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柚柚_柚 · 2020年08月03日

问一道题:NO.PZ2020021203000100 [ FRM I ]

问题如下:

Company A has just announced a takeover offer for Company B. The outcome of the takeover attempt is uncertain. If successful, a big increase in Company B's stock price can be anticipated. If unsuccessful, a big decrease can be anticipated. An investor buys a straddle on Company B's stock where the strike price is close to the current market price. Is this a good trade? Discuss.

解释:

The outcome of the takeover is uncertain, and we can expect a big move in the price of Company B's stock by the time the result of the takeover attempt is known. A straddle would therefore appear to be a good trade. However, because knowledge of the takeover is in the public domain, the prices of calls and puts will be higher than usual to reflect the fact that a big move in the stock price is likely. This emphasizes the point that having the same view as the rest of the market is not usually sufficient to make money trading options. It is necessary to take a view that is different from the market consensus (and be right!).

请问可以帮忙翻译一下答案嘛 没看懂。。
1 个答案

袁园_品职助教 · 2020年08月03日

同学你好!

这里就是解释一下straddlle的策略,属于比较基础的内容,我给你简单翻译下答案

The outcome of the takeover is uncertain, and we can expect a big move in the price of Company B's stock by the time the result of the takeover attempt is known. A straddle would therefore appear to be a good trade.

由于收购结果有不确定性,B公司股票要么大涨要么大跌,这个时候用straddle策略是蛮好的。

However, because knowledge of the takeover is in the public domain, the prices of calls and puts will be higher than usual to reflect the fact that a big move in the stock price is likely.

然而,由于收购已经是公开信息(即大家都知道股价要么大涨要么大跌了),call 和 put 的价格会比平时更贵,因为大家都会争相购买。

This emphasizes the point that having the same view as the rest of the market is not usually sufficient to make money trading options. It is necessary to take a view that is different from the market consensus (and be right!).

所以如果和市场上大部分人持有相同观点的时候想要赚钱不太容易,当你的观点与市场不同(而且你的观点正确)的时候才能赚大钱。

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