T*R
发帖数: 36302 | | y********n
发帖数: 4452 | 2 没有影响，special dividend option strike price会adjust。 | s******7
发帖数: 446 | 3 nice!
【在 y********n 的大作中提到】
: 没有影响，special dividend option strike price会adjust。
| s******7
发帖数: 446 | 4 Special dividends are different than regular cash dividends in that only the
former cause strike prices to be adjusted on option contracts. [4] This is
because special dividends are not expected, and therefore would result in an
unexpected transfer of wealth from those owning call options to those who
sold them (vice versa for put options).
For example, say XYZ is priced at $40 today, and has a special dividend of $
1. Since call option holders are not entitled to dividends, a holder of an
option to buy stock XYZ at $30 will not receive the $1 special dividend.
However, after paying the cash dividend, then (all else being equal) XYZ
will drop to $39, as it has paid out $1 of its value. However, the option to
buy a $39 stock at $30 is worth less than the option to buy a $40 stock at
$30. Therefore, option exchanges have formulas to adjust contracts
appropriately when special dividends are paid out. In this case, the call
option to buy at $30 will be converted to a call option to buy at $29, which
will keep the option value roughly the same.
Regular cash dividends do not result in such option contract adjustments.
This is because the market expects them to occur, and they are therefore
priced into the option premium. In a way, the buyer of a call option for a
stock that pays a regular cash dividend gets a "buyer's discount". | a**h
发帖数: 1085 | 5 那就是说option price变得更贵了吧？ contract price/base price? |
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