请教：期权的时间价值怎样理解

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<P>请问期权的时间价值如何理解？有没有比较好的书推荐。</P>
<P>感激不尽！</P>

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关键词：时间价值 感激不尽 如何理解 有没有 价值 如何

期权的时间价值就是距离到期的价值,离到期日越远,股票的不确定性就越大,波动就可能越大,期权的时间价值也就越大.

book: option volatility & pricing,you can downloan in this website.

time value of an option is the present value(PV) of the price of the put or call option.

The best book is the the bible of Hull.

以下是引用kylefran在2007-2-24 22:39:00的发言：
time value of an option is the present value(PV) of the price of the put or call option.

以下是引用kylefran在2007-2-24 22:39:00的发言：
The best book is the the bible of Hull.

apparently you haven't read your bible carefully, if not at all.

[此贴子已经被作者于2007-2-25 0:37:55编辑过]

Haha,another fight is coming.......

说的通俗一点，如果期权到期日还是比较长的话，那么在这样一段时间内期权在到期的时候价格运动到对持有人有利的位置的可能性就越大，因为这一段时间内的波动率是单位时间的波动率乘以时间的开平方。

这个理解是比较粗疏的，如果想好好的理解的话，看看John Hull的书好了。他有一本入门教材，可以看看。

i just recommand a classic book i know. You bet. Obviously, it is too hard for me to read through it. Maybe this book can be used only for reference to the beginners like me. I do not want to offend you here. Just discuss something we are interested. Do not be so sarcastic. If you know, you can also raise your answer. expecting your answer. :}
Hope someone can give us the correct and precise definition of time value of a option.

以下是引用kylefran在2007-2-25 11:00:00的发言：
i just recommand a classic book i know. You bet. Obviously, it is too hard for me to read through it. Maybe this book can be used only for reference to the beginners like me. I do not want to offend you here. Just discuss something we are interested. Do not be so sarcastic. If you know, you can also raise your answer. expecting your answer. :}
Hope someone can give us the correct and precise definition of time value of a option.

The answer is indeed in Hull' book. Mine is the 5th edition.

The time value of an option is the part of the option's value that derives the possibility of future favorable movements in the stock price. (pp 154)

Time value is the value of an option arising from the time left to maturiy (equals an option's price minus its intrinsic value). (pp 713)

At any rate, it's obviously not something like "the present value of option price".

[此贴子已经被作者于2007-2-25 11:57:38编辑过]