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fdzh · 2023年10月27日

答案的解释不正好说明的应该选deep in the money call吗?

NO.PZ2023091901000021

问题如下:

Firms commonly incentivize their management to increase the firm’s value by granting managers securities tied to the firm’s stock. Some securities, however, can reduce managerial incentives to manage risk within the firm. Which is likely the best example of this type of security?

选项:

A.

Deep in-the-money call option on the firm’s stock

B.

At-the-money call option on the firm’s stock

C.

Deep out-of-the-money call option on the firm’s stock

D.

Long position in the firm’s stock

解释:

Deep out-of-the-money calls have no value unless the firm value increases substantially, so providing deep out-of-the-money calls as an incentive could cause managers to take substantially higher risks and perform, less hedging, With an at-the-money call, managers could still be incentivized to take greater risks but they would not have to aim for as large of a stock price increase to recognize significant value from their options, so the danger of mismanaging risk is less. A deep in-the-money call would have a similar investment profile as a long equity position and both of the latter choices would provide the least managerial incentive to reduce risk management.

 A deep in-the-money call would have a similar investment profile as a long equity position and both of the latter choices would provide the least managerial incentive to reduce risk management

1 个答案

李坏_品职助教 · 2023年10月27日

嗨,从没放弃的小努力你好:


我个人也觉得应该选A。为了保险起见,我跟其他老师再交流一下这个题目。


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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

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