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1
McKeon, Ryan. "Empirical patterns of time value decay in options." China Finance Review International 7, no. 4 (November 20, 2017): 429–49. http://dx.doi.org/10.1108/cfri-09-2016-0108.
Повний текст джерелаАнотація:
Purpose The purpose of this paper is to conduct an empirical analysis of the pattern of time value decay in listed equity options, considering both call and put options and different moneyness and maturity levels. Design/methodology/approach The research design is empirical, with great attention paid to creating a standardized measure of time value that can be both tracked over time for an individual option contract and meaningfully compared across two or more different option contracts. Findings The author finds that moneyness classification at the beginning of the holding period is the key determinant of the pattern of subsequent time decay. The type of option, call or put, and the maturity of the contract have surprisingly little relevance to the pattern of time decay “out-the-money contracts having similar patterns on average, regardless of whether they are calls or puts, 30-day or 60-day contracts.” More detailed analysis reveals that In-the-money and out-the-money contracts have slow time decay for most of the contract life, with a significant percentage of the time decay concentrated on the final day of the option. At-the-money contracts experience strong decay early in the life of the option. Research limitations/implications The study is limited by not having intra-day data included to analyze more frequent price movements. Practical implications The results reported in the paper provide insight into issues of active management facing options traders, specifically choices such as the initial maturity of the option contract and rollover frequency. Originality/value Very few studies examine the important issue of how option time value behaves. Time value is the subjective part of the option contract value, and therefore very difficult to predict and understand. This paper provides insight into typical empirical patterns of time value behavior.
2
Murdalov, Deni Ruslanovich. "Comparative analysis of an option to conclude an agreement and an option agreement." Юридические исследования, no. 3 (March 2022): 1–8. http://dx.doi.org/10.25136/2409-7136.2022.3.37590.
Повний текст джерелаАнотація:
In this paper, an option to conclude a contract and an option contract are considered in a comparative aspect. The object of the study is an option relationship or a relationship that develops as a result of the application of the norms of civil legislation on options. The subject of the study is the norms of the Civil Code of the Russian Federation governing the conclusion of an agreement on the granting of an option to conclude a contract and an option contract. The main purpose of the work is to compare the option to conclude an agreement and an option agreement, to identify common and distinctive features of the mechanisms under Articles 429.2 and 429.3 of the Civil Code of the Russian Federation. В В В The scientific novelty of the study lies in the fact that in this paper a comparative analysis of the option to conclude a contract and an option contract is carried out. The norms governing the options constructions under consideration have been subjected to a detailed study and analysis. The results of the study, which reflect the scientific novelty of the work, are manifested in the differentiation of two adjacent options as common constructions. The paper considers the option to conclude a contract and an option contract in a comparative aspect, highlights the adjacent and distinctive features of both designs, concludes about the common purpose of option designs, about the features of mechanisms, as well as the need to improve Articles 429.2 and 429.3 of the Civil Code of the Russian Federation.
3
DEWI, IDA AYU PUTU CANDRA, KOMANG DHARMAWAN, and NI MADE ASIH. "APLIKASI MODEL MEAN REVERSION DENGAN MUSIMAN DALAM MENENTUKAN NILAI KONTRAK OPSI TIPE EROPA PADA HARGA KOMODITAS KAKAO." E-Jurnal Matematika 6, no. 4 (November 28, 2017): 226. http://dx.doi.org/10.24843/mtk.2017.v06.i04.p170.
Повний текст джерелаАнотація:
Many literatures explain that commodity prices tend to follow the pattern of Mean Reversion models, commodity prices are controlled by seasonal supplies resulting in price fluctuations. To overcome the risk of fluctuations in the price, an investor can hedge with option contracts. The purpose of this research was to know the application of Mean Reversion model with seasonal in determining the value of European option contract from commodity ,by estimating the parameters and simulating the model in order to get the value of European option contract. Thus, the values of the options obtained with the model was compared with the value of the options calculated by the Black-Scholes model. The results of this study indicated that the value of contract option of Mean Reversion model with seasonal value was lower than the Black-Scholes model.
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Rodrigo, Marianito R. "Pricing of Barrier Options on Underlying Assets with Jump-Diffusion Dynamics: A Mellin Transform Approach." Mathematics 8, no. 8 (August 3, 2020): 1271. http://dx.doi.org/10.3390/math8081271.
Повний текст джерелаАнотація:
A barrier option is an exotic path-dependent option contract where the right to buy or sell is activated or extinguished when the underlying asset reaches a certain barrier price during the lifetime of the contract. In this article we use a Mellin transform approach to derive exact pricing formulas for barrier options with general payoffs and exponential barriers on underlying assets that have jump-diffusion dynamics. With the same approach we also price barrier options on underlying futures contracts.
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Zhu, Jielin, Marco Pollanen, Kenzu Abdella, and Bruce Cater. "Modeling Drought Option Contracts." ISRN Applied Mathematics 2012 (April 11, 2012): 1–16. http://dx.doi.org/10.5402/2012/251835.
Повний текст джерелаАнотація:
We introduce a new financial weather derivative—a drought option contract—designed to protect agricultural producers from potential income loss due to agricultural drought. The contract is based on an index that reflects the severity of drought over a long period. By modeling temperature and precipitation, we price a hypothetical drought contract based on data from the Jinan climate station located in a dry region of China.
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SARI, I. GUSTI AYU MITA ERMIA, KOMANG DHARMAWAN, and TJOKORDA BAGUS OKA. "PENERAPAN METODE BINOMIAL TREE DALAM MENGESTIMASI HARGA KONTRAK OPSI TIPE AMERIKA." E-Jurnal Matematika 5, no. 4 (November 30, 2016): 156. http://dx.doi.org/10.24843/mtk.2016.v05.i04.p135.
Повний текст джерелаАнотація:
Binomial tree is a method that can be used to determine price option contracts. In this method, the stock price movement is presented in the form of a tree with each branch representing the probability of the stock price to move up or move down. The purpose of this paper was to determine the price of the options contracts with the American type on Binomial Tree method and compare the three methods that is variance matching, proportional , and risk neutral of determining the value of price option contracts used in Binomial Tree method with Black-Schole method. The result of this research was the value of the options contract using the variance matching more similar with the value of the Black-Scholes contract.
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Lerner, Josh, and Ulrike Malmendier. "Contractibility and the Design of Research Agreements." American Economic Review 100, no. 1 (March 1, 2010): 214–46. http://dx.doi.org/10.1257/aer.100.1.214.
