Black-Scholes - Factbites

Black-Scholes - Factbites
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Topic: Black-Scholes

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	Paul Scholes - Wikipedia, the free encyclopedia
		Scholes was unlucky enough to miss a crucial penalty in the penalty shootout during the 2004-5 FA Cup final against Arsenal.
		Salford-born Scholes joined Manchester United as a trainee on leaving school in the summer of 1991 (although he was a diehard fan of Oldham Athletic, and remains so) and in his first season guided the club to victory in the F.A. Youth Cup.
		Scholes was unable to secure a regular first team place until the 1997-98 season, when he played in midfield after the ninth game when Roy Keane was ruled out by injury.
	en.wikipedia.org /wiki/Paul_Scholes (848 words)

	Myron Scholes - Wikipedia, the free encyclopedia
		Myron S. Scholes (born July 1, 1941) is one of the authors of the famous Black-Scholes equation.
		In 2005, Scholes was implicated in the case of Long-Term Capital Holdings v.
		It was found that Scholes and his partners were not eligible for $106 million in tax deductions they had claimed.
	en.wikipedia.org /wiki/Myron_Scholes (238 words)

	Black-Scholes - Wikipedia, the free encyclopedia
		Merton and Scholes received the 1997 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel for their work; Black was ineligible, having died in 1995.
		The equation was derived by Fischer Black and Myron Scholes; the paper that contains the result was published in 1973.
		Black, Merton, and Scholes: Their work and its consequences, by Ajay Shah
	en.wikipedia.org /wiki/Black-Scholes (2086 words)

	Black model - Wikipedia, the free encyclopedia
		The Black formula is similar to the Black-Scholes formula for valuating stock options except that the spot price of the underlying is replaced by the forward price.
		The Black model (sometimes known as the Black-76 model) is a variant the Black-Scholes option pricing model.
		Black's model can be generalized into a class of models known as log-normal forward models.
	en.wikipedia.org /wiki/Black_model (331 words)

	Myron Scholes - Open Encyclopedia
		Myron S. Scholes (July 1, 1941 -) is one of the authors of the famous Black-Scholes equation.
		He is currently a professor at Stanford University and has also been on the faculty at the MIT Sloan School of Management.
		In 1997 he was awarded The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel for "a new method to determine the value of derivatives."
	www.open-encyclopedia.com /Myron_Scholes (111 words)

	BBC - Science & Nature - Horizon - Midas Formula
		Now for the first time Black and Scholes were left with the bare bones of the problem, the elements which everyone agreed you needed to know to value an option: the stock price, its volatility, the duration of the contract, the interest rate and the level of risk.
		MYRON SCHOLES: When I first discovered options I became very excited about the possibility that here was a contract that enabled you to only be able to take the upside of the returns and not the downside and that being able to take the upside only had value and that was really exciting.
		MYRON SCHOLES: After the fact we called this dynamic hedging, but that means dynamically hedging which you want to be able to eliminate the uncertainty of the movements in the stock.
	www.bbc.co.uk /science/horizon/1999/midas_script.shtml (5306 words)

	Myron Scholes, double alumnus and former faculty member, shares 1997 Nobel Prize in economics
		Banks and other financial institutions use the method developed by Black, Merton and Scholes to develop and determine the value of new products, sell tailor-made financial solutions to their customers, as well as to reduce their own risks by trading in financial markets.”
		An example of the relevance of the work of Scholes and Black is the explosive growth in options trading at such places as the Chicago Board Options Exchange, which introduced trade in options in April 1973, one month before publication of the option-pricing formula.
		Scholes is the 69th Nobel laureate to have studied or taught at the University of Chicago.
	www-news.uchicago.edu /releases/97/971014.scholes.nobel.shtml (1054 words)

