Put/call parity is a captivating, noticeable reality arising from the options markets. The share of ABC Ltd is trading at $ 93 on 1 January 2019. c = call value Put Call Parity is a theorem that defines a price relationship between a call option, put option and the underlying stock. Synthetic options imitate the risk reward profile of "real" options using a combination of call and put options and the underlying stock. This assumes the strike prices and the expirations are the same on the call and put with interest rates and dividends equal to zero. For example, an American exercise style $50 call option on XYZ expiring June of the current year must be priced at the same or lower price than the September XYZ $50 call option for the current year. This equation establishes a relationship between the price of a call and put option which have the same underlying asset. r = continuously compounded risk free interest rate By entering the values and leaving one of either the put option price, call option price, or spot price of the asset blank, this calculator will show you what that price should be according to the put-call parity relationship. Enter 5 out of 6 below. Options arbitrage uses stock, cash and options to replicate other options. Examples of Purchasing Power Parity Formula (With Excel Template) Let’s take an example to understand the calculation of Purchasing Power Parity in a better manner. Explore the concepts of put-call parity in this video. Result: $0.50 per share profit The Put-Call parity is widely used to find discrepancies in the options market – mostly using computers to spot any arbitrage opportunities. Note that XYZ is a non-dividend paying stock, the options are American exercise style and interest rates are expected to be constant over the life of both options. An investor can purchase the call and write the put. The strike price is $25, the maturity is in 6 months, and Mark pays $5 to acquire the call option. By understanding the put-call parity formula, an investor can connect the value between a put option, call option, and underlying security, as long as the put and call have the same strike price and expiration date. In this video we explore what the difference in how these options can be … This article teaches you how to calculate the implied dividend of an option via put-call parity, illustrated with an Excel spreadsheet. Therefore, the call option on this non-dividend paying stock would have to be sold (at a minimum) for $3.75 just to cover the cost of carrying the position for one year. Put call parity is a principle that defines the relationship between calls and puts that have the same underlying instrument, strike price and expiration date. The calculation is based on European expiration of both the call and the put. The put-call parity formula for American options is considerably more complicated than for European options. im having trouble working out the exact formula.. Answer Save. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Synthetic Long Put = Long Call and Short Stock, Synthetic Short Stock = Long Put and Short Call (same expiration & strike) Opposite of interest rates, higher dividends tend to reduce call option prices and increase put option prices. This website may use cookies or similar technologies to personalize ads (interest-based advertising), to provide social media features and to analyze our traffic. Using algebraic manipulation, this formula can be rewritten as futures price minus call price plus put price minus strike price is equal to zero f - c + p – k = 0. - Strike prices and expirations the same for call and puts, Synthetic Long Stock = Long Call and Short Put (same expiration & strike) Put call parity is a principle that defines the relationship between calls and puts that have the same underlying instrument, strike price and expiration date. Lv 6. To make use of this arbitrage opportunity, we will buy the fiduciary call and sell the protective put. Recall that the basic put-call parity equation is: c 0 + X/(1 + r) T (fiduciary call )= p 0 + S 0 (protective put). Reverse Conversion: An investment strategy in which a long call and short put with the same strike and expiration is combined with a short stock position. Owning one call option and selling one put option on the same underlying asset (with the same strike price and expiration date) is equivalent to owning 100 shares of stock. PV (x) = the present value of the strike price (x), … The put-call parity requires the puts and calls to belong to the same strike, have the same expiration date and belong to the corresponding futures contract. Put/call parity says the price of a call option implies a certain fair price for the corresponding put option with the same strike price and expiration (and vice versa). A similar relationship can be seen between two different strike prices but the same expiration. By gaining an understanding of put/call parity, one can begin to better understand some mechanics that traders may use to value options, how supply and demand impacts option prices and how all option values on the same underlying security are related. Put-call parity is a principle that defines the relationship between the price of put and call options of the same on the same underlying asset with the same strike price and expiration date. Transaction 2: Sell June call for $3.50 We offer the most comprehensive and easy to understand video lectures for CFA and FRM Programs. C + P V ( K) = Call option and