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Topic: Asian option

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	option Definition
		The right, but not the obligation, to buy (for a call option) or sell (for a put option) a specific amount of a given stock, commodity, currency, index, or debt, at a specified price (the strike price) during a specified period of time.
		If the option contract is exercised, the writer is responsible for fulfilling the terms of the contract by delivering the shares to the appropriate party.
		As leverage, options allow the holder to control equity in a limited capacity for a fraction of what the shares would cost.
	www.investorwords.com /3477/option.html (444 words)

	Horacio Aliaga in the cyber space
		average option) is an option whose payoff is linked to the average value of the underlier on a specific set of dates during the life of the option.
		average price option) is a cash-settled option whose payoff is based on the difference between a the average value of the underlier during the life of the option and a fixed strike.
		It is structured like a vanilla option except that its strike is set equal to the average value of the underlier over the life of the option.
	web.utk.edu /~haliaga/finance-Dateien/asian.htm (116 words)

	Glossary
		Bermuda Option - A Bermudan option is an option where early exercise is restricted to certain dates during the life of the option.
		A common example of this type of option is an employee stock option where the option holder must possess the option for a certain period (the vesting period) before the option can be exercised.
		For a Bermuda-style option, this is the amount of time until the "early exercise" date, after which the option can be exercised at any time.
	www.fintools.com /doc/options/optionsGlossary.html (2180 words)

	Asian Option
		) is a cash-settled option whose payoff is based on the difference between a the average value of the underlier during the life of the option and a fixed strike.
		Asian options are also popular with corporations, such as exporters, who have ongoing currency exposures.
		Asian options are also attractive because they tend to be less expensive—sell at lower premiums—than comparable vanilla puts or calls.
	www.riskglossary.com /articles/asian_option.htm (695 words)

	Asian Studies
		The Asian Studies major affords students the opportunity to study Asia from an interdisciplinary perspective, drawing on courses and faculty from various departments of the College of Humanities and Social Sciences.
		The Comparative Asian Studies option is designed to allow students to take a broader perspective on Asian Studies by developing a comparative, as well as an interdisciplinary, approach to the study of different geographical and cultural areas within Asia.
		Asian Studies majors will be well prepared either to enter graduate school or to pursue a career in one of the many walks of life that requires background in Asian materials, including business, governmental service, and careers in international affairs.
	www.students.ucr.edu /9596Catalog/AsianStudies.html (1651 words)

	Option style - Wikipedia, the free encyclopedia
		In finance, the style or family of an option is a general term denoting the class into which the option falls, usually defined by the dates on which the option may be exercised.
		A deep ITM currency option (FX option) where the strike currency has a lower interest rate than the currency to be received will often be exercised early because the time value sacrificed is less valuable than the expected depreciation of the received currency against the strike.
		A quanto option is a cross option in which the exchange rate is fixed at the outset of the trade, typically at 1.
	en.wikipedia.org /wiki/European_option (1431 words)

	FTS Forum
		The beauty of the binomial approach is that the same principles (i.e., riskless hedge, or synthetic option) still apply and provide a way to calculate the value of the option.
		Finally, leave American Option unchecked (i.e., we are valuing a European option) and leave volatility unchecked because we have specified the up- and down-tick directly.
		The call option has a strike price equal to 15 and is defined on the average stock price over the last partition ((20+40)/2=30).
	www.ftsnet.com /public/ftsmodhtm/ftsExotic/page1.htm (1202 words)

	Asian & Asian American Studies :: University of Massachusetts Amherst (Site not responding. Last check: 2007-10-18)
		No pass/fail option is available in required courses; a minimum grade of C is needed in each required course.
		ASIAN STUDIES 397: A one-semester colloquium (one or two credit, depending on instructor), featuring guest speakers, film screenings, and discussions focusing on topics demonstrating the intersections between Asian and Asian American Studies and the applications of a joint Asian/Asian American Studies perspective.
		ASIAN STUDIES 597/491: A one-semester senior seminar (three credits) that will build on the first colloquium (although you do not have to take 397 first) and offer the students an opportunity to undertake a research project in Asian or Asian American Studies, under the guidance of a faculty advisor.
	www.umass.edu /asianasianamstudies/description.html (1268 words)

	Global Derivatives Asian Options
		Asian options are options in which the underlying variable is the average price over a period of time.
		Because of this fact, Asian options have a lower volatility and hence rendering them cheaper relative to their European counterparts.
		Geometric averaging options can be priced via a closed form analytic solution because of the reason that the geometric average of the underlying prices follows a lognormal distribution as well, whereas under average rate options, this condition collapses.
	www.global-derivatives.com /options/asian-options.php (1146 words)

	[No title]
		Generally speaking, an Asian option is an option whose payoff depends on the average price of the underlying assets during the prespecified period within the option's lifetime and a prespecified observation frequency.
		An Option – Call or Put – whose underlying price is an average over time of a risk factor.
		The rate at which the underlying futures contract is bought or sold in the event an option is exercised.
	www.trinity.edu /rjensen/acct5341/1998sp/lamb/Glossary.htm (563 words)