Повний текст джерелаАнотація:
We analyze how contractibility affects contract design. A major concern when designing research agreements is that researchers use their funding to subsidize other projects. We show that, when research activities are not contractible, an option contract is optimal. The financing firm obtains the option to terminate the agreement and, in case of termination, broad property rights. The threat of termination deters researchers from cross-subsidization, and the cost of exercising the termination option deters the financing firm from opportunistic termination. We test this prediction using 580 biotechnology research agreements. Contracts with termination options are more common when research is non-contractible. (JEL D86, L65, O31, O34)
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RATNASARI, DEWA AYU AGUNG PUTRI, KOMANG DHARMAWAN, and DESAK PUTU EKA NILAKUSMAWATI. "PENENTUAN NILAI KONTRAK OPSI TIPE BINARY PADA KOMODITS KAKAO MENGGUNAKAN METODE QUASI MONTE CARLO DENGAN BARISAN BILANGAN ACAK FAURE." E-Jurnal Matematika 6, no. 4 (November 28, 2017): 214. http://dx.doi.org/10.24843/mtk.2017.v06.i04.p168.
Повний текст джерелаАнотація:
Contract options are the most important part of an investment strategy. An option is a contract that entitles the owner or holder to sell an asset on a designated maturity date. A binary or asset-or-nothing option is an option in which the option holder will perform or not the option. There are many methods used in determining the option contract value, one of this is the Monte Carlo Quasi method of the Faure random. The purpose of this study is to determine the value of binary type option contract using the Quasi Monte Carlo method of the Faure random and compare with the Monte Carlo method. The results of this study indicate that the option contract calculated by the Monte Carlo Quasi method results in a more fair value. Monte Carlo method simulation 10.000 generate standard error is 0.9316 and the option convergence at 18.9144. While Quasi Monte Carlo simulation 3000 generate standard error is 0.09091 and the option convergence at 18.8203. This show the Quasi Monte Carlo method reaches a faster convergent of Monte Carlo method.
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Husniah, Hennie, Udjianna S. Pasaribu, Andi Cakravastia, and Bermawi P. Iskandar. "Two Dimensional Maintenance Contracts for a Fleet of Dump Trucks Used in Mining Industry." Applied Mechanics and Materials 660 (October 2014): 1026–31. http://dx.doi.org/10.4028/www.scientific.net/amm.660.1026.
Повний текст джерелаАнотація:
In this paper, we study two dimensional maintenance contracts for a fleet of dump trucks operated in a mining industry. The two-dimensional contract is charaterised by two parameters (i.e. age and usage limits) which define a region. Two different shapes of the contract region are studied, where one region favors the customer, and the other the service provider. The maintenance service contracts studied is the performance based contract which offers incentives to motivate a service provider (an agent) to increase the equipment’s performance beyond the target. This in turn gives benefit for both the owner of the trucks and the agent of service contract. The decision problem under study is that an agent offers several two dimensional service contract options and the owner of the trucks has to select the optimal option. We use a Nash game theory formulation in order to obtain a win-win solution – i.e. the optimal strategy (pricing structure) for the agent and the optimal option for the owner.
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Staudenmayer, Dirk. "The Commission Communication on European Contract Law: What Future for European Contract Law?" European Review of Private Law 10, Issue 2 (April 1, 2002): 249–60. http://dx.doi.org/10.54648/408351.
Повний текст джерелаАнотація:
In the political context, the Communication from the Commission lies at the intersection of three converging tendencies of development: the ambitions on the part of the European Parliament concerning the harmonization of Private Law; the increasing amount of academic preparatory work; and the impetus provided by the European Council in Tampere. The underlying question of the Communication is whether — in the light of the current degree of harmonization of European Contract LAw — there are still problems despite, or due to, the selective approach to harmonization that might call for a new approach. Areas where problems could occur concern the proper functioning of the Internal Market and the uniform application of Community law. The Communication raises four options for discussion. First, the solution is left to the market. The second option envisages the development of common principles that can be used as non-binding guidelines for contracting parties, national courts, arbitrators, and national legislators. The third option consists of revising the existing acquis communautaire. The fourth option devises the adoption of a new instrument at the EC level, where three criteria can be combined: the nature of the act to be adopted, the relationship with national law, and applicability by way of choice of law or automatically.
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Hendrawan, Riko, and Daniel Erpriandy Maharsasi. "Testing Black Scholes and Garch Model Options on Gold Price Index With Long Strangle Strategy Using 1985-2020 Data." GATR Journal of Finance and Banking Review Vol. 7 (3) October - December 2022 7, no. 3 (December 30, 2022): 160–74. http://dx.doi.org/10.35609/jfbr.2022.7.3(3).
Повний текст джерелаАнотація:
Objective - This research examines the implementation of options contracts on gold prices using GARCH and Black Scholes models accompanied by a long strangle strategy. Methodology – This research used 36 years of secondary data for daily gold prices from www.gold.org obtained from the year 1985 to 2020. The implementation of options contracts on gold prices using GARCH and Black Scholes models with long strangle strategy through three types of maturity dates (1-month, 2-months, and 3-months). These results were tested by comparing the average percentage value of the actual options premium price and the options calculated using the AMSE (Average Mean Square Error) methodology, where the smallest percentage value is a more precise reflection of the model. Findings – The research indicates that the results of the error percentage for 1-month, 2-months, and 3-months maturities increased linearly along with the size of the maturity period of the option contract also profit percentage of long strangle strategy for gold price option contract in average 17-27% or below 30%. Novelty – Based on the research result, the long strangle strategy is not the best strategy regarding the gold price option contract, and this study can contribute to current practices for the investor. Also, this research is unique because no research used gold price data for 36 years (daily basis) for the options contracts. Type of Paper - Empirical Keywords: Gold Price; Options Contract; Black Scholes; GARCH; Long Strangle; AMSE JEL Classification: G11, G13. Reference to this paper should be made as follows: Hendrawan, R; Maharsasi, D.E. (2022). Testing Black Scholes and Garch Model Options on Gold Price Index With Long Strangle Strategy Using 1985-2020 Data, J. Fin. Bank. Review, 7(3), 160 – 174. https://doi.org/10.35609/jfbr.2022.7.3(3)
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Alobaidi, G., and R. Mallier. "Installment options close to expiry." Journal of Applied Mathematics and Stochastic Analysis 2006 (September 27, 2006): 1–9. http://dx.doi.org/10.1155/jamsa/2006/60824.
