Cuốn sách được dành cho một chủ đề cần được quan tâm ngày càng tăng từ các nhà hoạch định chính sách, các nhà khai thác tài chính và các học là vấn đề của unbanking hoặc underbanking ở các nước đang phát triển. Với sự tôn trọng này, mục tiêu của các tác giả đã dành nhiều nỗ lực để tìm hiểu vấn đề loại trừ tài chính để cung cấp cho người có thu nhập trung bình thấp cơ hội mới tiếp cận các dịch vụ tài chính (ngân hàng, tín dụng và đầu tư dịch vụ) | Preface xxi MATLAB is a commercial software product produced by The Mathworks whose homepage is at . Let me re-emphasize that these programs are entirely nc he book can be read without reference to them. However I believe that they form a major element - if you understand the programs you understand a big chunk of the material in this boor. Disclaimer of warranty We make no warranties express or implied that the programs contained in this volume are free of error or are consistent with anyparticular standard of or that they wdl meet voui requirements for apy iculcukư apphca-tion. Theyshould not be relied on for solving a problem whose incorrect solution could result in inauryto a person or loss of property. If you do use the programs in such a manner it is at your own risk. The author and publisher disclaim all liability for direct or conseruential damages resulting from your use of the programs. 1 Options OUTLINE European call and put options payoff diagrams how and why options are traded What are options Throughout the book we use the term asset to describe any financial object whose value is known at present but is liable to change in the future. Typical examples are shares in a company commodities such as gold oil or electricity currencies for example the value of US 100 in euros. We will have much to say about assets in subsequent chapters but let us get straight to the point and define an option. Definition A European call option gives its holder the right but not the obligation to purchase from the writer a prescribed asset for a prescribed price at a prescribed time in the future. The prescribed purchase price is known as the exercise price or strike price and the prescribed time in the future is known as the expiry date. To illustrate the idea suppose that today your friend Professor Smart the writer writes a European call option that gives you the holder the right to buy 100 shares in the International .
