put: max(0,K-Save)
Average strike call: max(0,ST-Save)
Average strike put: max(0,Save-ST)
The method for calculating the average can vary.
Usually it is the arithmetic average, but can be the geometric average.
If arithmetic average, usually no closed form solution exists, although Hull presents some approximations. Typically will rely upon Monte Carlo procedures to determine the value.
Rapid Globalization.
ASEAN 국가들에 대한 FDI: 2005년 370억 달러 기록함.
동아시아내의 거래는 세계의 나머지 지역의 거래보다 훨씬 빠른 페이스로 성장중.
세계화 시장에서 성공하기 위해서는 타문화에 대한 이해가 필수적임.
Core Factor in International business
Western perspective: 동서 문화의 ‘대조’의
value chain, which is very vertically integrated. This vertically integrated business system of Zara has allowed the company to successfully create a climate of scarcity and opportunity as well as a fast-fashion system. Therefore, Zara has been able to be flexible in the variety, amount, and frequency of the new styles they produce. Also, 85% of the production is done through the season, which al
Chinese economy and currency regime
Chinese economy had been controlled by the central government under the planned economy regime until 1979 (Morrison, 2007). In other words, most economic conditions used to be decided by the state in accordance with its policy, not by the market forces. From 1979, however, China has been experiencing huge innovation in its economic system until the present tim
Nudie’s Internationalization
First Export order in 2004, worth more than $100,000 in Food & Hotel Asia Trade Fair in Singapore.
Started to export to Hong Kong, New Zealand, Singapore
Why New Zealand & Singapore?
1. Cultural closeness
Similar trade regulation
English speaking
Café & Deli Culture
No packaging restriction
2. Geographic Proximity
Physically Nearby
Low Tra