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EMBAF

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???? ??????? 5,000,000 ? ?????? ?????. ????? ????? ???? ????? ???????. ????? ????? ???. ???? ????? ??? ?? ?????? ???? ??? ?????. ????? ??????? 10% ?? ??????? ... – PowerPoint PPT presentation

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Title: EMBAF


1
Financial Engineering
  • Zvi Wiener
  • mswiener_at_mscc.huji.ac.il
  • 02-588-3049

2
?????? ?? ????
  • ??? ???????
  • ????? 2003

3
?????? ?? ????
  • ???? ???
  • ????? ??????
  • ???? ??????? 1000 ?
  • ???? ??????? 5,000,000 ? ?????? ?????
  • ????? ????? ???? ????? ???????
  • ????? ????? ???
  • ???? ????? ??? ?? ?????? ???? ??? ?????
  • ????? ??????? 10 ?? ???????

4
?? ???? ??????
  • ????? ???? ???? ?????? ?? ????? ???? ??????
  • ??? ????? ?????? ?? 3 ??????
  • ??? ???? ????? ?? 50 ?????? ??? ?"? 25
  • ???? ????? ?????
  • ??? ???? ??? ????? ???? ????????
  • ??? ???? ??? ????? ???? ?????? ???? ???? ???????

5
Payoff
?????
K
????
6
????? ???????
7
????? ???????
  • Assume
  • r 10
  • 2
  • ? 25
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