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The Valuation of Stock Options: Comment

Published online by Cambridge University Press:  19 October 2009

A. James Boness
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Extract

In a recent article in this journal, Harold Bierman, Jr. takes me to task for an alleged incompleteness and insufficiency of my “Elements of a Theory of Stock-Option Value.” The criticism consists of an insistence that option (call) values are relative to alternative long positions in common stock, rather than of “absolute” and independent value as options per se.

Type
Research Article
Information
Journal of Financial and Quantitative Analysis , Volume 3 , Issue 2 , June 1968 , pp. 225 - 226
Copyright
Copyright © School of Business Administration, University of Washington 1968

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References

1 “The Valuation of Stock Options,” Journal of Financial and Quantitative Analysis, September 1967, pp. 327–334.

2 Journal of Political Economy, April 1964, pp. 163–175.

3 Loc. cit., p. 328.

4 Loc. cit., p. 327.

5 See my footnote 4, loc. cit., p. 165. See also Kruizenga, Richard, “Introduction to the Option Contract,” Ch. 17 in Cootner, Paul, ed., The Random Character of Stock Market Prices (MIT Press, 1964)Google Scholar.

6 “Put and Call Options: A Theoretical and Market Analysis,” unpublished Ph.D. thesis, Massachusetts Institute of Technology, 1956Google Scholar.

7 “Rates of Return on Investments in Common Stocks,” Journal of Business, January 1964, pp. 1–17.