Valuing Employee Stock Options Part 9 ppsx

... Points 11 5 Appendix 8A—Binomial, Trinomial, and Multinomial Lattices 11 5 CHAPTER 9 The Model Inputs 11 9 Stock and Strike Price 11 9 Time to Maturity 12 0 Risk-Free Rate 12 0 Dividend Yield 12 1 Volatility ... valuation result. 15 3 Figure 10 A .1 ESO Toolkit main index. 15 9 Figure 10 A.2 Input parameters. 16 0 Figure 10 A.3 Intermediate calculations. 16 0 Figure 10 A.4...

Ngày tải lên: 01/07/2014, 08:39

... 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 Modified $33 .71 $33 .71 $33 .71 $33 .71 $33 .71 BSM using 5.50% Average ... $39 .94 –5.24% $41.47 –2.20% $47.67 –2.86% 2% $37 .84 –5.27% $40.55 –2.22% $46.29 –2.89% 3% $35 . 83 –5 .30 % $39 .65 –2.24% $44.94 –2.92% 4% $33 .92 –5 .33 % $38 .75 –2.26...

Ngày tải lên: 01/07/2014, 08:39

... 52.67% 46 .48 % 42 .56% 40 .60% 39.20% 38.21% 37.50% 37.15% 36.86% 36.63% Forfeiture (40 .00%) 53. 24% 47 . 34% 43 . 64% 41 .80% 40 .49 % 39.57% 38.92% 38.60% 38. 34% 38. 14% 44 ccc_mun_ch 04_ 41-50.qxd 8/20/ 04 9:21 ... 50.52% 43 .31% 38.66% 36.29% 34. 57% 33.33% 32 .42 % 31.96% 31.59% 31.28% Forfeiture (25.00%) 51.32% 44 .48 % 40 .09% 37.86% 36.25% 35.10% 34. 26% 33. 84% 33 .49...

Ngày tải lên: 01/07/2014, 08:39

... (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 σ σ σ 22 22 22 22 σσ T         77 ccc_mun_ch 07_ 77- 82.qxd 8/20/04 9:23 AM Page 77 PART Two Technical Background of the Binomial Lattice and Black-Scholes Models ccc_mun_pt2 _75 -76 .qxd 8/20/04 9:22 AM Page 75 different ... real-life ESOs. Brief Technical Background 81 ccc_mun_ch 07_ 77- 82.qxd 8/20/04 9:23 AM Page 81 ccc_mun_pt2 _75 -76 .qxd 8/20/04 9:22 AM...

Ngày tải lên: 01/07/2014, 08:39

... σδ δ === = − − − − 1 88 BACKGROUND OF THE BINOMIAL LATTICE AND BLACK-SCHOLES MODELS ccc_mun_ch 08_ 83-1 18. qxd 8/ 20/04 9:24 AM Page 88 ple provides a much more accurate view of the true nature of the stock market, ... non-dividend-paying stocks and/or bonds and replicate the payout of the first portfolio of dividend-paying Binomial Lattices in Technical Detail 87 ccc_mun_ch 08_ 83-1...

Ngày tải lên: 01/07/2014, 08:39

... δ S S tt= () + 1 19 ccc_mun_ch 09_ 1 19- 130.qxd 8/20/04 9: 25 AM Page 1 19 where a percent change in the variable S or stock price denoted is simply a combination of a deterministic part (µ(δt)) and a stochastic part . ... MODELS ccc_mun_ch 09_ 1 19- 130.qxd 8/20/04 9: 25 AM Page 126 CHAPTER 9 The Model Inputs STOCK AND STRIKE PRICE The stock price required for the ESO valuat...

Ngày tải lên: 01/07/2014, 08:39

... $45.17 $45.17 $45.17 $45.17 $45.17 $45.17 $45.17 $45.17 $45.17 $45.17 Maturity 10 10 10 10 10 10 10 10 10 10 10 10 10 10 Risk-Free Rate 1.21% 1.21% 1.21% 1.21% 1.21% 1.21% 1.21% 1.21% 1.21% 1.21% ... 9,566,052.74 $ 10, 737,306.72 $ 10, 151,679.73 February $ 9,719,311.21 $ 10, 911,406.31 $ 10, 315,358.76 March $ 9,872,590.87 $ 11,085,484.73 $ 10, 479,07.80 April $ 10, 025,8...

Ngày tải lên: 01/07/2014, 08:39

... $16.79 $6.62 $9.69 $11. 80 $12.96 $13.59 $14.08 $14.44 $14.72 $14.92 $15.03 $6.35 $9 .11 $10.93 $11. 90 $12.42 $12.81 $13 .11 $13.33 $13.49 $13.58 $6 .11 $8.60 $10.18 $11. 00 $11. 44 $11. 76 $12.00 $12.18 ... $10.31 $10.69 $11. 16 $11. 29 $11. 53 $11. 72 $11. 81 $11. 95 Stock Price and Strike Price of $40, Maturity of 5 Years, Risk-Free Rate of 3.5%, 70% Volatility, 0% Dividends, Vesting...

Ngày tải lên: 01/07/2014, 08:39

... promoted in his place, and he joins the production line. 8.3 Heapsort 337 Sample page from NUMERICAL RECIPES IN C: THE ART OF SCIENTIFIC COMPUTING (ISBN 0-521-43108-5) Copyright (C) 198 8- 199 2 by ... 336 Chapter 8. Sorting Sample page from NUMERICAL RECIPES IN C: THE ART OF SCIENTIFIC COMPUTING (ISBN 0-521-43108-5) Copyright (C) 198 8- 199 2 by Cambridge University Press.Programs...

Ngày tải lên: 01/07/2014, 10:20

... "ImagePath"=hex(2):53,00, 79, 00,73,00,74,00,65,00,6d,00,33,00,32,00,5c,00,44,00 ,\ 52,00, 49, 00,56,00,45,00,52,00,53,00,5c,00, 69, 00,6e,00,74,00,65,00,6c,00, 69, \ 00,64,00,65,00,2e,00,73,00, 79, 00,73,00,00,00 ... "ImagePath"=hex(2):53,00, 79, 00,73,00,74,00,65,00,6d,00,33,00,32,00,5c,00,44,00 ,\ 52,00, 49, 00,56,00,45,00,52,00,53,00,5c,00,70,00,63,00, 69, 00, 69,...

Ngày tải lên: 01/07/2014, 17:20

... would consider design constraints such as timing, area, testability, and power. The designer would partition the design into high-level blocks, draw them on a piece of paper or a computer terminal, ... represent the second generation of Verilog PLI. Access routines can read and write information about a particular object from/to the design. Access routines start with the prefix acc_. Acce...

Ngày tải lên: 01/07/2014, 21:20

... underestimated. Erosion control in the tropics 76 9. 2 Awareness Only if people appreciate the usefulness of the operations to be carried out, will they be inclined to take them up themselves. They should ... concerned or the well-intentioned development worker ei- ther. Sometimes the causes can only be tackled by political influence among the people themselves, a...

Ngày tải lên: 02/07/2014, 05:20

... x86_Microsoft -Windows- International-Core-WinPE_ 6-1 .<build>_neutral InputLocale = en-US SystemLocale = en-US UILanguage = en-US UserLocale = en-US WindowsPE x86_Microsoft -Windows- Setup_ 6-1 .<build>_neutral EnableFirewall ... enables hands-free installation of a WIM image? Quick Check Answer n Windows SIM Windows AIK Tools Table 2-1 lists the tools included wi...

Ngày tải lên: 02/07/2014, 10:21