Securities

An Overview of Hybrids & Derivatives

An Overview of Hybrids & Derivatives

Hedging Foreign Currency Exposures with Options

Related documents

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