	ESPNsoccernet: Paul Scholes
		Scholes bagged 13 goals in 2004/05 but failed to hit top form, though at the end of the term he penned a new contract to run until the summer of 2009.
		Scholes was an integral part of United's Treble win in 1999, scoring the Reds' second goal in the FA Cup final against Newcastle United.
		Scholes' career was placed into doubt during 2005/06 when he was absent from the Manchester United team with an on-going problem with his site.
	soccernet.espn.go.com /player?id=8860&cc=4716 (891 words)

	www.manutdzone.com: Paul Scholes: A career profile with pictures
		Scholes could have had three contenders for Goal of the season in 1999-2000, a brilliant 25 yard volley straight from a corner against Bradford, a cunningly cheeky back-heel flick versus West Ham (he got a hat-trick in that game) and the walloping 30 yarder away to Middlesbrough.
		Paul Scholes began as a United trainee on 8th July 1991 and turned professional 18 months later on 23rd July 1993.
		Scholes finished as third top scorer in 2004-2005 with 12 but had to wait 15 games to get his first goal.
	www.manutdzone.com /playerpages/PaulScholes.htm (1340 words)

	Scholes and Merton Win Nobel Prize
		Scholes was in Pebble Beach to play golf and give a speech when he first heard he had won the prize in an early morning phone call from his brother David in New York, who heard it on his car radio on his way to work.
		Scholes was surprised, he said, to see how quickly traders on the Chicago options market applied the model and Texas Instruments incorporated it into one of its calculators.
		It is very pleasant, however." Scholes, who is also an expert on taxation, noted that he had a "third partner the U.S. government," and that "Stockholm is a very expensive city" to take his family for the December presentation of the prize.
	www.fenews.com /fen2/nobel.htm (749 words)

	NPQ
		Myron Scholes, an emeritus professor at Stanford University, was awarded the Nobel prize in economics in 1997.
		MYRON SCHOLES: Chinafs GDP at the current time is only 10-15 percent of the U.S. So, it will take a long time to catch up.
		SCHOLES: For a currency bloc of any form to work, human beings must be able to move freely among the various regions of the bloc.
	www.digitalnpq.org /global_services/global_ec_viewpoint/06-11-03.html (2244 words)

	McMaster Alumni Association - Myron Scholes
		Scholes is most noted for being the co-ordinator of the famed Black-Scholes Options Pricing Model, a building block of modern finance.
		SCHOLES, MYRON S. yron Scholes acquired an M.B.A. (Finance) in 1962 and a Ph.D. (Finance) in 1969 from the University of Chicago.
		From 1968 to 1973, Myron was an assistant profesor and then associate professor at the Massachusettes Institute of Technology.
	www.mcmaster.ca /ua/alumni/gallery/G215977.htm (189 words)

	Myron S. Scholes -- Encyclopædia Britannica
		Scholes, Myron S. Canadian-born American economist best known for his work with colleague Fischer Black on the Black-Scholes option valuation formula, which made options trading more accessible by giving investors a benchmark for valuing.
		Scholes was one of the developers of the Black-Scholes formula, a mathematical formula worked out in the early...
		Robert Merton expanded on the Black-Scholes formula, a tool used to calculate the value of stock options.
	www.britannica.com /eb/article-9110825 (883 words)

	Fischer Black and the Revolutionary Idea of Finance
		Black’s preferred CAPM approach to the problem appears in the published 1973 Black-Scholes article under the heading “An Alternative Derivation,” so it needs to be emphasized that this “alternative” was in fact the key that he used to unlock the problem in the first place.
		Having this proto-formula in mind, Black and Scholes achieved the key breakthrough by thinking not about what had to be in the formula but rather about what had to be absent from it.
		That is why, according to Scholes, “We were both amazed that the expected rate of return on the underlying stock did not appear in the differential equation.” In the derivation of the differential equation, the market risk in the stock and the market risk in the option exactly canceled one another.
	www.fenews.com /fen44/one_time_articles/fischer-black/fischer-black-book.htm (4328 words)

	The Prize in Economic Sciences 1997 - Press Release
		Scholes has clarified the impact of dividends on stock market values, together with Black and Miller (Merton Miller was awarded the Prize in 1990 for his contributions to corporate finance), and made empirical contributions, for example concerning estimation of the so-called beta value (a risk measure in the CAPM).
		Black, Merton and Scholes made a vital contribution by showing that it is in fact not necessary to use any risk premium when valuing an option.
		Black, Merton and Scholes thus laid the foundation for the rapid growth of markets for derivatives in the last ten years.
	nobelprize.org /economics/laureates/1997/press.html (1579 words)

