Topic 10 The Pricing of Stock Options Using Black-Scholes--updated.pdf

















 









 




∆




  







 
 
  


 
  !"
 
 
  


 
  !"






 


  










τ


   ! 







"
τ=1/252
1/52 1/12 

 

! #
 

 
$%

&%"






  =



! 








−



 =
 





 



−

! 



 





 






 
 = ∑
 −

= ∑
 −∑
 
 = ∑
 −∑
 
 − =  − =  −
= 
 − =  −
= 





τ


! 



τ'
( 








 σ=




 σ
= = 

ττ