期权的应用 激励方式 些证券具有期权的特征:可回购债、可转债 Hedging (speculative)investing and asset allocation are among the top reasons for option trading In essence, options and other derivatives provide a tailored service of risk by slicing reshaping and re packaging the existing risks in the underlying security The risks are still the same but investors can choose to take on different aspects of the existing risks in the underlying asset◼ 期权的应用 ◼ 激励方式 ◼ 一些证券具有期权的特征：可回购债、可转债 ◼ Hedging, (speculative) investing, and asset allocation are among the top reasons for option trading. ◼ In essence, options and other derivatives provide a tailored service of risk by slicing, reshaping, and re packaging the existing risks in the underlying security. ◼ The risks are still the same, but investors can choose to take on different aspects of the existing risks in the underlying asset