a (riskless government) bond or money market instrument. In our interest free, commission free, hypothetical world, the timing of the assignment does not matter, however the exercise would only occur after an assignment. ABC $50 call = $1.00. These trades would continue until the price of the June option was equal to or below the price of the September option. You will use this case to illustrate if you can find an arbitrage opportunity in the real world. It defines a relationship between the price of a call option and a put option with the same strike price and expiry date, the stock price and the risk free rate. No statement in this web site is to be construed as a recommendation to purchase or sell a security, or to provide investment advice. Here is an example of why a longer term option premium must be equal to or greater than the premium of the short term option. If the one-year interest rate is 5%, the cost of borrowing $7,500 for one year is: $7,500 x 5% = $375. The $50 put is trading at $2.00 and the $50 call is trading at $1.00 – the call and the put have the same expiration - for purposes of this example the actual expiration does not matter. The relationship of put/call parity can now be seen. Why Does Put-Call Parity Matter? Competitive forces in the options market-place help ensure proper pricing, creating tighter bid-ask spreads and minimizing pricing irregularities. Relevance. I saw from a text "From put-call parity, call and put with the same inputs have the same gamma", but I don't see how put-call parity is related to Gamma.     T = Expiration date Continued use constitutes acceptance of the terms and conditions stated therein. If two combinations of assets or portfolios of assets have the exact same payoff, their cost of acquisition must be identical. 1 Answer. Put call parity concept establishes a relationship between the prices of European put options and calls options having the same strike prices, expiry and underlying security. A portfolio of a put with exercise price $100 and a … Let’s plug these values in the put-call parity equation: 7 + 100/(1.08)^0.5 = 5 + 99. Prior to buying or selling an option, a person must receive a copy of Characteristics and Risks of Standardized Options. The call and put would have the same strike price and the same expiration. Example: The put-call parity relationship shows that a portfolio consisting of a long call option and a short put option should be equal to a forward contract with the same underlying asset, expiration, and strike Example 1 — Verifying the Put-Call Parity with Real Prices. Learn about put-call parity, which keeps the prices of calls, puts and futures consistent with one another. If the investor elects to exercise the call, they would pay $50 per share and (similar to the assigned put) receives 100 shares. Hence: C – P = S – K / ( 1 + r) T Mark purchases a European call option for a stock that trades at $30. Understanding the Put Call Parity relationship can help you connect the value between a call option, a put option and the stock. Our risk-less profit is $0.775 that we made in the beginning. *note XYZ is a non-dividend paying stock*. *Most covered call writers (and protective put buyers) don't realize they are trading synthetic positions! This site uses Akismet to reduce spam. The next logical question is how ordinary dividends and interest rates impact the put call relationship and option prices. From Put-Call parity, the theoretical price \(P\) of European put option on a non dividend paying stock is $$\begin{equation} P=Xe^{-rT}N(-d_2) - S_0 N(-d_1) \end{equation}$$ 2. This example shows why a $50 XYZ call option expiring this June, must trade at the same or lower premium than a $50 call option expiring the following September. Similar to how synthetic oil is not extracted from the fossil fuels beneath the ground. Equation for put-call parity is C 0 +X*e-r*t = P 0 +S 0. Parity will be obtained when the differences between the price of call and the put option will be equal to the difference of the current price of the stock and the current value of strike price. Previous question Next question Get more help from Chegg. The put-call parity formula for American options is considerably more complicated than for European options. Put-call parity defines a relationship between the price of a European call option and European put option, both with the identical strike price and expiry. To replicate the gain/loss characteristics of a long stock position, one would purchase a call and write a put simultaneously. Moreover, the spreadsheet also calculates if put-call parity is satisfied. S = current stock price This web site discusses exchange-traded options issued by The Options Clearing Corporation. Although option holders do not receive dividends, they keenly watch dividend announcements. Copyright © 2020 Finance Train. The Black-Scholes model in Excel 1 decade ago. Put Call Parity is a theorem that defines a price relationship between a call option, put option and the underlying stock. For dividend paying stocks, exercise and assignment activity occurs more frequently just before (call exercises) and after (put exercises) an ex-dividend date. The two assets, or portfolios, in the put-call parity formula are: P + S = Put option and its underlying security. Let us begin by defining arbitrage and how arbitrage opportunities serve the markets. That is, we can determine the value of a financial instrument if we assume arbitrage to be