	Manchester United - RedWeb3 - Treble Winners - Player Profiles - Paul Scholes
		Scholes' reputation as a goalscorer had been established in 1995 and his eye for goal has not been diminished by being moved back into midfield.
		Scholes' talents as a striker were soon earning him occasional starts in the United line-up by the time 1994-95 came around.
		Scholes is one of the lucky few local Manchester lads to make it to the top with Manchester United.
	homepage.eircom.net /~redweb3/home/team/scholes/scholes.html (660 words)

	Paul Scholes profile, statistics, shirt, shopping on 4thegame.com
		Scholes suffered a loss of form and confidence, and was even rumoured to be leaving Old Trafford after he refused to play in a Worthington Cup game.
		Scholes continued to be a mainstay in Sir Alex's team in the 2004/05 season.
		Paul was a central figure in United's 1999 European Cup winning side, though was unfortunately suspended for the final itself despite scoring the winning goal against Inter Milan in the quarter finals.
	www.4thegame.com /playerprofile?personid=767 (685 words)

	The Vampire Library - Complete Title Listing
		The Vampire in Literature: A Critical Bibliography edited by Margaret L. Carter and Robert Scholes
		Anne Rice (Twayne's United States Authors) by Bette B. Roberts
		Dracula : The Vampire Legend on Film Robert Marrero
	www.vampirelibrary.com /titles.htm (685 words)

	Black-Scholes - Wikipedia, the free encyclopedia
		Merton and Scholes received the 1997 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel for their work (Black was ineligible, having died in 1995).
		The equation was derived by Fischer Black and Myron Scholes; the paper that contains the result was published in 1973 called "The pricing of options and corporate liabilities" in the Journal of Political Economy 81, 637-59.
		The Black-Scholes formula is a mathematical formula for the theoretical value of European put and call stock options that may be derived from the assumptions of the model.
	en.wikipedia.org /wiki/Black-Scholes (2049 words)

	MSN Encarta - Scholes, Myron S.
		Scholes, Myron S. Scholes, Myron S., born in 1941, Canadian-born American economist, awarded the 1997 Nobel Prize in economics for arriving at a new way to determine the...
		MSN Encarta - Scholes, Myron S. MSN Home
		Search Encarta for Scholes, Myron S. © 2005 Microsoft
	encarta.msn.com /encyclopedia_701509066/Scholes_Myron_S.html (99 words)

	Press Releases College of Business and Economics
		Scholes was then an assistant professor of finance at MIT, and his co-inventor was Fischer Black, an independent finance contractor with a Ph.D. from Harvard in applied mathematics.
		An academician, businessperson, and author, Scholes co-developed in 1973 the Black-Scholes Formula for the valuation of stock options, an important mechanism for managing risk in financial markets.
		Scholes held the Edward Eagle Brown Professor of Finance at the University of Chicago, and was a senior research fellow at the Hoover Institution, and director of the Center for Research in Security Prices and Professor of Finance at M.I.T.'s Sloan School of Management.
	www.cbe.wsu.edu /news/index.asp?year=2003&page=Scholes (636 words)

	myron scholes
		Myron S. Scholes (born 1941) is one of the authors of the famous Black-Scholes equation.
		Noble e-Museum - Autobiography of Myron S. Scholes
		In 1997 he was awarded The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel for "a new method to determine the value of derivatives."
	www.yourencyclopedia.net /Myron_Scholes.html (150 words)

	Myron Samuel Scholes
		The greatest contribution Scholes made to the field of economics and the world financial market is that which bears his name: the Black-Scholes formula for option valuation, which was published in 1973.
		Scholes shared the 1997 Nobel Prize for Economics with Robert C. Merton, who generalized the Black-Scholes formula to make it apply to other areas of finance.
		Options represent an agreement in which the trader or investor has the right to buy or sell an asset at a fixed time in the future; without the Black-Scholes formula, investors lacked a means to accurately determine the value of the option at that future time.
	www.nobel-winners.com /Economics/myron_samuel_scholes.html (376 words)

