Option Pricing Bounds in Discrete Time
推导了离散交易时点看涨期权的上下界，不依赖股票价格分布假设（仅需股票“非负贝塔”），基于单一定价法则和套利论证，适用于单期和多期，并扩展至看跌期权，可调整股息和佣金，对实证研究有用。
ABSTRACT Upper and lower bounds are derived for call options traded at discrete intervals. These bounds are independent of assumptions on the stock price distribution other than a restriction satisfied by the stock being “non‐negative beta.” The development of the bounds relies on the single‐price law and arbitrage arguments. Both single‐period and multiperiod results are produced, and put option bounds follow by extension. The bounds exist as equilibrium values given a consensus on stock price distribution; they are also valid for empirical studies, being adjustable for dividends and commissions.