unavailable. The Put-Call Parity is an important fundamental relationship between the price of the underlying assets, and a (European) put and call of the same strike and time to expiry. A bull spread using calls provides a profit pattern with the same general shape as a bull spread using puts (see Figures 11.2 and 11.3 in the text). To understand how, first it’s important to understand how it works. Put/call parity is a captivating, noticeable reality arising from the options markets. The synthetic long stock position can be established for $49/share - $0.50 less than the market price of ABC. This is also referred to as conversion arbitrage. Stock Price = $29.40 MSFT Put … In the real world, such restrictions do exist and, of course, transaction costs are present which may reduce or eliminate any perceived arbitrage opportunity for most individual investors. Put-call parity describes the relationship between calls, puts, and the underlying asset. - Interest rates and dividends equal zero The concept of put-call parity, therefore, tells us that the value of the June $1100 put option will be $40. It defines a relationship between the price of a call option and a put option with the same strike price and expiry date, the stock price and the risk free rate. Join Our Facebook Group - Finance, Risk and Data Science, CFA® Exam Overview and Guidelines (Updated for 2021), Changing Themes (Look and Feel) in ggplot2 in R, Facets for ggplot2 Charts in R (Faceting Layer), Impact of Exercise Price and Time to Expiry on Option Prices, Minimum and Maximum Value of European/American Options, Put Call Parity and Arbitrage Opportunity. Can someone explain? If the September call is less expensive, investors would buy the September call, sell the June call and guarantee a profit. A portfolio of a call with exercise price $100 and a bond with face value $100. Thus, S = C – P. Transaction 3: Assigned on June call, receive $50/share, short 100 XYZ The results show that the measure of relative index option prices leads the stock market by at least 15 minutes. The put-call parity formula holds that the difference between the price of the call option today and the put option today is equal to the stock price today minus the strike price discounted by the risk-free rate and the time remaining until maturity. Now that we understand what put-call parity is we can derive the put option price by using the following equation: p = c - S + X / (1 + RFR) ^T that is, the put option price is simply buying the call option with strike price X, selling the stock at share price S and buying the riskless bond that pays the exercise price X at maturity. The selling pressure in the higher priced market will drive XYZ’s price down. Violations of put-call parity occur when one side of the equation is not equal to the other. On November 18, 2006, market data yielded the following information on Microsoft (MSFT), with the 2 options having a strike price of $30 and that expired 2 months later, in January, 2007:. If the June premium was higher (like in the example), investors would sell the June call, causing the price to decline and buy the September, causing the price of that option to rise. CFA Institute does not endorse, promote or warrant the accuracy or quality of Finance Train. When trying to understand arbitrage as it relates to stock and options markets, we often assume no restrictions on borrowing money, no restrictions on borrowing shares of stock, and no transactions costs. Should American Options be Exercised Early? Violations of put-call parity occur when one side of the equation is not equal to the other. The equation expressing put-call parity is: C + PV (x) = P + S. where: C = price of the European call option. If an option does not show parity, then it provides the opportunity for gains. 121 1 1 bronze badge. does anyone know the equation to input into excel to find the lower bound and arbitrage amounts using the put-call parity? Pricing Lookback Options (Fixed & Floating Strikes) Pricing Asian Options. In the previous example, if the relationship did not hold, rational investors would buy and sell the stock, calls and puts, driving the prices of the calls, puts and stock up or down until the relationship came back in line. ABC $50 put = $2.00 Put-Call Parity is derived from the assumption that puts and calls should be priced relative to the underlying security such that no arbitrage opportunity exists. Rather synthetic oil is manufactured with chemicals and is man-made. Rational investors would buy calls and sell puts instead of purchasing stock (and maybe even short the stock to offset the position completely and lock in a $.50 profit – technically called a “reversal”). Show that the Black Scholes Merton formulas for call and put options satisfy put call parity. For example, an investor is looking to sell a one-year call option on a $75 stock at the $75 strike price. The “no-arbitrage principle” indicates that any rational price for a financial instrument must exclude arbitrage opportunities. Put-call parity is an important principle in options pricing first identified by Hans Stoll in his paper, The Relation Between Put and Call Prices, in 1969.It states that the premium of a call option implies a certain fair price for the corresponding put option having the same … Arbitrage is, generally speaking, the opportunity to profit arising from price variances on one security in different markets. Put-call parity is a principle that defines the relationship