دانلود کتاب Encyclopedia of Finance

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Cover......Page 1
Encyclopedia of Finance, Second Edition......Page 4
ISBN 9781461453598 ISBN 9781461453604......Page 5
Preface to the Second Edition......Page 6
Preface to the First Edition......Page 8
About the Editors......Page 10
Contents......Page 12
List of Contributors......Page 18
Part I Terms and Essays......Page 22
1 Terms and Essays......Page 24
Part II Papers......Page 226
2.1 Introduction......Page 228
2.3 The Benefits of Deposit Insurance Schemes......Page 229
2.5 Differences in Deposit Insurance Schemes Across Countries......Page 230
2.6 Lessons Learned from Banking Crises......Page 233
3.1 Introduction......Page 234
3.3.1 Retention of Thrift Holding Companies......Page 235
3.5 Potential Risk Elements to Banks and Their Customers......Page 237
3.6 Implications for the Future......Page 238
4.1 Introduction......Page 240
4.2.2 Pre-funded Bonds......Page 241
4.3 Mccauley Duration and Value Loss......Page 242
4.4 Numerical Example and Analysis......Page 243
4.5 Conclusion......Page 246
5.1 Introduction......Page 248
5.2.1 Asset Pricing Model......Page 249
5.3 Differences in Consumption Opportunity Set......Page 251
5.3.1 Portfolio Choice in an International Setting......Page 252
5.3.2 International Asset Pricing Model Without Consumption......Page 254
5.3.3 International Asset Pricing Model When PPP Deviate......Page 255
5.4 Conclusion......Page 256
6.2 Asset Swaps......Page 258
6.3 Default Swaps......Page 259
6.4 Total Return Swaps......Page 260
6.6 Credit Spread Options......Page 261
6.7 Basket Default Swaps......Page 262
6.9 Conclusions......Page 263
7.1 Introduction......Page 264
7.2 International Parity Conditions......Page 265
7.3.2 Evidence on the Parity Conditions......Page 267
7.4.1 Sources of Deviations......Page 268
7.4.2 Evidence for Deviations from Parity Conditions......Page 270
8.1 Introduction......Page 278
8.6 Public Issuance......Page 279
8.9 Size of the Inflation Risk Premium......Page 280
8.12 Observable Expected Real Rate......Page 281
8.15 Price Discovery and Information Risk......Page 282
9 Asset Pricing Models......Page 284
9.2 Consumption-Based Asset Pricing Models......Page 286
9.3 Multi-beta Asset Pricing Models......Page 287
9.4 Relation to Mean–Variance Efficiency......Page 288
9.6 Factor Models and the Arbitrage Pricing Model......Page 289
9.7 Summary......Page 290
10.1 Introduction......Page 294
10.2 The Conditional Capital Asset Pricing Model......Page 295
10.3 Evidence for Return Predictability......Page 296
10.5 Multi-beta Conditional Asset Pricing Models......Page 297
11.1 Conditional Performance Evaluation......Page 300
11.2 Examples......Page 301
11.3 Conditional Market Timing......Page 302
11.4 Conditional Weight-Based Performance Measures......Page 303
11.5 Empirical Evidence Using Conditional Performance Evaluation......Page 304
12.1 Introduction......Page 308
12.3.2 Cash Management......Page 309
12.3.3 The Components of Working Capital......Page 310
12.4.4 Inventories......Page 311
12.4.6 The Reasons for Holding Cash......Page 312
12.4.8 Creating an Integrated Cash Management System......Page 313
12.5 Calculating the Cash Flow Cycle......Page 314
12.6 The Matching Principle......Page 315
12.8 Summary......Page 316
13.1 Introduction......Page 318
13.2 Evaluating Performance......Page 319
13.3 Estimation Issues......Page 320
13.4 Empirical Evidence......Page 322
14.1 Introduction......Page 326
14.3 Duration and Price Volatility......Page 327
14.6 Duration and Immunization......Page 328
14.8 Stochastic Process Risk: Immunization Complication......Page 329
14.9 Effectiveness of Duration-Matched Strategies......Page 330
14.11 Duration of Corporate Bonds......Page 331
