Let's take our favorite option, the IBM calls with a strike price of $80. Theprice of such equity options is usually quoted per share, which means thatmultiplying by 100 (the number of shares the call owner is entitled to buy)gives the dollar price of the option. For example, the June IBM 80 call optionis quoted at $3, and so it costs $300 to buy; if the option were quoted at $15, itwould cost $1,500, and so on. What determines whether the price of the IBM80 calls is $3, $15, or $35? The three main factors are the current price of IBMstock, the volatility of IBM's stock price, and the time to expiration of theoption. We will look at each factor in turn.
It should be fairly intuitive that a call option with a given exercise pricewill be worth more the higher the price of the underlying asset. If IBM stock isselling for $90, the $80 call gives you the fight to buy 100 shares at a pricewhich is $10 below the price at which you could sell the shares. Thus everyonewould pay at least $10 for the IBM $80 calls if IBM stock sells for $90, sincethey could lock in an immediate profit if the call were selling for less. If IBMstock were selling for $110, for example, the $80 call would be worth at least$30. Somewhat more generally, options will sell for at least their intrinsicvalue at any time, even prior to expiration. And that means that a higher stockprice implies a higher call value at all times.
But that can hardly be the entire story. If IBM stock were selling at $80 pershare, the intrinsic value of the $80 calls would be zero, but the options couldstill be quite valuable. And that is especially true if the calls have a significantamount of time left before expiration. In particular, if the price of IBM is veryvolatile, and there is a lot of time before the option expires, then there isalways a chance that the price could move up significantly between now andexpiration. The greater the volatility of IBM stock, the higher its price can go,hence the more the call
…… 2l世纪是开放经济的时代。我们正处在一个不断开放的国度、一个开放经济不断深化的时代。伴随着我国加入WT0时间的推移,我国经济的开放程度不断深化,在经济全球化的时代背景下,我国融入国际社会的进程正在而且必将进一步加快。
21世纪是知识经济的时代。知识成为决定经济增长的*主要的生产要素之一,人力资本在经济增长中的作用日益凸显。
21世纪,各国经济实力和综合国力的竞争将日趋激烈。未来的竞争将是人才的竞争,培养富有创新精神和能力的开放型人才已成为2l世纪实现中华民族的伟大复兴的关键,这也正是我国20世纪90年代提出并实施科教兴国战略的意义所在。
基于对上述趋势的考量,对开放型人才培养模式的探索将成为我国高等教育改革的关键一环。毋庸置疑,出国留学是培养开放型人才的有效途径,这一点能从我国近几年出国留学人数的激增上得到明显的例证,但这一方式毫无疑问并不适用于大多数人,推动我国高等教育的国际化、提高我国高等教育的国际化水平才是培养开放型人才的*有效途径,而且是21世纪世界高等教育发展的大势所趋,也是我国高等教育与国际接轨的应有之义和提高我国高等教育水平的必然的路径选择之一。
在教育部的大力推动下,作为高等教育国际化的实现机制之一,双语教学已被纳入《普通高等学校本科教学工作水平评估方案》(试行),并在全国高等学校得到大力开展和推广。教材建设无疑是双语教学的重要载体,而且成为决定双语教学成功与否的关键问题之一。