between the price of put and call options of the same on the same underlying asset with the same strike price and expiration date. Stock Price = $29.40 MSFT Put … Put-call parity is an extension of these concepts. Let’s take a closer look at a synthetic long stock position. For individual investors, understanding the early exercise feature of American style options is essential. The buying and selling pressure in the two markets will move the price difference between the markets towards equilibrium, quickly eliminating any opportunity for arbitrage. c = S + p – Xe–r(T– t) For example, if an investor can buy XYZ in one market and simultaneously sell XYZ on another market for a higher price, the trade would result in a profit with little risk. The Put Call Parity assumes that options are not exercised before expiration day which is a necessity in European options. Characteristics and Risks of Standardized Options. In this video we explore what the difference in how these options can be … But remember the investor took in a credit of $1 when they entered the synthetic position, thus the “effective” purchase price of the stock is $50 (paid when assignment or exercise occurs) less $1 credit from initial trade equals $49/share – the price of ABC in the market. e = Euler’s constant – approximately 2.71828 (exponential function on a financial calculator) Our position simulator and pricing calculators can help evaluate these relationships: Visit our learning resources by topic pages for additional insight into options pricing. The put-call parity formula holds that the difference between the price of the call option today and the put option today is equal to the stock price today minus the strike price discounted by the risk-free rate and the time remaining until maturity.Hence:C – P = S – K / ( 1 + r)TMark purchases a European call option for a stock that trades at $30. Other factors too will change the relationship – notably dividends and interest rates. The formula for put call parity is c + k = f +p, meaning the call price plus the strike price of both options is equal to the futures price plus the put price. Eventually the buying of the calls would drive the price up and the selling of the puts would cause the put premiums to decline (and any selling of the stock would cause the stock price to decline also). Now that we understand what put-call parity is we can derive the put option price by using the following equation: p = c - S + X / (1 + RFR) ^T that is, the put option price is simply buying the call option with strike price X, selling the stock at share price S and buying the riskless bond that pays the exercise price X at maturity. Although option holders do not receive dividends, they keenly watch dividend announcements. X = exercise price of option Elsevier. ABC = $49/share In this article, we will look at how we can seek arbitrage opportunities by using the put-call parity equation. Similarly, synthetic positions in stocks and options are generated from positions in other instruments. Hear from active traders about their experience adding CME Group futures and options on futures to their portfolio. Put-Call Parity Put-call parity is an important concept in options pricing which shows how the prices of puts, calls, and the underlying asset must be consistent with one another. Example 1 — Verifying the Put-Call Parity with Real Prices. Of course, it is only valid for European options. Example. With stock and options, there are six possible positions from three securities when dividends and interest rates are equal to zero – stock, calls and puts: Synthetic relationships with options occur by replicating a one part position, for example long stock, by taking a two part position in two other instruments. Synthetic Short Call = Short Put and Short Stock By examing the payoff profiles of a protective put and a fiduciary call, we note that they are identical. The following table illustrates the balance or parity between puts and calls on the same option. So you have the situation here that a stock plus an appropriately priced put or a put with a appropriate strike price is going to be the same thing when it comes to payoff, at a future date, at expiration, as a bond plus a call option. In this put-call parity calculator, you can see how each component is calculated and how they are related to each other. By entering the values and leaving one of either the put option price, call option price, or spot price of the asset blank, this calculator will show you what that price should be according to the put-call parity relationship. Options involve risk and are not suitable for all investors. Arbitrage: Purchase or sale of instruments in one market versus the purchase or sale of similar instruments in another market in an effort to profit from price differences. In the earlier days, it was the bread and butter of option arbitrageurs. If we had to form a similar strategy with American options, it would be much more complicated. greeks put-call-parity gamma. High Quality tutorials for finance, risk, data science. Show in Excel. The previous examples show how the markets participants would react to a potential arbitrage opportunity and what the impact may be on prices. The Put-Call parity is widely used to find discrepancies in the options market – mostly using computers to spot any arbitrage opportunities. While the risk-free interest rate in the market is 8%. Put Call Parity Calculator. Depending on the asymmetry we can