	What's the difference between a regular option and an exotic option?
		An investor who buys a call option has essentially bought a standardized right to purchase a specific amount of an underlying asset at the agreed upon strike price, while a put option gives the investor the right to sell the specific asset at the strike if the price of the underlying decreases.
		Chooser option: An option that gives the investor the right to choose whether the option is a put or a call at a certain point during the option's life.
		Exotic options are mainly traded over the counter, which means they are not listed on a formal exchange, and the terms of the options are generally negotiated by brokers/dealers and are not normally standardized as they are with regular options.
	www.investopedia.com /ask/answers/05/063005.asp (541 words)

	Asian Options Pricing
		An Asian Option is based on the average price of the underlying asset over the life of the option and not a set strike price.
		Asian options are often used as they more closely replicate the requirements of firms exposed to price movements on the underlying asset.
		The airline will be charged the market rate for fuel throughout the life of the option and so an Asian option based on the average rate during the period would be preferable to an option based on a single strike price.
	www.derivativesone.com /kb/asian_options.aspx (198 words)

	Asian Option Home Page
		With a ‘passion for fashion' an ‘eye for art' and a ‘crush on creativity', Singapore-based designer Rina Raveh is the founder and owner of “ Asian Option ” — a unique company dedicated to sourcing and manufacturing bespoke products, each displaying an inherent fusion of Oriental elements and Western design.
		Focusing on fashion accessories, jewellery, and home accessories, each piece is designed to reflect a rich appreciation of Asian cultural sensitivities, often employing traditional methods of craft and workmanship.
		Located in the buzzing commercial hub of Singapore, Asian Option is ideally placed to offer its discerning customers a truly individual approach to the collection and diffusion of products throughout the world.
	www.asianoption.com (111 words)

	98-99 Asian Studies (Site not responding. Last check: 2007-10-18)
		The East Asian Studies option centers on China, Japan, and Korea and the languages, histories, literatures, cultures, art, and religions of that particular region.
		The East Asian Studies option is grounded in courses on China, Japan, and Korea and is supplemented by comparative course work on other Asian societies (including Asian Americans).
		Students who choose the East Asian Studies option are required to focus primarily on China, Japan, and Korea and are strongly encouraged to choose a disciplinary focus in either Art History, History, Comparative Literature and Foreign Languages, or Religious Studies.
	www.catalog.ucr.edu /1998-99/ast.html (1955 words)

	asian / lookback option inputs (Site not responding. Last check: 2007-10-18)
		This means that this option should be valued differently from a Lookback which is issued on 10/1/05 for expiry 12/31/05 as the prevailing minimum of 75 would not exist.
		The option issued a year ago is essentially in the money so it will be worth more than the option issued today.
		The option issued a year ago is effectively 25 in the money so it will be worth more than the option issued today (which is just at the money).
	www.webcabcomponents.com /support/index.php?topic=132.msg674 (1397 words)

	Sharper Estimates of Derivative Values by John Charnes
		An Asian option is also called an average option because its price is linked to the average value of the underlying asset on specific dates.
		An average-price Asian option has a payout at time T based on the difference between the strike price and the arithmetic average price of the underlying asset.
		All of these distributions have means that are estimates of the option's value, but only the distribution of values from the simulation with no Variance Reduction resembles the distribution of cash flows that might be generated by the option.
	www.fenews.com /fen26/charnes.html (1757 words)

	Asian Studies Minor
		Options are outlined on worksheets available through the minor's steering committee or through appropriate professors.
		The Option has no language requirement but students are encouraged to study an appropriate language if it is available.
		Students must choose courses from at least three of the option's five areas.
	ll.truman.edu /cml/asian_studies_minor.html (442 words)

	Asian American Studies, CSUF
		Cross-disciplinary in nature, Asian American Studies draws on a wide variety of courses offered throughout the university which relate to Asian American history, art, literature, politics, socio-economics, psychology and relations to other ethnic and sociopolitical groups.
		The goals of both the option and the minor are to encourage more students to do work in the area and to prepare students in selected career paths where sensitivity to and knowledge of Asian American issues, history and artistic expression are important.
		The option in Asian American Studies may be effectively combined with subject matter studies necessary for either the multiple subject teaching credential (K-8) or single subject credential (7-12) in Social Studies.
	hss.fullerton.edu /asian-american (265 words)

	Asian American Studies Program
		The minor and the option in Asian American Studies are designed for students who have an interest in learning about the experiences, expression and social conditions of Americans of Asian ancestry, including those whose origins trace back to central, south and southeast, as well as east Asia and the Pacific Islands.
		One course in an Asian language (3-5 units), or one three-unit course on Asian cultures or Asian social institutions, chosen in consultation with the undergraduate adviser.
		Asian Pacific American families have ranged from the seemingly solitary “bachelor” to the extended “clan.” We will explore these, and many other ways of being a “family,” as it has been a basic part of Asian Pacific American history and culture.
	www.fullerton.edu /catalog/academic_departments/asam.asp (2424 words)