14.13 Duration Gap......Page 332
14.14 Other Applications of Duration Gaps......Page 333
15.1 Introduction......Page 336
15.2 Characteristics of the Lending Syndicate......Page 337
15.3.1 Simultaneity......Page 338
15.3.2 Measures of Risk......Page 339
16 Chinese A and B Shares......Page 342
17 Decimal Trading in the U.S. Stock Markets......Page 346
18 The 1997 NASDAQ Trading Rules......Page 350
19.1 Introduction......Page 354
19.3 Why, When, and Where to Reincorporate......Page 355
19.4.1 Reincorporations that Strengthen Takeover Defenses......Page 356
19.4.2 Reincorporations that Reduce Director Liability......Page 358
19.5 Summary and Conclusions......Page 359
20.2 Mean–Variance Portfolio Selection......Page 362
20.3.1 Capital Asset Pricing Models......Page 364
20.3.3 Intertemporal Capital Asset Pricing Model (ICAPM)......Page 365
20.4 Estimation Errors and Portfolio Choice......Page 366
21.1 Introduction......Page 368
21.2 The Issues......Page 369
21.3 Some New Portfolio Structure Models......Page 370
22.1 Introduction......Page 372
22.2 The Relationship Between Treynor, Sharpe, and Jensen’s Measures in the Simple CAPM......Page 373
22.3 The Relationship Between the Treynor, Sharpe, and Jensen Measures in the Augmented CAPM......Page 375
23.1 Introduction......Page 378
23.3.1 Company Voluntary Arrangements......Page 379
23.3.6 Compulsory Liquidation......Page 380
23.4.1 Financial Ratio Analysis and Discriminant Analysis......Page 381
23.4.3 Three CPA Models: LP, PM, and LM......Page 383
23.5 The Selection of an Optimal Cut-Off Point......Page 385
23.6 Recent Developments......Page 386
24.1.1 Market Risk......Page 388
24.1.2 Value at Risk (VaR)......Page 389
24.1.3 Historical Simulation Methodology......Page 393
24.2 Risk Reporting......Page 394
24.4 Risk Management......Page 395
25.2 Interest Rate Movements: Historical Experiences......Page 398
25.2.1 Lognormal Versus Normal Movements......Page 399
25.2.3 Term Structure of Volatilities......Page 400
25.3.1 The Cox-Ingersoll-Ross Model......Page 401
25.4.1 The Ho–Lee Model......Page 402
25.4.3 The Hull–White Model......Page 405
26.2 The REIT Background......Page 408
26.3.1 The Special Contributions of the Government-Sponsored Enterprises......Page 411
26.3.3 MBS Pricing......Page 412
26.4 The Impact of Securitization on Financial Institutions......Page 414
27.1 Introduction......Page 416
27.2.1 Probability Distortions (or Decision Weights)......Page 417
27.2.3 Integration of Cash Flows......Page 419
27.2.4 Risk Seeking Segment of Preferences......Page 420
27.3.1 Portfolio Diversification and Random Walk......Page 421
27.3.2 The Equity Risk Premium Puzzle......Page 422
27.3.3 The Shape of Preference......Page 423
27.3.5 Diversification: The 1/n Rule......Page 425
27.4.1 Arbitrage Models......Page 426
27.4.4 Portfolios and Mutual Funds: Markowitz’s M-V Rule and PT – A Consistency or a Contradiction?......Page 427
27.4.5 The Empirical Studies and Decision Weights......Page 428
28.2 Definition of fiTakeoverf fiMerger, and fiAcquiitionf......Page 432
28.3.1 Efficiency Theories......Page 433
28.3.2 Agency Theory......Page 434
28.3.3 Free Cash Flow Hypothesis......Page 435
28.3.5 The Diversification Hypothesis......Page 436
28.3.7 The Bankruptcy Avoidance Hypothesis......Page 437
28.4 Methods of Takeover Financing and Payment......Page 438
28.5 Market Reaction to Acquiring Firms......Page 439
29.1 Introduction......Page 442
29.2 Real Options......Page 444
29.2.1 Treatment of Nontraded Assets......Page 445
29.3 Hi-tech Value as a Call Option......Page 446
29.4 Two-Stage Compound Option......Page 447
29.5 Multistage Real Compound Call Option and Dividend-Like Yield......Page 448
29.5.1 Multistage Real Compound Call Option......Page 449