take our positions to earn a risk-free profit. This website uses cookies to improve your experience while you navigate through the website. Black Scholes Implied Volatility -> Put call parity. Gilli, M., Maringer, D. and Schumann, E. (2011) Numerical Methods and Optimization in Finance. Understanding the Put Call Parity relationship can help you connect the value between a call option, a put option and the stock. p = c - S + Xe–r(T– t) This would occur until the put/call parity relationship falls back in line, thus diminishing the opportunity for arbitrage. The second version of put/call parity is more complex and involves calculation of present value based on an assumed interest rate. Put/call parity says the price of a call option implies a certain fair price for the corresponding put option with the same strike price and expiration (and vice versa). Put-call parity: The relationship that exists between call and put prices of the same underlying, strike price and expiration month. 103.225 = 104. Recall that the basic put-call parity equation is: c 0 + X/(1 + r) T (fiduciary call )= p 0 + S 0 (protective put). *Synthetic Long Call = Long Put and Long Stock If both options expire worthless, the net result is still a profit of $0.50. Copies of this document may be obtained from your broker, from any exchange on which options are traded or by contacting The Options Clearing Corporation, 125 S. Franklin Street, Suite 1200, Chicago, IL 60606. If we were to look at the gain/loss characteristics of a long stock position, the gain/loss characteristics of a combined short put/long call position would be identical. In the earlier days, it was the bread and butter of option arbitrageurs. The answer to these questions can be found in the concept of put call parity and options arbitrage. Competitive forces in the options market-place help ensure proper pricing, creating tighter bid-ask spreads and minimizing pricing irregularities. 8 + 92.59 = P … Professional traders understand the relationships among calls, puts, interest rates and dividends, among other factors. To make use of this arbitrage opportunity, we will buy the fiduciary call and sell the protective put. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. In doing so, the investor generated a $1.00 credit per share. Exercise call option, pay $100 and receive ABC stock, Deliver the stock to cover the short sale, The put option expires without being exercised, Put is in-the-money and is exercised. A simple example is put and call prices when the stock is at a strike price. For example – Let’s take an example of US dollar equal to 60 in Indian rupees ( 1$ = 60). For example, if an XYZ June $50 call was trading at $4.00 and the June $45 call was trading at $3.00, a rational investor would sell the $50 call, buy the $45 call, generating a $1 per share credit and pocket a profit. The Put Call Parity assumes that options are not exercised before expiration day which is a requirement in European options. Active 3 years, 4 months ago. In … There are certain factors that must hold true for options under the no arbitrage principle. ABC is trading at $49 per share. Put Call Parity The Put Call Parity assumes that options are not exercised before expiration day which is a necessity in European options. By understanding the put-call parity formula, an investor can connect the value between a put option, call option, and underlying security, as long as the put and call have the same strike price and expiration date. You pay $100 and take delivery of XYZ stock, The call option expires without being exercised. The put-Call parity equation is adjusted if the stock pays any dividends. The function is vectorised (like vanillaOptionEuropean), except for dividends. Put-Call Parity Arbitrage. Put Call Parity Calculator. Higher interest rates thus tend to increase call option premiums and decrease put option premiums. Conversely, the buying of XYZ in the lower price market will drive XYZ’s price higher. This Excel spreadsheet gives the price of a caplet and floorlet using the Black 76 model. In the above equation the left side of the equation represents a fiduciary call and the right side of the equation is called a protective put. SPMQET. This is the put-call parity in action as (7 – 2 = 50 – 45). asked Sep 2 '19 at 10:23. And this right here is called put call parity. *Synthetic Short Put = Short Call and Long Stock. Change the ABC price to $49.50 and leave the call and put premiums the same. Use put call parity relationship to find an arbitrage opportunity, P+S = C +PV(X) Or P+S = C +PV(X) +D We learned in the class that when put call parity relationship is violated, an arbitrage opportunity will arise. By gaining an understanding of put/call parity, one can begin to better understand some mechanics that traders may use to value options, how supply and demand impacts option prices and how all option values on the same underlying security are related. Value. When the prices of put and call options diverge, an opportunity for arbitrage exists- this condition might result in a combination of stock and/or option trades permitting traders to earn a profit with little risk. Therefore, to establish put call parity principle, following equation should hold good: 8 + PV of 100 discounted at 8% = P + 93 i.e. Bid/ask spreads and other transaction costs impact the ability of investors to implement the above trades. Ask Question Asked 4 years, 11 months ago. For a professional trader looking to