Callable bonds give the firm the option to repurchase the bond from the holder at a stipulated call price.

—可赎回债券赋予公司一项权利，可以从持有者手中以特定的赎回价格回购债券。

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A stock option gives the holder the right to buy or sell the underlying stock at a fixed price for a specified period of time.

股票期权使得持有者有权在特定时期里以一个固定价格买卖底层股票。

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A call option, for example, gives the holder the right to buy an asset at a specified price within a specified period.

比如说，一个看涨期权，可以让持有者有权在一段特定的时间内以一个特定的价格买入一个资产。

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In many cases, section 409A may subject the option holder to extra taxes.

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With a Chicago put you might get stuck with the stock in question if it dips and the option holder decides to exercise.

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It can happen if, say, the stock price and the exercise price are so close that the option holder sees no value in paying the commissions to exercise.

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