Was seit 1973 als Durchbruch in der Optionspreistheorie gilt und im Jahre1997 mit dem Wirtschafts-Nobelpreis ausgezeichnet wurde, hat der sterreicherVinzenz Bronzin 65 Jahre frher – im Jahr 1908 – umfassender, einfacherverstndlich und notabene: auf deutsch in einer kurzen Monografie...

Requiring companies to expense options in the absence of any satisfactory method to evaluate their costs would be inconsistent with the principles and objectives of accounting.

The establishment of new accounting rules for expensing options would likely do more harm than good.

The establishment of new accounting rules for expensing options would likely do more harm than good.

Requiring companies to expense options in the absence of any satisfactory method to evaluate their costs would be inconsistent with the principles and objectives of accounting.

The Cox, Ross, and Rubinstein binomial model is generalized to the multinomial case. Limits are investigated and shown to yield the Black-Scholes formula in the case of continuous sample paths for a wide variety of complete market structures. In the discontinuous case a Merton-type formula is...