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...

Ngày tải lên: 01/07/2014, 08:39

... () . $ () 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...

Ngày tải lên: 01/07/2014, 08:39

... 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...

Ngày tải lên: 01/07/2014, 08:39

... 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 (...

Ngày tải lên: 01/07/2014, 08:39

... 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...

Ngày tải lên: 01/07/2014, 08:39

... ( 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...

Ngày tải lên: 01/07/2014, 08:39

... ($ 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...

Ngày tải lên: 01/07/2014, 08:39

... 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...

Ngày tải lên: 01/07/2014, 08:39

... $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...

Ngày tải lên: 01/07/2014, 08:39

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Ngày tải lên: 02/07/2014, 20:20