29.6 Algorithms for Computing Multivariate Normal Integrals and Solving the Root of Nonlinear Model......Page 450
29.6.1 Monte Carlo Method......Page 451
29.6.3 Lattice Method......Page 452
29.7 Simulative Analysis......Page 453
29.7.2 Critical Values, Company Values Against Investment Modes......Page 454
29.7.3 Sensitivity Analysis......Page 455
29.8.2 Finding the Underlying Variable and Twin Securities......Page 458
29.8.4 Dividend-Like Yield......Page 460
29.8.6 Valuation of ProMos......Page 461
Appendix......Page 465
30.2 The Efficient Market Model......Page 466
30.4.1 Weak-Form Tests......Page 467
30.4.3 Strong-Form Tests......Page 468
31.1 Definition......Page 470
31.3 Why Microstructure Approach?......Page 471
31.4 The Information Role of Order Flow......Page 472
32.1 Introduction......Page 474
32.2 A Basic Framework......Page 475
32.4 No Short Sales......Page 476
32.5 A Simple Binomial Model......Page 477
32.6 Other Types of Frictions......Page 478
33.2 Fundamental Benefits of the Publicly Traded Corporation......Page 480
33.3.1 Principal–Agent Conflicts of Interest......Page 481
33.4 Mitigating the Costs......Page 482
33.4.6 Contract Devices......Page 483
33.5 Summary......Page 484
34 The Mexican Peso Crisis......Page 486
35.2.1 Benchmark Comparison......Page 492
35.3.2 Treynor Ratio......Page 493
35.3.4 Modigliani and Modigliani Measure......Page 494
35.3.5 Treynor Squared......Page 495
36 Call Auction Trading1......Page 498
36.2.2 Sealed Bid Auctions......Page 499
36.2.4 Crossing Networks......Page 500
36.4 Relationship Between Limit and Market Orders......Page 501
36.5 The Electronic Call Auction......Page 502
37 Market Liquidity*......Page 504
38 Market Makers*......Page 508
39 Structure of Securities Markets*......Page 512
40.1 Introduction......Page 516
40.3.1 Effectiveness of fiHedging Transactions......Page 517
40.3.2 Control and Risks Relating to Unconsolidated Entities......Page 518
40.4 The Role of Corporate Governance......Page 519
41.1 Introduction......Page 522
41.2 Design Considerations......Page 524
42.1 Introduction......Page 528
42.3 The Asian Bond Market Initiative (ABMI)......Page 529
42.6 Securitized Asian Corporate Bonds......Page 530
42.7 Efficient Financial Intermediaries......Page 531
43 Cross-Border Mergers and Acquisitions......Page 536
43.1.1 Favorable Acquisition Factors......Page 537
43.1.2 Unfavorable Acquisition Factors......Page 538
43.2.1 Undervaluation......Page 539
43.2.2 Synergy Hypothesis......Page 540
43.2.3 Maximizing the Value of the Firm......Page 541
43.3 An Analytical View of Cross-Border Mergers and Acquisitions......Page 542
44.1 Introduction......Page 546
44.2 Mixed-Jump Processes......Page 547
44.4 Gauss–Hermite Jump Process......Page 548
44.5 Jumps in Interest Rates......Page 549
44.6 Affine Jump Diffusion Model......Page 550
44.8 Autoregressive Jump Process Model......Page 551
44.9.1 Conditional Jump Dynamics......Page 552
44.9.2 ARCH/GARCH Jump Diffusion Model......Page 553
44.10 Other Jump Diffusion Models......Page 554
45 Networks, Nodes, and Priority Rules......Page 556
45.2 Literature on Priority Rules......Page 557
45.3.1 The Network for Listed Stocks......Page 558
45.3.2 The Network for OTC Stocks......Page 559
45.3.3 Do Networks Need Priority Rules?......Page 560
45.3.5 A Final Note on the Need for Speed......Page 561
46.1 Introduction......Page 566
46.3 Explanations of Momentum Profits......Page 567
46.4 Momentum Profits and Firm Characteristics......Page 568
47.1 Introduction......Page 570
47.2 Bank Behavior and Credit Market......Page 571
47.3.1 Case for Credit Rationing......Page 573
47.4 Comparative Static Analysis......Page 574
48.1 Introduction......Page 578
48.2 Complementarity of Wages and Exchange Rates......Page 579
48.3 Policy Games in Wage Growth and Exchange Rate Appreciation......Page 581
48.4 Complementarity of Non-Nash Wage Growth and Exchange-Rate Appreciation......Page 582
48.5 Concluding Remarks......Page 583
49.1 Introduction......Page 586
49.3 Simulation Results......Page 587
49.4 Policy Implications of the Le Chatelier’s Principle......Page 589
50 MBS Valuation and Prepayments......Page 590
50.1 Introduction......Page 591
50.2 The Model......Page 592
50.2.1 Modeling Issues......Page 593
50.2.2 A Model for Pricing Mortgage-Backed Securities......Page 595
50.3.1 Determination of the Expected Termination Probability......Page 597
50.3.2 Estimation Approach......Page 598
51.1 Introduction......Page 602
51.2 Literature Review......Page 603
51.3 Suggestions for Future Research......Page 605
52 Corporate Governance: Structure and Consequences......Page 608
52.2.2 Agency Problem and Corporate Governance......Page 609
52.3.1 Corporate Governance Structure......Page 610
52.3.3 Independence of Corporate Boards......Page 611
52.3.4 CEO Duality and Corporate Board Independence......Page 612
52.3.6 Appointment of Directors: Investors’ Activism in Nominating Them......Page 613
52.4.2 Audit Committee......Page 614
52.4.4 Compensation Committee......Page 616
52.4.7 Busy Directors......Page 617
52.5.2 Administrative Versus Accounting Controls......Page 618
52.5.4 Internal Controls Under Sarbanes-Oxley Act (SOX), 2002......Page 619
52.6.1 Two Types of External Controls......Page 620
52.6.3 Market Control Mechanism......Page 621
52.6.4 Anti-takeover Devices and Independent Outside Directors......Page 622
52.7.2 Problems Associated with Managers-Shareholders’ Conflict......Page 623
52.7.3 Monitoring by Corporate Boards and Firm Performance......Page 624
52.7.5 Financial Disclosures and Corporate Governance......Page 625
52.7.6 Corporate Governance, Risk Assessment and Risk Disclosures......Page 626
53.2 Aspects of International Banking History Since 1960......Page 628
53.2.3 Europe......Page 629
53.3.1 International Banking and the Relationship to Economic Activity......Page 630
53.3.2 The Dominance of Developed Country Financial Institutions in International Debt Markets......Page 632
53.3.3 International Money Market Instruments and the Currency of Issue......Page 633
53.3.5 The 2008–2009 Financial and European Sovereign Debt Crises......Page 634
53.3.6 Balance Sheet Ratios for Global Banks......Page 635
53.4.1 A Brief History of International Banking Regulation......Page 637
53.4.3 Basel III......Page 638
53.4.4 Conclusion......Page 640
54.2 Hedge Fund Defined......Page 642
54.4 Notable Hedge Fund Managers......Page 643
54.5 Growth of the Hedge Fund Industry and Hedge Fund Performance......Page 644
54.6 Common Types of Hedge Funds......Page 646
54.8.1 Case 1: Dual Share Class Arbitrage......Page 648
54.8.2 Case 2: Pairs Trading with PetroChina and China National Offshore Oil Corp......Page 649
54.9.1 Trend 1: Lower Fees......Page 650
54.9.3 Trend 3: Increased Transparency and Growth of Managed Account Hedge Funds......Page 651
54.9.5 Trend 5: Increased Regulation......Page 652
55.1 Introduction......Page 654
55.2 Performance Evaluation Methods......Page 655
55.3.3 Treynor and Mazuy Model......Page 660
55.3.7 Chang, Hung and Lee Model......Page 661
55.4 Conclusion......Page 662
56.1 Introduction......Page 666
56.2.1 Black-Scholes-Merton (BSM)......Page 667
56.2.2 Moody’s-KMV (MKMV)......Page 668
56.3.1 Black and Cox (BC)......Page 669
56.3.2 Longstaff and Schwartz (LS)......Page 671
56.3.3 Collin-Dufresne and Goldstein (CDG)......Page 672
56.4.1 Geske (G)......Page 673
56.4.2 Leland/Leland and Toft (LT)......Page 675
56.5 Conclusion......Page 677
57.1 Introduction......Page 680
57.2 Limits to Investor Arbitrage......Page 681
57.3.1 Investor Arbitrageurs......Page 682
