Displaced Diffusion Option Pricing
提出一种新的期权定价公式，将风险来源追溯到公司个别资产，同时考虑资产风险差异、权重、债务和股息政策，且使用与Black-Scholes公式同样简便。
This paper develops a new option pricing formula that pushes the underlying source of risk back to the risk of individual assets of the firm. The formula simultaneously encompasses differential riskiness of the assets of the firm, their relative weights in determining the value of the firm, the effects of firm debt, and the effects of a dividend policy with both constant and random components. Although this setting considerably generalizes the Black-Scholes [1] analysis, it nonetheless produces a formula via riskless arbitrage arguments that, given estimated inputs, is as easy to use as the Black-Scholes formula.