	International Studies
		The Asian Studies option emphasizes the interdisciplinary study of Asian cultures and societies.
		Courses in this option combine history, religion/philosophy, literature, art, political science, and language skills to give you the tools to understand and interpret Asia's past and present.
		Within this option the student completes at least two years of a single Asian language, two designated courses in Asian history, and seven courses from two "Tracks," "The History and Politics of Asia" (Track I) and "The Thought and Culture of Asia" (Track II).
	www.colostate.edu /programs/in/asianStudies.html (533 words)

	[No title]
		By using an average to attain the underlying asset price or rate, Asian options are considered path-dependent; each price observed throughout the life of the option is taken into consideration when calculating the final price.
		Aside from the path-dependent characteristic, Asian options are less susceptible to possible spot manipulation at settlement, and their payoffs are generally less volatile than vanilla options.
		The student must be given the distribution of the geometric average, the time to maturity of the option, the observation frequency, the number of observations, and the distribution of the underlying asset price or exchange rate.
	www.trinity.edu /rjensen/acct5341/1998sp/lamb/Teaching.htm (2868 words)

	[No title]
		Calculate by Monte Carlo simulation the fair value and delta for a European style Asian basket option with periodic sampling points (an Asian basket option is an Asian option on the linear combination of several assets).
		Calculate by Monte Carlo simulation fair value and delta for an Asian spread option with periodic sampling dates (an Asian spread option is an Asian option on the spread of two asset prices).
		Calculate by Monte Carlo simulation fair value and delta for an average-strike spread option with periodic sampling dates (an averge-strike spread option is an average-strike option on the spread of two assets).
	www.financialcad.com /support/developerfunc/reference/Eqty_RD.htm (3097 words)

	SSRN-Partially Exact and Bounded Approximations for Arithmetic Asian Options by Roger Lord
		All approaches we consider are readily extendable to the case of an Asian basket option.
		Thirdly, we sharpen Thompson's [1999a,b] upper bound for the value of an Asian option.
		This is important for the practically relevant case of options with long maturities.
	papers.ssrn.com /sol3/papers.cfm?abstract_id=678041 (397 words)

	[No title]
		Choose the option that best suits your charitable interests and personal circumstance, or combine two or more options to accomplish all the things you want to do for others.
		Trusts are good options for those who want to liquidate highly appreciated assets (like stock or real property) but do not want to pay significant capital gains.
		Many Asians have experienced the personal rewards of higher education and enjoy the satisfaction of helping future generations of young people through scholarships.
	www.asianpacificfund.org /donors/options.shtml (836 words)

	The University of Montana - Asian Studies (Site not responding. Last check: 2007-10-18)
		Students admitted to either of the two programs must register with the Faculty Advisor of Asian Studies, and are encouraged to plan their course sequence at least one year in advance in consultation with their assigned Asian Studies faculty advisor.
		Language requirement: Two years (or equivalent proficiency) in an Asian language appropriate to the student's academic goals and approved by the Asian Studies faculty advisor.
		Requirements for the Asian Studies Minor (to be combined with a major in any other discipline)
	www.umt.edu /asian/programs.htm (299 words)

	Art 190 Asian Museum Option
		The Asian Museum of San Francisco has a world class collection of Asian art.
		A maximum of one of the four to five required page essay may be on the new museum.
		As with other museum options, you must take "field notes," and append them along with your admission ticket to the final draft of the paper.
	www.contracosta.cc.ca.us /Art/190AsianMuseum.htm (363 words)

	Asian option model on Commodities
		There is an LME paper which you can request from the exchange in London which uses a paper by Les Clewlow which used this method for creating the exchange traded asian options.
		In equities, Asian options tend to have distinct observations.
		In commodities, if you were to ask for 1yr Asian option wtih monthly observations then i would take this to mean that you are averaging every single day with settlement on a monthly basis.
	www.global-derivatives.com /forum/index.php?topic=651.0 (406 words)

	Asian option Definition
		An option whose payoff depends on the average value of an underlier over a specified period.
		Stocks, bonds and mutual funds are the most popular asset classes and therefore get most of the market's attention, but there are other important investment opportunities every investor should know about as well, including options, futures, and currency.
		Although these investments are complex and usually intended for sophisticated investors, it's worth understanding what they are and how they operate in order to decide if they should play any role in your overall investment strategy.
	www.investorwords.com /263/Asian_option.html (170 words)

	Derivicom's FinExotics XL Functions
		Calculates the price and sensitivities of an Average Strike Asian option using either an Arithmetic or Geometric model.
		Calculates a Two Asset Asian spread option using a Monte Carlo technique.
		Calculates the price and sensitivities of an Foreign Equity option struck in domestic currency valued in either domestic or foreign currency.
	www.derivicom.com /pages/products/products_functions.asp?product=FEXL (647 words)

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