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Trading strategies involving options
Principal-protected notes
Trading an option and the underlying asset
Spreads
Combinations
Other payoffs
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Binomial trees
A one-step binomial model and a no-arbitrage argument
Risk-neutral valuation
Two-step binomial trees
A put example
American options
Delta
Matching volatility with u and d
The binomial tree formulas
Increasing the number of steps
Using DerivaGem
Options on other assets
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Derivation of the Black-Scholes-Merton option-pricing formula from a
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Wiener processes and ItO's lemma
The Markov property
Continuous-time stochastic processes
The process for a stock price
The parameters
Correlated processes
Ito's lemma
The lognormal property
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Derivation of Ito's lemma
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The distribution of the rate of return
The expected return
Volatility
The idea underlying the Black-Scholes-Merton differential equation
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DINAMIKA RISET WILL HELP
YOU TO FINISH YOUR THESIS/DISSERTATION, CONTACT PERSON Wawan 081294635021
email: jasapaper@gmail.com
Below are some topics which
important for your thesis/dissertation:
Derivation of the Black-Scholes-Merton differential equation
Risk-neutral valuation
Black-Scholes-Merton pricing formulas
Cumulative normal distribution function
Warrants and employee stock options
Implied volatilities
Dividends
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Proof of Black-Scholes-Merton formula using risk-neutral valuation
Employee stock options
Contractual arrangements
Do options align the interests of shareholders and managers?
Accounting issues
Valuation
Backdating scandals
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Options on stock indices and currencies
Options on stock indices
Currency options
Options on stocks paying known dividend yields
Valuation of European stock index options
Valuation of European currency options
American options
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Futures options
Nature of futures options
Reasons for the popularity of futures options
European spot and futures options
Put-call parity
Bounds for futures options
Valuation of futures options using binomial trees
Drift of a futures prices in a risk-neutral world
Black's model for valuing futures options
American futures options vsAmerican spot options
Futures-style options
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FULBRIGHT-HAYS DISSERTATION ABROAD
FELLOWSHIP APPLICATION
QUALITY
OF PROPOSED PROJECT (worth 60 points).
The most important part of your
application is the project description or proposal, which should not exceed ten
double-spaced pages in length with one-inch margins and size 12 font. There are
six criteria which you must address; responding to each criterion is critical
to the success of your application.
You will find the criteria listed under
“Quality of Proposed Project,” on page A20-22 of the application. You can
receive a maximum of ten points for each individual subpoint for a total of 60
points. Failure to address a point or inadequate treatment will lower your
total score. Be sure to cite source material, bibliographies where appropriate,
scholars with whom you have been in correspondence and/or who have offered to
be of assistance to you in the field, et al. Endnotes or footnotes and your
name and the title of your dissertation must be part of your ten-page proposal.
Note: See
separate handout “Structure of the DDRA Fulbright-Hays Proposal” for how you
should structure your proposal using the stated criteria and how to format the
proposal.
You need to make a strong case that
research in the particular foreign country is necessary for the successful
completion of your project. If your
research can be accomplished in the bowels of Regenstein, funding from the
program will not be likely. You should
also indicate in detail (e.g. conferences, faculty, workshops, institutions,
etc.) how you intend to make the results of your research in progress and a
copy of the completed dissertation available to host country scholars and
officials (criterion # 5).
QUALIFICATIONS
OF THE APPLICANT (worth 40 points, numbers 1-4)
1) Academic record (10 points);
2) The extent to which the academic
record demonstrates strength in area studies relevant to the proposed project
(10 points). I suggest that you attach a separate sheet or section to your c.v.
listing undergraduate and graduate courses, workshops, work, seminars,
research, teaching, travel, etc. that demonstrate strength in your world area;
3) Proficiency in one or more languages (other
than English and the applicant’s native language) in the country of research
(15 points).
4) Ability to conduct research in a
foreign context (5 points).
EXTRA
5-10 POINTS FOR COMPETITIVE PREFERENCE
(if any) – not yet determined for Oct. ’07 application. The Oct. ’06 application gave 5 extra points
for projects that focused on one or more areas where one or more of the
following languages were spoken: Arabic, Chinese, Japanese, Korean,
Russian, and Indic, Iranian, and Turkic
language families.
Language Competency
Foreign language competency (15 out of
100 points) is a high priority. You must demonstrate that you have sufficient
language competence to attain the goals stated in your project description.
Even if your research can be conducted in English or your native language, you
must still have proficiency in a second language of your world area to be
competitive. For instance, if you wish to do research in New Zealand or South Africa, you would need to
have some proficiency in an aboriginal language. Also, those working in archives
must have both archival skills and enough language facility to communicate with
other archivists, librarians, and the like. Those working in the field will be
expected to possess greater fluency in the spoken language(s). Funds are not
provided for language study. The language reference should be from someone,
preferably a language instructor, who can testify to the adequacy of your
language skills in carrying out your proposal.
References
References are also of primary
importance. Be sure that all three of
your academic referees are familiar with your work and that they write letters
indicating such familiarity. One of your
letters must be from your dissertation advisor.
You will also need to demonstrate that you have had, and continue to
have, the guidance and supervision of your dissertation advisor at all stages
of your project, including “guidance in developing the project, understanding
research conditions abroad, and acquainting the applicant with research in the
field.” Make sure that your advisor also understands that you can get up to 10
points in this category.
In addition to your three references,
it is highly recommended that you secure letters from people in your intended
country of study. These letters should
indicate interest in your project and/or affiliation with an institution. Such letters indicate that you've made
important contacts in your country and that you are on your way to gaining
research clearance. Spending some time
on a "scouting" trip in your country can be helpful for your
application and in establishing contacts. If you have previously lived or
studied in your country, be sure to emphasize that. You can expand on previous
overseas travel by including this information on your c.v. or by adding a
separate page delineating the travel.