remain “delta neutral” and not be impacted by market movements the offset to a short call is long stock. Chapter 36 Asset pricing models Leung, 1991, "Further Analysis of the Put-Call Parity Implied Risk-Free Interest-Rate", Journal of Financial Research, 14:217-232 2. votes. All rights reserved. Put-Call Parity Formula | Calculation This is also referred to as reversal arbitrage. voyager. Let’s plug these values in the put-call parity equation: As we can see, the right hand side is greater than the left hand side by (104 – 103.225) = 0.775. Should American Options be Exercised Early? Dividends reduce the cost of borrowing – if an investor borrows $7,500 (or some percentage thereof) to purchase 100 shares of a $75 stock and receives a $1/share dividend, he pays less interest on the money borrowed (assuming the $100 from the dividend is applied to the loan). Use put–call parity to relate the initial investment for a bull spread created using calls to the initial investment for a bull spread created using puts. All this leads us to the final put/call parity equation-assuming interest rates and dividends equal zero: +stock = +call – put where “+” is long and “-“ is short; or stated as written: stock price equals long call premium less the put premium; any credit received or debit paid is added to or subtracted from the strike price of the options. Solution: Use below given data for calculation of put-call parity. Markets Home Active trader. Remember the put premiums typically increase when the stock prices decline which negatively impacts the put writer; and of course the call premiums typically increase as the stock price increases, positively impacting the call holder. C − P = S − K e − r t C - P = S - K e ^ { - rt } C − P = S − K e − r t. where C C C is the price of the … Put–call parity only works for European options. The concept of put-call parity is that puts and calls are complementary in pricing, and if they are not, opportunities for arbitrage exist. Consider a stock with a current share price of $60. Transaction 4: Exercise September call, pay $50/share, flatten existing short position For investors with access to large amounts of capital, low fee structures and few restrictions on borrowing, arbitrage may be possible at times, although these opportunities are fairly rare. Find a broker. We buy the underpriced side and sell the overpriced side. 2. If assigned on the short put, the put writer pays the strike price of $50 (a total of $5,000 for one put) and receives 100 shares of ABC. Put-Call parity arbitrage. This put-call parity. In this put-call parity calculator, you can see how each component is calculated and how they are related to each other. Enter 5 out of 6 below. Let us take an example of a stock of ABC Ltd. Conversion: An investment strategy in which a long put and short call with the same strike and expiration is combined with a long stock position. Thanks! Put-Call parity equation can be used to determine the price of European call and put options. By taking these two combined positions (long call and short put), we can replicate a third one (long stock). As a short stock position earns interest (for some large investors at least), the put seller can ask for a lower premium as the interest earned decreases the cost of funds. We offer the most comprehensive and easy to understand video lectures for CFA and FRM Programs. Note too that if XYZ falls below the $50 strike price, it does not impact the trade as a result of the $0.50 credit received when the positions were opened. Long stock requires capital. It defines a relationship between the price of a call option and a put option with the same strike price and expiry date, the stock price and the risk free rate. Using this principle, we can value options under the assumption that no arbitrage opportunities exist. Put/Call Parity . Put-call parity defines a relationship between the price of a European call option and European put option, both with the identical strike price and expiry. The purpose of this calculation is to decide (based on the assumption involved) whether a … Consider the three graphs below, showing independently the payoff at expiry of a vanilla call, a vanilla put, and a forward contract. Viewed 770 times 1 $\begingroup$ The theory says that the put and call with the same maturity and strike have the same volatility. Recommended Articles. In financial mathematics, put–call parity defines a relationship between the price of a European call option and European put option, both with the identical strike price and expiry, namely that a portfolio of a long call option and a short put option is equivalent to (and hence has the same value as) a single forward contract at this strike price and expiry. Let’s take an example to understand this. How Interest Rates and Volatility Affect Option Prices? Author(s) Enrico Schumann References. ©1998-2020 The Options Industry Council - All Rights Reserved. Transaction 1: Buy September call for $3.00 Put-Call parity is a simple result connecting the prices of puts and calls in a model-independent way via the forward price. This example used European options. In put-call parity, the Fiduciary Call is equal to Protective Put. Interest is a cost to an investor who borrows funds to purchase stock and a benefit to investors who receive and invests funds from shorting stock (typically only large institutions receive interest on short credit balances).
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