Повний текст джерелаАнотація:
We use an asymptotic expansion to study the behavior of installment options close to expiry. Installment options are contracts where the price is paid over the life of the option rather than as a lump sum at the time of purchase, and where the contract can be allowed to lapse at any time. Series solutions are obtained for the location of the free boundary and the price of the option.
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SHEVCHENKO, PAVEL V. "HOLDER-EXTENDIBLE EUROPEAN OPTION: CORRECTIONS AND EXTENSIONS." ANZIAM Journal 56, no. 4 (April 2015): 359–72. http://dx.doi.org/10.1017/s1446181115000097.
Повний текст джерелаАнотація:
Financial contracts with options that allow the holder to extend the contract maturity by paying an additional fixed amount have found many applications in finance. Closed-form solutions for the price of these options have appeared in the literature for the case when the contract for the underlying asset follows a geometric Brownian motion with constant interest rate, volatility and nonnegative dividend yield. In this paper, option price is derived for the case of the underlying asset that follows a geometric Brownian motion with time-dependent drift and volatility, which is more important for real life applications. The option price formulae are derived for the case of a drift that includes nonnegative or negative dividend. The latter yields a solution type that is new to the literature. A negative dividend corresponds to a negative foreign interest rate for foreign exchange options, or storage costs for commodity options. It may also appear in pricing options with transaction costs or real options, where the drift is larger than the interest rate.
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Harrison, R. Wes. "Stochastic Dominance Analysis of Futures and Option Strategies for Hedging Feeder Cattle." Agricultural and Resource Economics Review 27, no. 2 (October 1998): 270–80. http://dx.doi.org/10.1017/s1068280500006596.
Повний текст джерелаАнотація:
Stochastic simulation and generalized stochastic dominance are used to compare the risk-return properties of the Chicago Mercantile Exchange feeder cattle futures contract with those of the feeder cattle put option contract. Cash marketing, futures, and option strategies are analyzed for four backgrounding systems common to the mid-south region of the United States. The results show that at-the-money put option strategies dominate corresponding futures contract strategies according to generalized stochastic dominance. This implies that at-the-money put option contracts are superior to feeder cattle futures contracts for risk-averse backgrounders in the mid-south region of the United States.
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Liljeblom, Eva, Daniel Pasternack, and Matts Rosenberg. "What determines stock option contract design?" Journal of Financial Economics 102, no. 2 (November 2011): 293–316. http://dx.doi.org/10.1016/j.jfineco.2011.02.021.
Повний текст джерела
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Jia, Deng, and Chong Wang. "Option Contracts in Fresh Produce Supply Chain with Freshness-Keeping Effort." Mathematics 10, no. 8 (April 12, 2022): 1287. http://dx.doi.org/10.3390/math10081287.
Повний текст джерелаАнотація:
This study investigates a supply chain of fresh produce with consideration of option contracts and where stochastic market demand depends on freshness-keeping effort. Firstly, we investigate a benchmark scenario of an integrated supply chain with freshness effort and consideration of decreases in both the quality and quantity of produce while in the supply chain. Secondly, we introduce call, put, and bidirectional option contracts to mitigate risks of the retailer. A call option contract can reduce the underage risk, while a put option contract can reduce the overage risk, and a bidirectional option contract can reduce bilateral risks. We derive the optimal ordering decisions and freshness-keeping effort for a retailer in a supply chain of fresh produce with option contracts, and the conditions for achieving coordination of the supply chain. We find that the bidirectional option results in the highest option price and lowest option order quantity, while the call option results in the lowest initial order quantity and the put option results in the highest initial order quantity. Finally, numerical examples are given to demonstrate the impacts of various parameters on optimal decision-making. This paper provides managerial insights for reducing risk in fresh produce supply chains.
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ERIKSSON, JONATAN. "MONOTONICITY IN THE VOLATILITY OF SINGLE-BARRIER OPTION PRICES." International Journal of Theoretical and Applied Finance 09, no. 06 (September 2006): 987–96. http://dx.doi.org/10.1142/s0219024906003822.
Повний текст джерелаАнотація:
We generalize earlier results on barrier options for puts and calls and log-normal stock processes to general local volatility models and convex contracts. We show that Γ ≥ 0, that Δ has a unique sign and that the option price is increasing with the volatility for convex contracts in the following cases: • If the risk-free rate of return dominates the dividend rate, then it holds for up-and-out options if the contract function is zero at the barrier and for down-and-in options in general. • If the risk-free rate of return is dominated by the dividend rate, then it holds for down-and-out options if the contract function is zero at the barrier and for up-and-in options in general. We apply our results to show that a hedger who misspecifies the volatility using a time-and-level dependent volatility will super-replicate any claim satisfying the above conditions if the misspecified volatility dominates the true (possibly stochastic) volatility almost surely.
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Sodaunykaitė, Viktorija, and Raimonda Martinkutė-Kaulienė. "ASSESSMENT OF OPTION PRICE VOLATILITY." Mokslas - Lietuvos ateitis 12 (March 31, 2020): 1–9. http://dx.doi.org/10.3846/mla.2020.9139.
Повний текст джерелаАнотація:
Financial derivatives are becoming increasingly popular on a daily basis. As markets become more unpredictable, companies and individual investors are increasingly using these tools to manage risk, leverage, and increase investment returns. The most important aspect of any contract is the contract price, as the financial result of the contract depends on the price. Also for an options. In each case, the option price depends on many factors that are difficult to define and predict in advance. The price sensitivity of the option allows you to determine where and on what the option price depends. Knowing this, the investor can manage the risk of the options. The purpose of the article is to assess the sensitivity of different options to market factors based on scientific literature and real market data. The study uses the Black-Scholes option pricing model, calculating and analyzing the value of Greek letters for the determination and valuation of transaction price sensitivity. The study showed that the most sensitive to changes in the underlying asset price, volatility and risk-free interest rate is the price of the currency option, and the price of the gold option is most sensitive over time (although in theory, gold retains its value in the long run). Knowing which components a particular option is sensitive to and capable of predicting changes in those components, you can predict changes in the option price and avoid additional risk.
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Feng, Yi, and Qing Wu. "Option Contract Design and Risk Analysis: Supplier’s Perspective." Asia-Pacific Journal of Operational Research 35, no. 03 (May 31, 2018): 1850017. http://dx.doi.org/10.1142/s0217595918500173.
Повний текст джерелаАнотація:
We examine an option contract from a supplier’s perspective and apply mean-variance method to analyze the supplier’s risk. Compared with the newsvendor model without an option contract, we theoretically prove that the option contract can also benefit the supplier. We find for a given option exercise price, there exists an option price such that the contract with the option price dominates those with smaller option price in terms of mean variance of the supplier’s profit. Computational studies have also been conducted in the paper.
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Wu, Jian Zu, and Jin Liu. "Supply Chain Coordination with Option Contracts in VMI System." Advanced Materials Research 482-484 (February 2012): 2131–41. http://dx.doi.org/10.4028/www.scientific.net/amr.482-484.2131.
Повний текст джерелаАнотація:
This paper focuses on the optimal option contract coordinating of ordering quantity and option prices between retailer and supplier in a VMI system under market uncertainty. The option contract is characterized by a dominant supplier with two parameters which are ordering price coand executive price cepaid by retailer. An option ordering price is paid by retailer for each additional ordering unit of product at the end of selling reason if realized demand is larger than retailer’s committed minimum ordering. An executive price plays a role of purchasing price for each unit of product if retailer set a second ordering. A successful coordination has been shown and a numerical analysis demonstrates that such an option contract brings a Pareto improvement to each party, especially to the retailer. At last, the analysis of market uncertainty effects on the profits of both sides illustrates that, as the increasing of market demand uncertainty, the retailer’s ordering quantity of options will increase but his profit will reduce, and supplier’s profit will add.
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Irawan, Welgi Okta. "PENENTUAN HARGA OPSI DENGAN MODEL BLACK-SCHOLES MENGGUNAKAN METODE BEDA HINGGA CENTER TIME CENTER SPACE (CTCS)." EKSAKTA: Berkala Ilmiah Bidang MIPA 18, no. 02 (November 30, 2017): 191–99. http://dx.doi.org/10.24036/eksakta/vol18-iss02/77.
Повний текст джерелаАнотація:
Stock options is defined as a contract between two parties or two person. The first parties is a buyer the contract has a right to buy or sell some stocks to the second parties. The contract contains price of selling and buying and a certain period of time when the transaction will be done. To generate a profit, investor have to calculate the fear price from the options how the options price can be bought or sold. A model of Black-Scholes is one of modelscan be used for calculating the option price. The model is partial differential equation form. One of methodsto find a solution of the model is a finite difference of Centre Time Centre Space (CTCS). This research aims to establish the option pricing formula with Black-Scholes Models with the solution using the CTCS finite difference method.After that, it is applied to determine the option price of Apple(AAPL) stocks from the American stock exchange (NASDAQ).The results is obtained bought optionprice and sold option price at 28 July 2017 are $5.2558 and $ 0.9734. The price of bought option in the market is $5.67 (>$5.2558), so investor should to sell bought option. Whereas the price of sold option in the market is $1.32 (>$0.9734), so investor should to sell sold option.
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Urcola, Hernán A., and Scott H. Irwin. "Hog Options: Contract Redesign and Market Efficiency." Journal of Agricultural and Applied Economics 42, no. 4 (November 2010): 773–90. http://dx.doi.org/10.1017/s1074070800003953.
Повний текст джерелаАнотація:
This article tests the efficiency of the hog options market and assesses the impact of the 1996 contract redesign on efficiency. We find that the hog options market is efficient, but some options yielded excess returns during the live hogs period but not during the lean hogs period. Our findings indicate that the hog options market is efficient and is consistent with the new contract improving the efficiency of the market. However, other market conditions such as lower transaction costs during the lean hogs period can also contribute to reduce expected option returns during the latter period.
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Xue, Kelei, Yongjian Li, Xueping Zhen, and Wen Wang. "Managing the supply disruption risk: option contract or order commitment contract?" Annals of Operations Research 291, no. 1-2 (August 14, 2018): 985–1026. http://dx.doi.org/10.1007/s10479-018-3007-8.
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Luo, Jiarong, Xiaolin Zhang, and Xianglan Jiang. "Multisources Risk Management in a Supply Chain under Option Contracts." Mathematical Problems in Engineering 2019 (July 4, 2019): 1–12. http://dx.doi.org/10.1155/2019/7482584.
Повний текст джерелаАнотація:
Uncertainties in product demand, component yield, and spot price are keys to many industrial settings and they are usually explicitly incorporated. This paper develops an analytical framework to value option contracts in hedging the risks in a supply chain consisting of a component supplier with random yield and a manufacturer facing stochastic demand for end products. The manufacturer can obtain the components from the supplier through firm order contracts and option contracts. Apart from the contract market, there is a spot market in which both the manufacturer and the supplier can buy or sell the components. Analytical expressions for the optimal ordering and production policies are derived. Our study shows that the manufacturer and the supplier can effectively deal with the risks they involve by adopting option contracts. However, we find that the supply chain cannot be coordinated by the traditional option contract. To coordinate such system, we propose a protocol to be combined with the option contract. Finally, the explicit condition for coordination under the proposed contracts is identified.
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Hartebrodt, Christoph, and Falko Stenzel. "Alternative Preisbildungsmodelle – eine realitätsnahe Option?" Schweizerische Zeitschrift fur Forstwesen 164, no. 7 (July 1, 2013): 181–89. http://dx.doi.org/10.3188/szf.2013.0181.
Повний текст джерелаАнотація:
Alternative pricing models – a realistic option? The use of alternative pricing models as a means to automatize or at least facilitate the pricing of timber and thereby also reduce the volatility of timber prices has been under consideration for the past several years. The possibilities and limitations of such alternative pricing models are examined in this article using a retrospective comparative analysis. Overall, the results of six pricing models (these are: annual contract, quarterly contract, attenuation of the rate of change, mixed pricing, regression analysis derived price escalation clause, and self-fulfilling contract) are compared with the development of real timber prices between 2000 and 2010 of the state forest enterprise of Baden-Württemberg (Germany) and analyzed using a set of performance measures. It turns out that there is a conflict of objectives between determining the exact figure of the market price by alternative pricing models and reducing the volatility of timber prices. Thus, quarterly contracts show the market price well, though display no relevant volatility reduction effect; conversely, contracts with a defined attenuation rate lead to a substantial reduction of volatility but also to maximizing deviations from the market price. It is also questionable in how far price escalation clauses, that is, models which were calibrated from regression analysis on the basis of historical data, are able to predict the future development of market prices. At the moment, alternative pricing models can therefore hardly replace the real market-negotiated timber price. They can though support pricing negotiations between buyers and sellers, but primarily in time periods not characterized by a pronounced dynamic.