57.3.2 Shareholders of Corporations Engaging in Arbitrage......Page 684
57.4 Expanding the Arbitrage Opportunity Set by Corporations......Page 687
57.5 Implications of Corporate Arbitrage......Page 689
58.1 Introduction......Page 696
58.1.1 The Lucas’ Asset Pricing Model (CCAPM) and Standard Preferences......Page 697
58.2.1 Time and State Preferences......Page 699
58.2.2 Habit Formation......Page 700
58.2.5 Borrowing Constraints......Page 701
58.2.7 Taxes......Page 702
58.3.1 Adjusted Set of Measurements......Page 703
58.3.3 Merton’s Model: Conflict with the Equity Premium Puzzle......Page 704
58.4 Stable Distributions......Page 705
58.5 Risk Measure......Page 706
58.7 Calculations and Results Analysis......Page 707
58.8 Conclusions......Page 709
59.1 Introduction......Page 712
59.2.2 Qualifications and Payment Plans......Page 713
59.2.4 Fees and Caps......Page 714
59.2.5 HECM Prepayment Curve (PPC)......Page 715
59.2.6 H-REMIC Modeling Example: GNR 2011-H10......Page 717
59.2.7 Payment Rules and Tranche Waterfall......Page 718
60.1 Introduction......Page 726
60.2 Sharpe’s Classification......Page 727
60.3 Treynor’s Classification......Page 728
60.4 Advantages of Linear Penalization: PIRR and PIRR for Beta......Page 729
60.5 Penalized Present Value......Page 730
60.6 Final Thoughts and Conclusions......Page 731
61.1 Introduction......Page 734
61.2 Institutional Background and Data Sampling......Page 736
61.3.1 Constructing Out-of-Sample Hedge Ratios......Page 737
61.4.2 Results from Model Estimates......Page 740
61.5.1 Details of the Hedging Scheme......Page 742
61.5.2 Incremental Profit Results......Page 743
61.6 Deriving the Reduced-Form of ESVL(CI)......Page 744
62.1 Basic Concepts of Portfolio Insurance......Page 748
62.2.1 Option-Based Portfolio Insurance (OBPI)......Page 749
62.2.2 Constant Proportion Portfolio Insurance (CPPI)......Page 750
62.2.3 Risk-Based Portfolio Insurance (RBPI)......Page 752
62.3.1 History of Portfolio Insurance......Page 754
62.3.2 Recent Modifications in CPPI Mechanisms......Page 756
62.4.1 Amplification of Market Price Movements......Page 757
62.4.2 Gap Risk......Page 759
62.5.3 Rendleman and O’Brien (1990)......Page 761
62.5.5 Do and Faff (2004)......Page 762
62.5.9 Ho, Cadle and Theobald (2011)......Page 763
63.1 Introduction......Page 766
63.2.3 Joint......Page 767
63.3.2 Overview of the GMM Estimation......Page 768
63.3.3 Moments Conditions for the Asset Pricing Tests......Page 769
63.3.4 The Hansen-Jagannathan Distance......Page 770
63.4.1 A Risk Premia Estimation Through Two-Pass Regressions......Page 771
63.4.3 The Errors-in-Variables Problem......Page 772
63.5 Summary and Concluding Remarks......Page 774
64.1 Introduction......Page 776
64.2 The Discounted Cash Flow Model and the Gordon Growth Model......Page 777
64.3 Internal Growth Rate and Sustainable Growth Rate Models......Page 780
64.4 Statistical Methods......Page 782
65.1 Introduction......Page 786
65.2 An Exact Closed-Form Solution for the Implied Standard Deviation: A Special Case......Page 788
65.3 An Implied Standard Deviation Formula Under a Single Call Option......Page 789
65.4 Formulas for Implied Standard Deviation Under Different Exercise Prices......Page 790
65.5 Accuracy of the ISD Models: Simulation Results......Page 791
65.6 Appendix......Page 796
66.2 Theoretical Literature......Page 798
66.2.2 Liquidity and Volume......Page 799
66.3.1 Volatility......Page 800
66.4 Key Issues......Page 801
67.1 Introduction......Page 804
67.2.1 Cost Centers......Page 805
67.2.4 Investment Centers......Page 806
67.3.1 Transfer Pricing Methods......Page 807
67.4.3 Shapely Value......Page 811
67.5.4 No Idle Capacity and Transfer Price......Page 812
67.6 International Transfer Pricing......Page 813
67.7 Limitations of Financial Control Systems......Page 814