	Breaking News @ The Rotman School of Management
		Scholes, the Frank E. Buck Professor, Emeritus,at the Stanford University Graduate School of Business, was awarded the Nobel Prize for developing a new method to determine the value of derivatives.
		Scholes, a native of Timmins, Ontario, graduated from McMaster University in 1961 before completing his MBA and Ph.D. at the University of Chicago.
		TORONTO -- Canadian-born Myron Scholes, the co-winner of the 1997 Nobel Prize in Economics for his work in the field of derivatives, will speak on "Derivatives in a Dynamic Environment" at the Rotman School of Management on Thursday, March 26 at 4 pm.
	www.rotman.utoronto.ca /news/scholes.html (382 words)

	Black Scholes Model
		The Black Scholes model uses the risk-free rate to represent this constant and known rate.
		By 1973, the tandem team of Fischer Black and Myron Scholes had written the first draft of a paper that outlined an analytic model that would determine the fair market value for European type call options on non-payout assets.
		Black had been working for Arthur D. Little in Cambridge, Mass., when he met a colleague who had devised a model for pricing securities and other assets.
	executivecaliber.ws /sys-tmpl/blackscholesmodel (1114 words)

	Black Scholes Model
		In 1973, Fischer Black and Myron Scholes developed the Black/Scholes’ model to evaluate European call options.
		Aspen Graphics uses a generalized version of the Black/Scholes’ model that can be used to model future options (Black) and foreign currency options (Garman Kohlhagen), as well as stock and index options (Black/Scholes’).
		Black’s modified model became known as the Black model.
	www.aspenres.com /Documents/AspenGraphics4.0/Black_Scholes_Model.htm (564 words)

	Black-Scholes Option Pricing Formula
		In the mean time, Black and Scholes had published in the Journal of Finance a more accessible (1972) paper that cited the as-yet unpublished (1973) option pricing formula in an empirical analysis of current options trading.
		Black, Fischer and Myron S. Scholes (1972) The valuation of option contracts and a test of market efficiency, Journal of Finance, 27 (2), 399—418.
		It is historically significant as the original option pricing formula published by Black and Scholes in their landmark (1973) paper.
	www.riskglossary.com /articles/black_scholes_1973.htm (534 words)

	Devlin's Angle: A Nobel Formula
		What Black and Scholes did was find a way to determine the fair price to charge for a derivative such as a stock option.
		So revolutionary was the very idea that you could use mathematics to price derivatives that initially Black and Scholes had difficulty publishing their work.
		Scholes himself has said that it was not so much the formula that was to blame, rather that market traders had not grown sufficiently sophisticated in how to use it.
	www.maa.org /devlin/devlin_11_97.html (1308 words)

	Scholes, Myron S.
		Scholes shared the 1997 Nobel Prize for Economics with Robert C. Merton, who generalized the Black-Scholes formula to make it apply to other areas of finance.
		The greatest contribution Scholes made to the field of economics and the world financial market is that which bears his name: the Black-Scholes formula for option valuation, which was published in 1973.
		7, 1941, Timmins, Ont., Can.), Canadian-born American economist best known for his work with colleague Fischer Black on the Black-Scholes option valuation formula, which boosted the stock option market by reducing risk for investors.
	www.britannica.com /nobel/micro/736_4.html (351 words)

	Paul Scholes Man Utd !
		Paul Scholes joined Man Utd as a trainee in 1991 and signed as a professional in 1993, having collected an F.A.Youth Cup winner's medal.
		The following season was part of the historic double Double winning side taking the Premier League and the F.A. Cup in successive seasons.Paul Scholes clever runs from midfield, powerful shots and the knack of finding the back of the net more often than not made him a regular for England.
		Paul has been so solid for Man Utd in the 2003/04 season he always keeps the lime light away from himself letting his boots do the talking there are a lot of young people who come to this site and hopefully read this.
	www.manchesterunited.co.uk /paulscholes.html (184 words)

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