Option Prices as Predictors of Equilibrium Stock Prices
利用修正后的布莱克-舒尔斯期权定价模型，从期权价格中反推出隐含股票价格和标准差，发现隐含价格包含未被当前股价充分反映的均衡价格信息。
ABSTRACT The Black‐Scholes option pricing model, modified for dividend payments, is used to calculate jointly implied stock prices and implied standard deviations. A comparison of the implied stock prices with observed stock prices reveals that the implied prices contain information regarding equilibrium stock prices that is not fully reflected in observed stock prices. The implications of this finding are discussed.