Exist since 1973 in Chicago. Was an instant success.
There are options on stocks, but also on stock indexes, bonds, foreign exchange, commodities, plus options not traded but offered by large banks.
We should speak of derivatives:
- options: give opportunities to specific preferences of shareholders
- futures=a contract to buy a commodity or security on a future date a price that is fixed today ; advantage of liquidity: you pay now and compensation each day at the clearing-house. Forwards=like a future but no quotation because it is a agreement between two parts, not traded in a market. You pay or receive the money at the time of delivery,
- swaps=exchange of one’s position with another offered by a counterpart
Calls and puts >>
|
|
Corporate finance
The subject: corporate finance
PART ONE: CAPITAL EXPENDITURE
The present value
Investment
decisions
Practical
problems in capital budgeting
Firms evaluation
PART TWO. BASICS OF FINANCE
The financial
markets
Options
The market
efficiency
Risk
Mergers,
Acquisitions, and Corporate Control
International
Financial Management
PART THREE FINANCING DECISIONS
Corporate
financing
Dividend policy
and capital structure
PART FOUR FINANCIAL MANAGEMENT
Financial
planning
Short-term
financial management
Courses created and updated by Dr David Chelly, PhD in Management sciences from the University of Tours.
|