68.1 Introduction......Page 816
68.2 Deterministic Model: Graphical Approach......Page 817
68.3 Calculus Approach: Static Stochastic Models......Page 818
68.4 Option Pricing Approach: Dynamic Stochastic Model......Page 819
68.5 Numerical Approach: Tree Method......Page 821
69.1 Introduction......Page 824
69.2 A Model of Compensation Contracts and the Resulting Managerial Effort......Page 826
69.3 The Simulation Procedures......Page 827
69.4 Results and Discussion......Page 828
69.5 Appendix A: Calibration of the Parameters of the Base Case Calculation......Page 832
70.1 Introduction......Page 834
70.2 The Statistical Distribution Method......Page 835
70.3 The Decision-Tree Method......Page 838
70.4 Simulation Analysis......Page 842
71.1 Introduction......Page 846
71.3.1 Modigliani-Miller Formula......Page 847
71.3.3 Miles-Ezzell Formula......Page 848
71.3.5 Weighted Average Cost of Capital and Required Asset Return......Page 849
71.4.1 Example......Page 850
71.5 Models with Dynamic Debt Policies......Page 851
71.5.1 Example......Page 852
72.1 Introduction......Page 856
72.2.1 Operating Activities......Page 857
72.3 Statement of Cash Flows: Methods......Page 858
72.3.1 Johnson and Johnson Company: An Example......Page 860
72.4 Problems with Cash Flow Statements......Page 863
72.4.1 Arbitrariness of Classifications......Page 864
72.4.2 Direct Versus Indirect Method Controversy......Page 865
72.4.3 Manipulation and Distortion of Cash Flow Statements......Page 867
72.4.4 Stock Buybacks......Page 868
73.1 Introduction......Page 872
73.2.1 Firm Value (or Firm Performance) and Ownership Structure......Page 873
73.2.2 Equity Issues......Page 874
73.2.4 Corporate Debt......Page 875
73.2.6 Corporate Investment Decisions......Page 876
73.2.7 Board Structure and Activity......Page 877
73.3 Model Specifications in Existing Studies......Page 878
73.3.1 The MSV Piecewise Regression Model......Page 879
73.3.4 The Fields and Mais’ Model......Page 881
73.4.1 Residual Analysis......Page 882
73.4.2 Nonlinearity with Interaction Effect......Page 883
73.5.1 Application of Residual Analysis......Page 884
73.6 Concluding Remarks......Page 886
74.1 Introduction......Page 892
74.2.1 Static Case......Page 894
74.2.3 Case with Production and Alternative Investment Opportunities......Page 897
74.3.1 Estimation of the Minimum-Variance (MV) Hedge Ratio......Page 898
74.3.4 Estimation of Mean Extended-Gini (MEG) Coefficient Based Hedge Ratios......Page 901
74.4 Hedging Horizon, Maturity of Futures Contract, Data Frequency, and Hedging Effectiveness......Page 902
74.5 Summary and Conclusions......Page 903
75.1 Introduction......Page 912
75.2 Basic Setup......Page 913
75.3.2 The Duffie-Singleton Model......Page 914
75.3.3 The Extended Merton Model......Page 915
75.3.4 The Geske-Johnson Model......Page 917
75.4.1 A Two-Period Example......Page 918
75.4.2 Multi-period Analysis......Page 920
Appendix A: Derivation of Dividend Discount Model......Page 932
Appendix B: Derivation of DOL, DFL and DCL......Page 934
Appendix C: Derivation of Crossover Rate......Page 936
Appendix D: Capital Budgeting Decisions with Different Lives......Page 938
Appendix E: Derivation of Minimum-Variance Portfolio......Page 940
Appendix F: Derivation of an Optimal Weight Portfolio Using the Sharpe Performance Measure......Page 942
Appendix G: Applications of the Binomial Distribution to Evaluate Call Options......Page 944
Appendix H: Derivation of Modigliani and Miller (M&M) Proposition I and II with Taxes......Page 950
Appendix I: Derivation of Capital Market Line (CML)......Page 952
Appendix J: Derivation of Capital Market Line (SML)......Page 954
Appendix K: Derivation of Black-Scholes Option Pricing Model......Page 956
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