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Wan, Nana, and Xiaozhi Wu. "Option ordering and coordination strategies for a two-periodsupply chain." Kybernetes 48, no. 3 (March 4, 2019): 471–95. http://dx.doi.org/10.1108/k-02-2018-0062.
Повний текст джерелаАнотація:
PurposeDue to rapid product obsolescence, there is a significant decline in the market prices, which causes that the sale season is often divided into two periods. This paper aims to consider a class of two-period supply contracts that offer the retailer the ordering flexibility in response to the market changes. This paper analyzes the two-period ordering and coordination problem with option contracts.Design/methodology/approachThe authors incorporate call, put and bidirectional option contracts into the two-period ordering model. By applying stochastic dynamic programming, the authors derive the retailer’s optimal ordering policies for two periods. By benchmarking the case without option contracts, they highlight the advantage of option contracts. Through the mutual comparisons, the authors also explore the impacts of different option contracts. On this basis, the authors explore the conditions on which two-period supply contracts containing options can coordinate the supply chain.FindingsThis study shows that the retailer is always better off with option contracts. In addition, the effectiveness of different option contracts depends on the option contract parameters. When the parameters are the same for different option contracts, bidirectional option contracts are superior to call and put ones; otherwise, bidirectional option contracts might be superior or inferior to call and put ones. If designed properly, two-period supply contracts containing options can coordinate the two-period supply chain.Originality/valueThis paper is the first to highlight the value of option contracts as well as explore the role of different option contracts on the two-period procurement problem. The insights derived from our analysis can provide a good way on how to help the retailer work more efficiently in a two-period setting.
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EKSTRÖM, ERIK, and JOHAN TYSK. "OPTIONS WRITTEN ON STOCKS WITH KNOWN DIVIDENDS." International Journal of Theoretical and Applied Finance 07, no. 07 (November 2004): 901–7. http://dx.doi.org/10.1142/s0219024904002694.
Повний текст джерелаАнотація:
There are two common methods for pricing European call options on a stock with known dividends. The market practice is to use the Black–Scholes formula with the stock price reduced by the present value of the dividends. An alternative approach is to increase the strike price with the dividends compounded to expiry at the risk-free rate. These methods correspond to different stock price models and thus in general give different option prices. In the present paper we generalize these methods to time- and level-dependent volatilities and to arbitrary contract functions. We show, for convex contract functions and under very general conditions on the volatility, that the method which is market practice gives the lower option price. For call options and some other common contracts we find bounds for the difference between the two prices in the case of constant volatility.
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Rabbani, Masoud, Hamed Vafa Arani, and Hamed Rafiei. "Option contract application in emergency supply chains." International Journal of Services and Operations Management 20, no. 4 (2015): 385. http://dx.doi.org/10.1504/ijsom.2015.068523.
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Hendrawan, Riko, and Tri Suci Indah Sari. "Testing Black Scholes and Garch Option Models on Pharmaceutical State-Owned Enterprises Holding." 14th GCBSS Proceeding 2022 14, no. 2 (December 28, 2022): 1. http://dx.doi.org/10.35609/gcbssproceeding.2022.2(39).
Повний текст джерелаАнотація:
This study aims at testing the implementation of option contracts using Black Scholes and GARCH Option Models on the pharmaceutical State-Owned Enterprises (BUMN, Badan Usaha Milik Negara) holding using Long Straddle Strategy. The data were the closing stock price from 2002 to 2021 of two companies holding: INAF and KAEF. Results of this study were calculated by comparing percentage of average mean squared error of the Black Scholes and GARCH model with the implementation of Long Straddle Strategy, in which the smaller the percentage the better the model. The result showed that for one-month due date option contract, Black Scholes model was better than GARCH with error value on call option of 6.28% and put option of 4.279% for INAF and error value on call option of 5.24% and put option of 3.29%. With three-month due date option contract, Black Scholes model continued to show better results for call option with error value of 20.38% for INAF and 14.59% for KAEF. Conversely, GARCH model was better on the put option with 14.69% error value for INAF and 9.50% for KAEF. Keywords: Black Scholes, GARCH, option contract, Long Straddle
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Liu, Zhongyi, Shengya Hua, and Guanying Wang. "Coordinating Vulnerable Supply Chains with Option Contracts." Asia-Pacific Journal of Operational Research 38, no. 04 (February 1, 2021): 2050053. http://dx.doi.org/10.1142/s0217595920500530.
Повний текст джерелаАнотація:
We investigate vulnerable supply chain coordination with an option contract in the presence of supply chain disruption risk caused by external and internal disturbances. The supply chain consists of a single risk-neutral supplier and a risk-averse retailer. We characterize the retailer’s order quantity decision under the Conditional Value-at-Risk (CVaR) criterion and the supplier’s production decision. The results show that facing disruption risk and risk-aversion, both the retailer and the supplier would be more prudent to order and produce less than the risk-neutral scenario, inducing damage to the supply chain performance. The number of options purchased is decreasing in disruption risk and the risk-aversion of the retailer. The supplier will increase production as the disruption risk decreases or the shortage penalty increases. When the supplier does not know the risk-aversion of the retailer, the former will produce more and bear a higher overstock risk. We also investigate conditions that facilitate vulnerable supply chain coordination and find that the existence of risk-aversion and disruption risk restrict the option price and exercise price to lower price levels. Finally, we compare the option contract with wholesale price contract from the supplier’s and retailer’s perspectives through a numerical study.
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Lai, Kelvin Wai Lung, and Andrew Marshall. "A Study of Mispricing and Parity in the Hang Seng Futures and Options Markets." Review of Pacific Basin Financial Markets and Policies 05, no. 03 (September 2002): 373–94. http://dx.doi.org/10.1142/s0219091502000869.