Health Statement
If you haven't had a recent physical,
make an appointment at the Student
Care Center
or another health care provider so that you have documentation that you have
had a checkup within the last year. The medical provider does not need to fill
out any forms or sign anything. You will enter the provider’s name, address,
and telephone number on the e-application and that will suffice for the
purposes of the health statement.
Budget
Included in the official electronic
application will be the listing of monthly stipends for each country to help
you figure out your budget. Note that although monthly stipends are given for
dependents, international travel is awarded to the Fellow only. Project
allowance requests are generally in the range of $1000 - $4,000, but can be
higher if you can document the need. You can request project allowance funds
for research-related travel within the host country, for copying, computer and
camcorder supplies, informants’ fees, etc. Claims for local travel and other
project allowance expenses may need separate justification (see electronic
application instructions once available). The fellowship will pay for basic
health insurance. You should also build in extra money for international
tickets in case rates go up from the time you submit your application. The cost
of passport, visa, photographs, taxi fares to and from airports (prior to the
arrival in, or after departure from, the host country), landing and exit fees,
and food and hotel bills incurred during travel are not covered by your grant
nor is the purchase of a car, computer, or camera.
APPLICATION: SPECIFIC PARTS AND DIRECTIONS
The application is made up of the
following parts:
(1) Pages C10 through C14: general
information, budget pages, curriculum vitae, statement of area studies
training, title page plus ten-page proposal.
(3) Page C 15: Language reference
form(s). Fill in a separate section for each language for each language
reference.
(4) Pages C16, C17, C18: three academic
reference forms/letters, one of which must be from your dissertation
advisor. These letters must be
submitted electronically.
(5) Graduate Transcript (s) – hard copy that
should be brought to [your campus representative] unless instructions are given
for electronic submission.
Additional letters of support from host
country are very important. If you get external letters of support, you should
scan or upload them to the electronic application. You will need to save the
documents as Adobe PDF.
Human Subjects
You should read this section carefully.
If your project deals with living human subjects (not archival or historical
work), then you will need to go through the University’s Institutional Review
Board certification process. You can do this after you know whether or not you
have won a Fulbright or you can do it when you submit your application.
Review Process
You will not be prescreened or ranked
at the University nor will an interview be conducted. Your application will be
reviewed in Washington
by a national panel of two or three experts in your world area who may or may
not be knowledgeable about your particular field of specialization. You should,
therefore, be sure that your writing style is clear (no jargon) and that your
research goals can be understood by the "educated layperson" as well
as by those in your field. If your
application is recommended for funding by the US panel, it will also be sent to
the host country for comment and approval, so you should keep in mind political
sensitivities and feasibility as you write your proposal.
Tentative Deadline
Your application is part of an
institutional application that the University submits to the U.S. Department of
Education. When you submit your application, it actually goes to [your campus
representative which has an earlier internal deadline.] Electronic
recommendation letters and language evaluation forms, however, can still be
submitted until the institutional application (including your applications) is
submitted to the U.S. Department of Education.
Be sure to follow the
instructions to the letter. Incomplete
applications will not be considered by the Department of Education nor will
proposals using the wrong font or exceeding ten pages.
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http://grad-affairs.uchicago.edu/programs/Format%2007.doc
STRUCTURE OF DDRA FULBRIGHT-HAYS PROPOSAL
The criteria listed on the application lay out the structure
for your 10-page, double spaced proposal. You should not be creative with the
format or structure.
Make sure that you thoroughly
address all six criteria in the proposal - each is worth the same amount of
points (10), so do not slight any.
Criteria most often "neglected" are the ones about sharing
your research with the host country and detailing close supervision by your
advisor/committee. Do not merge two criteria together. You should pull those
criteria apart and use a separate heading for each.
For ease of reading and grading by the selection
committee, write your proposal addressing the six criteria in the order they are listed under the Selection Criteria section
(see below). Also, highlight or bold
each criterion as you begin that section. This makes it easier for the readers
to know when you have finished a section.
Structure your proposal as follows and bold or highlight
each of the six criteria headings.
1) Quality of
Proposed Project, including:
statement of major hypotheses to be tested or questions to be examined;
description and justification of the research methods to be used
2) Relationship of
the Research to the Literature and to Major Theoretical Issues in the Field;
Project’s Originality and Importance in Terms of the Concerns of the Discipline
3) Preliminary
Research Already Completed in the States or Overseas or Plans for Such Research Prior to Going Overseas & Kinds,
Quality, and Availability of Data for the Research in the Host Country
4) Justification for Overseas Field Research
and Preparations to Establish Appropriate and Sufficient Research Contacts
& Affiliations Abroad (this is where those all-important external
letters of support come in and can be uploaded to your application.)
5) Plans to Share the Results of the Research
in Progress and a Copy of the Dissertation with Scholars and Officials in the
Host Country
6) The guidance and
Supervision of the Dissertation Advisor or Committee at All Stages of the
Project, including developing the project; helping you to understand
the research conditions abroad;
acquainting you with research in the field
Formatting for the proposal and bibliography:
• The proposal cannot exceed ten pages and the
bibliography two pages.
• Your endnotes or footnotes are
considered part of the 10-page narrative.
• Use one-inch margins at the top, bottom, and
both sides of the proposal & bibliography.
• Double space all text in the
proposal narrative except for charts, tables, figures, graphs,
titles, heading, footnotes, endnotes, quotations,
bibliography, and captions – all of which
may be single spaced.
•
Use a 12 point font for the proposal narrative.
•
Use either a 12-point or
10-point font in charts, tables,
figures, graphs, footnotes, and endnotes.
• Use only one of the following
fonts: Times New Roman, Courier, Courier New, or Arial.
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