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PRICING EXOTIC OPTION UNDER STOCHASTIC VOLATILITY MODEL

Pengshi Li

Exotic options are called “customer tailored options” or “special purpose option” because they are flexible to be tailored to the specific needs of investors. Strategies based on exotic options are often employed to hedge the specific risk exposures from the financial markets. Because exotic options are more efficient and less expensive than their standard counterparts, they are playing a significant hedging role in cost effective ways. Unlike the vanilla call and put options, exotic options are either variation on the payoff patterns of plain vanilla options or they are totally different kinds of derivatives with other features. While simple vanilla call and put options are traded in the exchanges, most of the exotic options are traded in the over-the-counter markets. Supershare option and chooser option are two typical kinds of exotic options which suggest a broad range of usage and application in different financial market conditions. Supershare option is one type of Binary option. Unlike the binary option which has only one boundary, a supershare option has an upper and lower boundary.
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CHANGE EQUATION EFFECTIVENESS: EMPIRICAL EVIDENCE FROM SOUTH-EAST EUROPE

Mladen Čudanov, Vesna Tornjanski, Ondrej Jaško

Today’s highly volatile business environment has initiated a wide variety of changes within organizations of all industries (Hurn, 2012). Change dynamics, in general, is likely to increase in organizational context due to: Digital and innovation disruption; Shifting social and demographic trends; Growing knowledge-based economy and knowledge workforce development; More sophisticated customer needs; and Global economic integration and liberalization. Regardless of its root-cause, it has been argued that change occurs in various shapes, forms and intensity (Jarrett, 2008). Accordingly, many authors recognize that key factor of an organization’s effectiveness lie in the ability to adapt to ever-present change, while successful change management became a pattern for organizational survival and long-term sustainability.
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