December 2025
Intermediate to advanced
561 pages
27h 17m
English
book
International Financial Management: An Analytical Framework, 2nd Edition by Pearson
by Thummuluri Siddaiah
Content preview from International Financial Management: An Analytical Framework, 2nd Edition by Pearson
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252 INTERNATIONAL FINANCIAL MANAGEMENT
As stated earlier, the portfolio and the call option should have identical payoffs at the end of
the period. So, it is implied that they have identical values at the beginning of the period as
well. Therefore,
CNSN
df
00
=+
SubstitutingEqs.7.3and7.4forN
d
and N
f
inEqs.7.1and7.2,thecurrentvalueofthecall
option is
C
p
0
1
1
=
+
(1+
[)
]pC c
e
u
d
r
d
where
P
ed
ud
r
d
r
f
=
−
−
−
()
u = One plus the percentage change in the foreign currency value if the domestic price
of foreign currency goes up (i.e. the foreign currency appreciates)
d = One plus the percentage change in the foreign currency value if the domestic ...
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