Valuing Employee Stock Options Part 5 doc
Valuing Employee Stock Options Part 5 doc
... (8.00) $50 .48 $50 .48 $50 .48 $50 .48 $50 .48 $50 .48 $50 .48 $50 .48 $50 .48 $50 .48 $50 .48 8
Years (9.00) $53 .55 $53 .55 $53 .55 $53 .55 $53 .55 $53 .55 $53 .55 $53 .55 $53 .55 $53 .55 $53 .55 9
Years (10.00) $56 .39 ... 1.8198 1 .54 37
1 .59 85 1.8281 1.7007 1 .58 66 1.9916
1.9239 1.9774 1.6696 1.8138 1.77 25
1. 650 8 1 .59 92 1 .54 72 1.9813 1.8764
1.8181 1.8397 2. 059 4 1 .53 78 1.6...
Valuing Employee Stock Options Part 7 docx
... ()
.
$
()
σ
σ
σ
σ
22
2
0
22
100
100
100
0 05
1
2
0 25 1
0 25 1
100
()
ln
$
$
()
.
$ (.)$(.)(.)$(.)$.(.)$.
05 1
2
100
100
0 05
1
2
0 25 1
0 25 1
100 0 3 250 100 0 951 2 0 0 750 100 0 6274 95 12 0 52 99 12 3360
Φ
ΦΦ
+−
=− ... results:
N = 10 steps $12.0923
N = 20 steps $12.2132
N = 50 steps $12.2867
N = 100 steps $12.3113
N = 1,000 st...
Valuing Employee Stock Options Part 8 doc
... Lattices
Stock Price $ 50 $ 50 $ 50 $ 50 $ 50 $ 50 $ 50 $ 50
Strike Price $ 50 $ 50 $ 50 $ 50 $ 50 $ 50 $ 50 $ 50
Maturity 10 10 10 10 10 10 10 10
Risk-Free Rate 3 .5% 3 .5% 3 .5% 3 .5% 3 .5% 3 .5% 3 .5% 3 .5%
Dividend ... 3 .5% 3 .5% 3 .5% 3 .5% 3 .5% 3 .5% 3 .5% 3 .5%
Dividend 0% 0% 0% 0% 0% 0% 0% 0%
Volatility 55 % 55 % 55 % 55 % 55 % 55 % 55 % 55 %
Lattice St...
Valuing Employee Stock Options Part 1 pptx
... 8/20/04 9:19 AM Page 6
flast.qxd 8/30/04 4 :58 PM Page xxii
ffirs.qxd 8/30/04 4 :50 PM Page iii
Valuing Employee
Stock Options
ffirs.qxd 8/30/04 4 :50 PM Page i
PART THREE
A Sample Case Study Applying ... expensing of
employee stock options and would recuse myself from the philosophical
and sometimes emotional debate on whether employee stock options
should be expensed (...
Valuing Employee Stock Options Part 3 pptx
... 5. 00%
Forfeiture Rate 10.00% 9 5. 50% 9.00% 2.00% 7.00% 4.00%
10 5. 50% 10.00% 1.00% 8.00% 3 .50 %
Average 5. 50% 5. 50% 5. 50% 5. 50% 5. 50%
BSM using 5. 50% $37. 45 $37. 45 $37. 45 $37. 45 $37. 45
Average Rate
Forfeiture ... 8 55 .00% 80.00% 30.00% 50 .00% 50 .00%
Forfeiture Rate 10.00% 9 55 .00% 90.00% 20.00% 70.00% 40.00%
10 55 .00% 100.00% 10.00% 80.00% 35. 00%
Averag...
Valuing Employee Stock Options Part 4 pptx
... ( 25. 00%) 51 .32% 44.48% 40.09% 37.86% 36. 25% 35. 10% 34.26% 33.84% 33.49% 33.22%
Forfeiture (30.00%) 52 .03% 45. 53% 41.38% 39.29% 37.79% 36.72% 35. 95% 35. 56% 35. 25% 35. 00%
Forfeiture ( 35. 00%) 52 .67% ... 10.00
Risk-Free Rate 3 .50 % 3 .50 % 3 .50 % 3 .50 % 3 .50 % 3 .50 % 3 .50 %
Dividend 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Volatility 50 .00% 50 .00% 50 .00% 50 .00% 50...
Valuing Employee Stock Options Part 9 ppsx
... ($ 95/ $1 25) = –0.2744
3 $1 05 $1 05/ $ 95 = 1.11 LN ($1 05/ $ 95) = 0.1001
4 $ 155 $ 155 /$1 05 = 1.48 LN ($ 155 /$1 05) = 0.38 95
5 $146 $146/$ 155 = 0.94 LN ($146/$ 155 ) = –0. 059 8
The volatility estimate ... Historical Stock Price Natural Logarithm of
Period Stock Prices Relative Returns Stock Price Returns (X)
0 $100 — —
1 $1 25 $1 25/ $100 = 1. 25 LN ($1 25/ $100) = 0.223...
Valuing Employee Stock Options Part 10 pdf
... 6 05, 000
June 6 65, 500 6 65, 500
July 6 65, 500 6 65, 500
August 6 65, 500 6 65, 500
September 6 65, 500 3,000,000 3,6 65, 500
October 6 65, 500 6 65, 500
November 6 65, 500 8,241,310 8,906,810
December 6 65, 500 6 65, 500
149
ccc_mun_ch10_133-166.qxd ... $ 45. 17 $ 45. 17 $ 45. 17 $ 45. 17 $ 45. 17 $ 45. 17 $ 45. 17 $ 45. 17 $ 45. 17 $ 45. 17 $ 45. 17 $ 45. 17
Strike Price $ 45. 17 $ 45. 1...
Valuing Employee Stock Options Part 11 pdf
... $7.20
$5. 60 $5. 98 $6.21 $6.39 $6.49 $6 .58 $6. 65 $6.71 $6. 75
$5. 30 $5. 64 $5. 85 $6.02 $6.11 $6.18 $6. 25 $6.30 $6.34
$5. 01 $5. 33 $5. 51 $5. 67 $5. 75 $5. 82 $5. 87 $5. 92 $5. 96
$4.74 $5. 03 $5. 20 $5. 34 $5. 41 ... –46 .55 % – 45. 29% –44.22% –43. 75% –42. 95%
–61.20% 57 .61% 54 .61% 52 .86% 50 .64% 50 .03% –48.93% –48.00% –47 .59 % –46.90%
–63.26% 59 .99% 57 .29% 55 .73% 53...
Business options Part 5 doc
... y0 w0 h0" alt=""
Từ khóa: