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حسابداری و مالی::
پورتفوی جایگزین
However, we can use put-call parity from Chapter 7 to construct a replicating portfolio that is made up of m shares of the twin security and B default-free bonds, each worth $1 today and paying $1(1 + rf ) at the end of the period.
for m, the number of units of the twin security in the replicating portfolio:
Since the law of one price is applicable, the value of the replicating portfolio today must be equal to the value of the call option because they have identical payouts in all states of nature.
By using the concept of replicating portfolios, it insures that there is no arbitrage
Real options analysis uses replicating portfolios and obeys the law of one price.Implicitly,it changes the
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