Повний текст джерелаАнотація:
This paper examines mispricing, volatility and parity on the Hang Seng Index (HSI) options and futures market. Most of the previous research has focused on futures contracts; we update this research and extend it by considering also option contracts. It is also important to examine these issues post 1997 Asian crisis. We find mispricing of HSI futures and option contracts if no transaction costs were considered. However, by incorporating transaction costs, the HSI futures are bounded within the arbitrage free region and most of the mispricing of the HSI options disappears. Additional tests on the mispricing series reveals that most of the derivative HSI contracts are positively autocorrelated and that the mispricing series for both derivative contracts are not identical among the different contract months. From our results we cannot conclude that there is causal relationship between the mispricing and the spot index volatility. Finally, our empirical results show that for HSI derivative contracts future and option parity holds, supporting our mispricing test that the HSI derivative market is efficient and has not been adversely affected by the Asian economic crisis.
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Chen, Xue, Bo Li, and Simin An. "Option contract design for supply chains under asymmetric cost information." Kybernetes 48, no. 5 (May 7, 2019): 835–60. http://dx.doi.org/10.1108/k-12-2017-0495.
Повний текст джерелаАнотація:
Purpose A lack of visibility into the manufacturer’s production cost information impedes a retailer’s ability to maximize her own profits, especially when market demand is uncertain. The purpose of this paper is to investigate the use of an option contract within a one-period two-echelon supply chain in the presence of asymmetric cost information. Design/methodology/approach Based on the principal-agent model, the retailer, acting as a Stackelberg leader, offers a menu of option contracts to mitigate the risk of uncertain demand and reveal asymmetric production cost information. The optimal contract in asymmetric and symmetric information scenarios is derived. Finally, the impact of production costs on the optimal contracts and the actors’ profits is explored by numerical experiments. Findings By comparing the optimal equilibrium solutions in two scenarios, the authors show that asymmetric cost information has a large impact on the optimal option contract and profits. In addition, information rent is affected by the type differential. The results prove that the level of information asymmetry plays a vital role in option contracts and profits. Originality/value Different from the existing literature on private demand information, this paper considers a supply chain with asymmetric cost information in the context of option contracts. Interestingly, not only the production cost but also the probability of a low production cost can affect the option strike price. In addition, from the perspective of the manufacturer, a high cost does not always bring a high information rent. These findings can provide some guidance to decision-makers.
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Ahn, Seryoong. "Pricing the Right to Renew House Lease Contracts Using the Black-Scholes Option Pricing Model." Korean Association for Housing Policy Studies 30, no. 2 (May 31, 2022): 5–27. http://dx.doi.org/10.24957/hsr.2022.30.2.5.
Повний текст джерелаАнотація:
The right to renew house lease contracts, introduced with the amendment of the Housing Lease Protection Act in July 2020, refers to the right to renew the lease contract only if the lessee wishes to do so upon expiration of the initial lease contract. This study presents Korea’s first model that can directly evaluate the appropriate value of this right to renew house lease contracts. Specifically, this study presents a pricing model using the Black-Scholes model focusing on the characteristics of the renewal right as a call option. Unlike general stock options, these renewal rights are not traded separately in the market, so a model in which the value of renewal contract is included in the chonsei price is also presented. Subsequently, this model is expanded and examined wherein the chonsei price can be increased at a certain rate when the contract is renewed. In addition, the numerical results are presented by applying the baseline parameter values, although they largely depend on the volatility of the chonsei price.
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Taneri, Niyazi, and Pascale Crama. "Turning the Tables in Research and Development Licensing Contracts." Management Science 67, no. 9 (September 2021): 5838–56. http://dx.doi.org/10.1287/mnsc.2020.3784.
Повний текст джерелаАнотація:
Research and development (R&D) collaborations between an innovator and her partner are often undertaken when neither party can bring the product to market individually, which precludes value creation without a joint effort. Yet, the uncertain nature of R&D complicates the monitoring of effort, and the resulting moral hazard reduces a collaboration’s value. Either party can avoid this outcome by acquiring the capability that is missing and then taking sole ownership of the project. That approach involves two types of risks: one related to whether the other party’s capability will be acquired and one related to how well it will be implemented (if acquired). We find that the extent of these two risks determines the optimality of delaying contracting or of signing contracts with buyout and buyback options, a baseball arbitration clause, or a novel reciprocal option. Baseball arbitration and reciprocal option clauses are unique in two ways. First, unlike typical options with predetermined strike prices, they allow either party to determine the buyout price at the time of their offer. Second, they allow the offer’s recipient to “turn the tables” on the other party. Although baseball arbitration and reciprocal option contracts both address inefficient joint development and product allocation, they exhibit their own inefficiencies that stem from the two parties’ strategic behavior. The best choice of contract is determined by trade-offs between these inefficiencies. Our model explores the similarities between the baseball arbitration and reciprocal option clauses, and we propose a modification to the reciprocal option contract that would increase its profitability. This paper was accepted by Terry Taylor, operations management.
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Wes Harrison, R., Barry W. Bobst, Fred J. Benson, and Lee Meyer. "Analysis of the Risk Management Properties of Grazing Contracts Versus Futures and Option Contracts." Journal of Agricultural and Applied Economics 28, no. 2 (December 1996): 247–62. http://dx.doi.org/10.1017/s1074070800007288.
Повний текст джерелаАнотація:
AbstractA stochastic budget simulator and generalized stochastic dominance are used to compare the risk management properties of grazing contracts to futures and option contracts. The results show that the risks of backgrounding feeder cattle are reduced significantly for pasture owners in a grazing contract. However, the risks of the cattle owner in a grazing contract are not significantly reduced. The results also show that generally risk averse pasture owners prefer grazing contracts to integrated production when traditional hedging is used to manage price risks. In addition, grazing contracts compare favorably with put option contracts for some pasture owners.
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Wang, Xue Wu, Jiao Meng, and Ping Jiang. "The Ordering Strategy of ES Model and Option Contract." Advanced Materials Research 1037 (October 2014): 522–25. http://dx.doi.org/10.4028/www.scientific.net/amr.1037.522.
Повний текст джерелаАнотація:
In this paper, we incorporate retailer’s risk attitude by means of ES model into the ordering decision for seasonal product and discuss the optimal ordering decisions of the retailer under the option contract mechanism and the wholesale price contract mechanism. We show that the optimal ordering quantities of spot commodity and option commodity are exist and unique.And further analyze that the effect of retailer’s effected profit, option contract on the optimal ordering decision. Finally, we exam our theories by some numerical examples.
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Ruan, Jian, Su Lin Pang, and Guo Ping Nong. "Managing B2B-Supply Chain with Option Contract under Disruptions." Advanced Materials Research 476-478 (February 2012): 534–37. http://dx.doi.org/10.4028/www.scientific.net/amr.476-478.534.
