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發表於 2007-8-20 08:20:04
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[quote]原帖由 雷文 於 2007-8-19 11:22 PM 發表
""...warrant 莊家....的槓桿比率及引申波幅,正股下跌put輪不一定要上升,正股 ..."
Actually its good for hedging but there are nobody hedged in HK using this
as general chinese got a strong gambling character. people only use it as
"margin trading", great gear ratio attraction, no matterit's out of money.
About the pricing of the warrant, it's calculated from a equation of linked equity,
time value, delta, implied volatility .... which was working inside a black box and
there is determine by the 莊家, market force. I think it's crazy that as i saw the
IV got more than 40% and the so call adviser still make suggestion. Poor me and
poor hk.
so the result is not only to the linked equity but a mixture of all. This is the reason
why the issuer make RISK FREE big money from it. issue warrant = print money, (if fully
hedge)
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