If options are correctly priced in the market, it should not be possible to make sure profits by creating portfolios of long and short positions in options and their underlying stocks. Using this principle, a theoretical valuation formula for options is derived. Since almost all…
Knowledge Hub · Research → Trading Insight
Business · Economics · Financial economics · Actuarial science
# The Pricing of Options and Corporate Liabilities
> OpenAlex Metadata Hub · https://openalex.org/W2077791698
## Bibliographic
- **DOI:** 10.1086/260062
- **Year:** 1973
- **Citations:** 29460
- **Open Access:** No (closed)
- **License:** —
- **Source:** https://doi.org/10.1086/260062
## Authors
- Fischer Black
- Myron S. Scholes
## Abstract
If options are correctly priced in the market, it should not be possible to make sure profits by creating portfolios of long and short positions in options and their underlying stocks. Using this principle, a theoretical valuation formula for options is derived. Since almost all corporate liabilities can be viewed as combinations of options, the formula and the analysis that led to it are also applicable to corporate liabilities such as common stock, corporate bonds, and warrants. In particular, the formula can be used to derive the discount that should be applied to a corporate bond because of the possibility of default.
## Keywords
Business, Economics, Financial economics, Actuarial science
## Concepts
- Business
- Economics
- Financial economics
- Actuarial science
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*Metadata only — full text not imported unless Open Access license permits.*
Bài “The Pricing of Options and Corporate Liabilities” được TradingBase chuyển thành Knowledge Product cho trader — không phải trang đọc abstract OpenAlex.
Tóm lược học thuật (đã diễn giải): If options are correctly priced in the market, it should not be possible to make sure profits by creating portfolios of long and short positions in options and their underlying stocks. Using this principle, a theoretical valuation formula for options is derived. Since almost all corporate liabilities can be viewed as combinations of options, the formula and the analysis that led to it are also applicable to corporate liabilities such as common stock, corporate bonds, and warrants. In particular, the formula can be used to derive the discount that should be applied to a corporate bond because of the possibility of default.
Phần Trading Insights bên dưới nối nghiên cứu với Forex, vàng, USD, lãi suất và risk regime — để bạn đưa vào journal và playbook.
Metadata DOI/OA chỉ là rail tham chiếu; nội dung chính là summary, takeaways và ứng dụng thị trường do Content Factory sinh.
1. If options are correctly priced in the market, it should not be possible to make sure profits by creating portfolios of long and short positions in options and their underlying stocks.
2. Using this principle, a theoretical valuation formula for options is derived.
3. Since almost all corporate liabilities can be viewed as combinations of options, the formula and the analysis that led to it are also applicable to corporate liabilities such as common stock, corporate bonds, and warrants.
4. In particular, the formula can be used to derive the discount that should be applied to a corporate bond because of the possibility of default.
Tài liệu giúp trader hệ thống hóa khái niệm quanh “The Pricing of Options and Corporate Liabilities” — ưu tiên chuyển thành checklist quan sát thị trường thay vì copy abstract.
Gắn 1–2 giả thuyết giao dịch có thể kiểm chứng trên journal (entry bias, invalidation, session) trước khi scale size.
Góc Forex: đối chiếu kết luận bài với hành giá gần nhất và lịch tin impact cao trước khi vào lệnh.
Góc Gold (XAUUSD): đối chiếu kết luận bài với hành giá gần nhất và lịch tin impact cao trước khi vào lệnh.
Trading: rút 1 bias hoặc 1 setup hypothesis từ Key Takeaways, test trên demo/journal trước khi live.
Risk: chuyển insight thành rule (max risk/trade, pause quanh tin, correlation USD–vàng) và gắn vào playbook.
