18、ies, Inc. All rights reserved. 23-10 9、 人的价值 ， 在招收诱惑的一瞬间被决定 。
21.8.1521.8.15Sunday, August 15, 2021 10、低头要有勇气 ， 抬头要有低气 。
23:00:3323:00:3323:008/15/2021 11:00:33 PM 11、人总是珍惜为得到 。
21.8.1523:00:3323:00Aug-2115-Aug-21 12、人乱于心 ， 不宽余请 。
23:00:3323:00:3323:00Sunday, August 15, 2021 13、生气是拿别人做错的事来惩罚自己 。
21.8.1521.8.1523:00 。

19、:3323:00:33August 15, 2021 14、抱最大的希望 ， 作最大的努力 。
2021年8月15日星期日下午11时0分33秒23:00:3321.8.15 15、一个人炫耀什么 ， 说明他内心缺少什么 。
2021年8月下午11时0分21.8.1523:00August 15, 2021 16、业余生活要有意义 ， 不要越轨 。
2021年8月15日星期日23时00分33秒23:00:3315 August 2021 17、一个人即使已登上顶峰 ， 也仍要自强不息 。
下午11时0分33秒下午11时0分23:00:3321.8.15 McGraw-Hill/Irwin Copyright 2002 by T 。

20、he McGraw-Hill Companies, Inc. All rights reserved. 23-11 9、 人的价值 ， 在招收诱惑的一瞬间被决定 。
21.8.1521.8.15Sunday, August 15, 2021 10、低头要有勇气 ， 抬头要有低气 。
23:00:3323:00:3323:008/15/2021 11:00:33 PM 11、人总是珍惜为得到 。
21.8.1523:00:3323:00Aug-2115-Aug-21 12、人乱于心 ， 不宽余请 。
23:00:3323:00:3323:00Sunday, August 15, 2021 13、生气是拿别人做错的事来惩罚自 。

21、己 。
21.8.1521.8.1523:00:3323:00:33August 15, 2021 14、抱最大的希望 ， 作最大的努力 。
2021年8月15日星期日下午11时0分33秒23:00:3321.8.15 15、一个人炫耀什么 ， 说明他内心缺少什么 。
2021年8月下午11时0分21.8.1523:00August 15, 2021 16、业余生活要有意义 ， 不要越轨 。
2021年8月15日星期日23时00分33秒23:00:3315 August 2021 17、一个人即使已登上顶峰 ， 也仍要自强不息 。
下午11时0分33秒下午11时0分23:00:3321.8.15 McGraw-Hill/Irwi 。

22、n Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 23-12 23.2 Valuing a Start-Up with Black-Scholes Lets try our hand again at using the model. If you have a calculator handy, follow along. Then, T TrES d )5 .()/ln( 2 1 First calculate d1 and d2 45. 2430. 08544. 1 12 Tdd 8544.。

23、1 430. 0 4)30. 0(5 .10(.)000,600/418,110ln( 2 1 d McGraw-Hill/Irwin Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 23-13 23.2 Valuing a Start-Up with Black-Scholes N(d1) = N(-1.8544) =0.032 N(d2) = N(-2.45) =0.007 )N()N( 210 dEedSC rT 03.718$ 007. 0000,600032. 0418,110$ 0 410 。

24、. 0 C eC The option to expand, while valuable, is not as great as the negative NPV of opening the trial Campusteria. So we should not proceed. McGraw-Hill/Irwin Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 23-14 The Option to Delay: Example Consider the above project, which 。

25、 can be undertaken in any of the next 4 years. The discount rate is 10 percent. The present value of the benefits at the time the project is launched remain constant at $25,000, but since costs are declining the NPV at the time of launch steadily rises. The best time to launch the project is in year 。

26、 2this schedule yields the highest NPV when judged today. YearCostPVNPV tNPV 0 020,000$ 25,000$ 5,000$ 5,000$ 118,000$ 25,000$ 7,000$ 6,364$ 217,100$ 25,000$ 7,900$ 6,529$ 316,929$ 25,000$ 8,071$ 6,064$ 416,760$ 25,000$ 8,240$ 5,628$ 2 )10. 1 ( 900, 7$ 529, 6$ McGraw-Hill/Irwin Copyright 2002 by The 。

27、 McGraw-Hill Companies, Inc. All rights reserved. 23-15 23.3 More on the Binomial Model The binomial option pricing model is an alternative to the Black-Scholes option pricing model especially given the computational efficiency of spreadsheets such as Excel. In some situations, it is a superior alte 。

28、rnative. For example if you have path dependency in your option payoff, you must use the binomial option pricing model. Path dependency is when how you arrive at a price (the path you follow) for the underlying asset is important. One example of a path dependent security is a “no regret” call option 。

29、 where the exercise price is the lowest price of the stock during the option life. McGraw-Hill/Irwin Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 23-16 Three Period Binomial Option Pricing Example There is no reason to stop with just two periods. Find the value of a three-p 。

30、eriod at-the-money call option written on a $25 stock that can go up or down 15 percent each period when the risk-free rate is 5 percent. McGraw-Hill/Irwin Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 23-17 Three Period Binomial Process: Stock Prices $25 28.75 21.25 2/3 1/3 。

31、 )15. 1 (00.25$ 2 )15. 1 (00.25$ )15.1)(15. 1 (00.25$ 2 )15. 1 (00.25$ )15.1 (00.25$ 3 )15. 1 (00.25$ )15.1 ()15. 1 (00.25$ 2 2 )15.1 ()15. 1 (00.25$ 3 )15.1 (00.25$ 33.06 24.44 2/3 1/3 18.06 2/3 1/3 15.35 2/3 1/3 38.02 2/3 1/3 20.77 2/3 1/3 28.10 McGraw-Hill/Irwin Copyright 2002 by The McGraw-Hill。

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