  Let $X$ be an arbitrary real-valued random variable (r.v.), with the
characteristic function (c.f.) $f$. Integral expressions for the c.f.\ of the
r.v.'s $\max(0,X)$ in terms of $f$ are given, as well as other related results.
Applications to stock options and random walks are presented. In particular, a
more explicit and compact form of Spitzer's identity is obtained.
