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Der Hebel als Maßstab zur Beurteilung der Kurssteigerungschancen von Kauf- und Verkaufsoptionen sowie Optionsscheinen

Author

Listed:
  • Wekker Johannes

    (Dr. rer. oec., Professor an der Universität des Saarlandes)

  • Ulrich Joachim

    (Cond. rer. pol. an der Universität des Saarlandes)

Abstract

Die Bedeutungvon Optionen in der Börsenlandschaft hat stark zugenommen. Derzeit werden mehr als hundert Optionsscheine und covered warrants gehandelt. Darüberhinaus gibt es den Optionshandel der traditionellen Börsen sowie der Deutschen Terminbörse (DTB). Die althergebrachten Kennziffern zur Beurteilung der Preiswürdigkeit und der Kurssteigerungschancen von Optionen, Aufgeld und Hebel, erfüllen ihre Funktionen nur sehr unvollkommen, ja in vielen Fällen führen sie in die Irre. Die seit 1973 in den USA entwickelte Optionspreistheorie („Black/Scholes-Formel“) ermöglicht exakte Kennziffern zur Beurteilung von Preiswürdigkeit und Kurssteigerungen von Optionen.

Suggested Citation

  • Wekker Johannes & Ulrich Joachim, 1990. "Der Hebel als Maßstab zur Beurteilung der Kurssteigerungschancen von Kauf- und Verkaufsoptionen sowie Optionsscheinen," Zeitschrift für Bankrecht und Bankwirtschaft (ZBB) / Journal of Banking Law and Banking (JBB), RWS Verlag, vol. 2(1), pages 21-28, March.
    • Handle: RePEc:bpj:zfbrbw:v:2:y:1990:i:1:p:21-28:n:4
    DOI: 10.15375/zbb-1990-0104
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