Повний текст джерелаАнотація:
By establishing an option contract model under disruptions in chronological order, we analysis the optimum decision variables and application of option contract to manage the changes in the supply chain benefits which result from the changes of market demand distribution under disruptions, and get optimal strategies. The conclusion is the option contract to supply chain members to achieve shared interests and risks, effective response the changes in market demand with B2B E-markets under disruptions. Finally the conclusion is verified by numerical example.
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Moon, Yongma, and Changhyun Kwon. "Online advertisement service pricing and an option contract." Electronic Commerce Research and Applications 10, no. 1 (January 2011): 38–48. http://dx.doi.org/10.1016/j.elerap.2010.04.005.
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Biagini, Francesca, and Tomas Björk. "ON THE TIMING OPTION IN A FUTURES CONTRACT." Mathematical Finance 17, no. 2 (April 2007): 267–83. http://dx.doi.org/10.1111/j.1467-9965.2006.00303.x.
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Boukendour, Said, and Rahim Bah. "The guaranteed maximum price contract as call option." Construction Management and Economics 19, no. 6 (October 2001): 563–67. http://dx.doi.org/10.1080/01446190110049848.
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Jun, D., and H. Ku. "Digital barrier option contract with exponential random time." IMA Journal of Applied Mathematics 78, no. 6 (June 29, 2012): 1147–55. http://dx.doi.org/10.1093/imamat/hxs013.
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Wei, Zhimin, and Yun Huang. "Supply Chain Coordination under Carbon Emission Tax Regulation Considering Greening Technology Investment." International Journal of Environmental Research and Public Health 19, no. 15 (July 28, 2022): 9232. http://dx.doi.org/10.3390/ijerph19159232.
Повний текст джерелаАнотація:
In this paper, we firstly derive the optimal strategies, including greening technology investment, production volume and order quantity decisions with stochastic demand, for the emissions-dependent supply chain composed of one manufacturer and one retailer. Then, an advance purchase discount (APD) contract and an option contract are applied to coordinate the supply chain. Moreover, an innovative prepayment-based option (PBO) contract is designed based on an APD contract and an option contract. We discuss the cash flow, the inventory risk allocation and the impacts of carbon emission tax under each contract. It is found that considering improving cash flow, preselling (or option selling) as a means of supporting the manufacturer with sufficient cash flow will help expand production and invest in greening technology. From the perspective of avoiding inventory risk, the APD contract benefits the manufacturer while the option contract benefits the retailer. However, the PBO contract generates intermediate allocations of inventory risk between manufacturer and retailer.
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Szabó, Dávid Zoltán, and Randall Martyr. "Real option valuation of a decremental regulation service provided by electricity storage." Philosophical Transactions of the Royal Society A: Mathematical, Physical and Engineering Sciences 375, no. 2100 (July 10, 2017): 20160300. http://dx.doi.org/10.1098/rsta.2016.0300.
Повний текст джерелаАнотація:
This paper is a quantitative study of a reserve contract for real-time balancing of a power system. Under this contract, the owner of a storage device, such as a battery, helps smooth fluctuations in electricity demand and supply by using the device to increase electricity consumption. The battery owner must be able to provide immediate physical cover, and should therefore have sufficient storage available in the battery before entering the contract. Accordingly, the following problem can be formulated for the battery owner: determine the optimal time to enter the contract and, if necessary, the optimal time to discharge electricity before entering the contract. This problem is formulated as one of optimal stopping, and is solved explicitly in terms of the model parameters and instantaneous values of the power system imbalance. The optimal operational strategies thus obtained ensure that the battery owner has positive expected economic profit from the contract. Furthermore, they provide explicit conditions under which the optimal discharge time is consistent with the overall objective of power system balancing. This paper also carries out a preliminary investigation of the ‘lifetime value’ aggregated from an infinite sequence of these balancing reserve contracts. This lifetime value, which can be viewed as a single project valuation of the battery, is shown to be positive and bounded. Therefore, in the long run such reserve contracts can be beneficial to commercial operators of electricity storage, while reducing some of the financial and operational risks in power system balancing. This article is part of the themed issue ‘Energy management: flexibility, risk and optimization’.
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Ablyatipova, N. A., and A. V. Adler. "CORRELATION OF LEGAL STRUCTURES OF A PRELIMINARY CONTRACT AND AN OPTION TO CONCLUDE A CONTRACT: ANALYSIS OF THEORY AND SYSTEM OF LEGAL PRACTICE." Scientific Notes of V. I. Vernadsky Crimean Federal University. Juridical science 7 (73), no. 1 (2021): 270–80. http://dx.doi.org/10.37279/2413-1733-2021-7-1-270-280.
Повний текст джерелаАнотація:
In this article, based on the analysis of the current civil legislation, judicial practice and scientific literature, the problem of the correlation of a preliminary agreement with an option to conclude an agreement is considered. Their legal nature is analyzed, criteria for similarities and differences between the specified contractual structures are determined. The paper provides examples of cases of incorrect differentiation of a preliminary contract and an option to conclude a contract in practice, and also describes the features of their qualification as mixed contracts. The authors conclude that the design of a preliminary contract is different from an option to conclude a contract, despite some similarities. The necessity of legal delimitation of the specified contractual forms, as well as the inclusion of some mixed structures in the Civil Code of the Russian Federation, which will allow to avoid their misuse by the law enforcement officer, is noted.
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Lubis, Gita Syeba, and Henny Rahyuda. "ANALISIS PENGGUNAAN FORWARD CONTRACT DAN OPTION PADA PERUSAHAAN EKSPOR UD DAMENA DI DENPASAR." E-Jurnal Manajemen Universitas Udayana 7, no. 4 (March 8, 2018): 2226. http://dx.doi.org/10.24843/ejmunud.2018.v07.i04.p18.
Повний текст джерелаАнотація:
The export company receives income in foreign currency so it will be affected by the exchange rate risk. The purpose of this research is to know the application of hedging forward contract and option method in UD Damena (Seafood Supply & Processing Product) in 2014-2016. This research is quantitative descriptive. The research object used is the resultt of forward contract and option usage which is seen from the increase of foreign exchange differences from export transaction receivables obtained by UD Damena (Seafood Supply & Processing Product) in year 2014-2016. Data collection methods is non-behavioral observation by collecting data from written sources. Data analysis techniques using descriptive techniques by describing the phases of forward contract and option systematically. The results concluded that forward contract and option minimize the risk of exchange rate by generating greater exchange rate difference and option resulted in a lager exchange rate increase than the forward contract.
