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Unlimited leverage comes automatically with an option exchange. And derivative trading which made the option exchanges look like a benign event.
期权交易与无限杠杆率是与生俱来的,而且金融衍生品交易使得,期权交易看似有益。
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They want to issue them "Out of the money" and then announce the news that brings them "In the money."
他们想发行价外期权,然后发布利好消息,使其变成价内期权
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Warren Buffett said it was not my idea. We are not controlling margins if you have option exchanges.
巴菲特说这不是我的主意，如果你有,期权交易的话我们不会控制保证金的。
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one of the big causes of companies not filing financial statements on time was if they had backdated the stock options.
公司是否按时发布财务报表的,一个很重要的原因,是他们是否有追溯期权。
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So, there's been a number of articles that documented that stock prices tend to jump shortly after options are issued to managers.
有一些文章记载表明,在公司发给经理们股票期权之后,股票的价格往往会出现短期激涨
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I think Lee identified a small number, but definitely some of them, that were lying about the date.
我想李指的只是一小部分公司,但是在期权发行日上做手脚,这种事情是绝对存在的
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Then I want to talk about options markets-- this is getting close to the end of the course.
接下来的内容将会是期权市场,讲到这里课程也就接近尾声了
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That's $1 more than it costs now in the market, so the options are worthless unless the price of the stock goes up.
这样每股就要比市场价多花费一美元,除非股票价格增长了,否则这个期权就是没有价值的
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They would announce in December that we issued back in August these options to our executives.
他们会在十二月的时候通告说,我们已经在八月的时候,向公司经营管理者发行股票期权了
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An option is a contract that says you can buy so many shares of a company.
期权就是指你可以,在公司里购买多少股份的一份合同
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The options have been traded for several decades, starting with the Chicago Board Options Exchange.
期权最初从芝加哥期权交易所进行交易,到现在已经交易了几十年
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We have private equity, we have venture capital, and we have employees getting incentive options.
例如私人权益，风险投资，还有用于激励员工的期权工具。
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All that is fine, it sounds good that managers should be given options because it will incentivize them to work for the benefit of the corporation.
这样不错,向经理人提供期权激励听起来不错,因为这样可以激励他们,为了公司的利益而努力工作
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Generally,you don't have to worry about optionality or call provisions and so it's math.
一般来说,没有必要去担心期权性风险,或赎回条款,就只是数学游戏
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The regulatory authorities were starting to look into this -that's fraud to backdate options.
所以监管机构开始调查这个问题,倒签期权是种欺诈行为
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So, they must have been lying about the date that they issued the options.
所以,他们必然是在期权发行日期,这点上撒了谎
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So, he was going after himself, finding out all the companies that were backdating options, trying to beat the SEC and the regulatory authorities to the conclusion.
所以他自己一路研究下去,找出了所有用倒签期权欺诈的公司,然后试图用这个结论,与证券交易委员会和监管机构抗衡
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For companies that we thought had backdated stock options, that we could buy their bonds at what they would trade for without this potential event of default.
对于那些我们认为已经追溯股票期权的公司，我们会在没有潜在违约风险下进行交易的价格,购买他们的债券。
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We tried to identify companies that we thought had backdated their stock options.
我们试图找出,那些我们认为已经追溯它们股票期权的公司。
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The immediate suspicion that this raised, and I think it's more than a suspicion, is that companies will time announcement of good news until after they issue the options.
这引起了一些人的猜疑,我想不止是猜疑,公司会在发行股票期权之后,算计发布利好消息的时间
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I mean, you could say, well that means the options are really working well because it really motivated the managers and they did something and made the company worth more.
我的意思是,你可以说,这是因为股票期权激励机制起作用了,因为它的确激励了经理们,这些经理为之付出努力并使公司市值更高
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We have prices of options that change minute by minute.
期权价格瞬息万变
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The problem that's been revealed in finance literature is that there's an uncanny tendency for the stock price to go up after the company awards large quantities of options to its executives.
但一些金融文献中提到这样一个问题,即出现了一种诡异的趋势,一旦公司奖励了大量的股票期权给,公司管理层,之后股价就会上升
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She is also a PhD candidate in Economics and is doing research on the behavior of options prices in a phenomenon called the "Options smile," as she's smiling at me right now.
她也在攻读经济学博士学位,目前正在研究"期权微笑",也就是,期权隐含波动率微笑现象中的价格变动趋势,她现在正对我微笑呢
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If they awarded options that were "In the money" -that means already exercisable at profit -then they would be subject to a tax liability immediately, so they don't want to do that.
如果这些奖励的股票期权是价内期权,这说明期权行权即可赢利,这些利润是要交税的,当然他们想避免交税
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Lee concluded that companies were fraudulently backdating options.
所以李得出结论,公司以欺诈形式倒签期权
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An option is the right to buy something.
期权是指购买某样东西的权利
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One is that -there's a literature in finance about options and stock price performance, which goes back ten years, that shows that something is not quite right with the way companies issue options.
其中之一是,有一部关于期权与股票价格表现,的金融文献,讲述的是十年前,关于公司发行期权的,一些不太正确的做法
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But now there are many options exchanges.
现在有许多期权交易所了
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What's happening, increasingly, is that employees or top executive employees, at least, in companies are rewarded as part of their compensation with options on the value of the stock of the company they work for.
现在越发普遍的情况是,雇员,或者至少是高管,可获得他们所在公司额外的股票期权,当做薪酬的一部分,作为其优秀管理的回报
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