Keyword: exchange rate risk, hedging, forward contract, option.
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Trabelsi, Abir, and Hiroaki Matsukawa. "Pricing supply chain option contracts: a bilevel programming approach." Journal of Modelling in Management 15, no. 4 (June 29, 2020): 1567–89. http://dx.doi.org/10.1108/jm2-08-2019-0195.
Повний текст джерелаАнотація:
Purpose This paper considers an option contract in a two-stage supplier-retailer supply chain (SC) when market demand is stochastic. The problem is a Stackelberg game with the supplier as a leader. This research assumes demand information sharing. The purpose of this study is to determine the optimal pricing strategy of the supplier along with the optimal order strategy of the retailer in three option contract cases. Design/methodology/approach The paper model the option contract pricing problem as a bilevel problem. The problem is then solved using bilevel programing methods. After computing, the generated outcomes are compared to a benchmark (wholesale price contract) to evaluate the contract. Findings The results reveal that only one of the contract cases can arbitrarily allocate the SC profit. In both other cases, the Stackelberg supplier manages to earn the total SC profit. Further analysis of the first contract, show that from the supplier’s perspective, the first stage forecast inaccuracy is beneficial, whereas the demand uncertainty in the second stage is detrimental. This contracting strategy guarantees both players better outcomes compared to the wholesale price contract. Originality/value To the best of the authors’ knowledge, this research is the first that links the option contract literature to the bilevel programing literature. It also the first to solve the pricing problem of the commitment option contract with demand update where the retailer exercises the option before knowing the exact demand.
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Fares, Laita Ibtihal, Abdellah Marghich, and Mohamed Habachi. "Urbūn (Earnest Money): Legal Framework in Islamic and Positive Law and Comparison with the Call Option Contract." Arab Law Quarterly 34, no. 3 (March 3, 2020): 209–40. http://dx.doi.org/10.1163/15730255-14030066.
Повний текст джерелаАнотація:
Abstract Financial derivatives such as futures, options and swaps play an important role in the development of financial markets because they can be employed in many ways, notably for hedging, arbitrage and speculation. However, for a variety of reasons, such conventional instruments are considered unlawful under Islamic law and are impermissible in Islamic financial markets. The search for a Sharīʿah-compliant alternative has become a major concern to Islamic financial and legal engineering. Indeed, in this article, we will study the ʿurbūn (earnest money) contract according to Islamic law and positive law in several Muslim countries. Thereafter, we will examine the possibility of substituting the conventional call option contract (Call) by the ʿurbūn contract for hedging market risk, by providing a technical and legal comparison between the two contracts.
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Švábová, Lucia. "ESTIMATING THE PARAMETER DELTA IN THE BLACK MODEL USING THE FINITE DIFFERENCE METHOD FOR FUTURES OPTIONS." CBU International Conference Proceedings 3 (September 19, 2015): 109–14. http://dx.doi.org/10.12955/cbup.v3.591.
Повний текст джерелаАнотація:
Financial derivatives are a widely used tool for investors to hedge against the risk caused by changes in asset prices in the financial markets. A usual type of hedging derivative is an asset option. In case of unexpected changes in asset prices, in the investment portfolio, the investor will exercise the option to eliminate losses resulting from these changes. Therefore, it is necessary to include the options in the investor´s portfolio in such a ratio that the losses caused by decreasing of assets prices will be covered by profits from those options. Futures option is a type of call or put option to buy or to sell an option contract at a designated strike price. The change in price of the underlying assets or underlying futures contract causes a change in the prices of options themselves. For investor exercising option as a tool for risk insurance, it is important to quantify these changes. The dependence of option price changes, on the underlying asset or futures option price changes, can be expressed by the parameter delta. The value of delta determines the composition of the portfolio to be risk-neutral. The parameter delta is calculated as a derivation of the option price with respect to the price of the underlying asset, if the option price formula exists. But for some types of more complex options, the analytical formula does not exist, so calculation of delta by derivation is not possible. However, it is possible to estimate the value of delta numerically using the principles of the numerical method called “Finite Difference Method.” In the paper the parameter delta for a Futures call option calculated from the analytical formula and estimated from the Finite difference method are compared.
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Xue, Weili, Xiaolin Xu, and Lijun Ma. "Options Procurement Policy for Option Contracts with Supply and Spot Market Uncertainty." Discrete Dynamics in Nature and Society 2014 (2014): 1–7. http://dx.doi.org/10.1155/2014/906739.
Повний текст джерелаАнотація:
Supplier’s reliability is a major issue in procurement management. In this paper, we establish a decision making model from the perspective of the firm who will procure from the multiple suppliers and the spot markets. The suppliers are unreliable and provide different types of option-type supply contracts which should be made before demand realization, while the spot market can only be used after demand realization and has both the price and liquidity risks. We establish the optimal portfolio policies for the firm with conditions to find the qualified suppliers. By defining a new function which contains the demand risk, the supplier’s risk, and the liquidity risk, we find that the optimal policy is to allocate different curves of this function to different suppliers. We also study some special cases to derive some managerial insights. At last, we numerically study how the various risks affect the choice of suppliers and the value of the option contract.
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Nursanti, Tinjung Desy. "The Development of Option Market and The Role of Indonesia Financial Service Au-thority (OJK) In Indonesia Capital Market Period 2004-2019." Jurnal Ilmu Manajemen & Ekonomika 12, no. 1 (May 5, 2020): 20. http://dx.doi.org/10.35384/jime.v12i1.171.
Повний текст джерелаАнотація:
The purpose of this paper is to describe several things related to the notion of options, stock options, transaction mechanisms, applicable legislation based on the study of literature, the previous research, and various information from financial sites related to the topic mentioned above. Therefore, the research questions that needs to be answered are as follows: 1. What are the developments in options markets in Indonesia? 2. What is the role of the Financial Services Authority (OJK) in developing options trading transactions related to the legal aspect in Indonesia Stock Exchange or capital market? Meanwhile, option is basically a contract between two parties that contains the right for the option buyer to buy or sell the underlying asset of the contract at the certain time and price agreed upon at the beginning of the contract. The discussion will be emphasized on the development of derivative transactions and the role of Financial Services Authority (OJK) in increasing the number of derivative transactions in Indonesia period 2004-2019 regarding the change of legal aspect.