ÐÏࡱá>þÿ ,.þÿÿÿ+ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿì¥Á€ ð¿ bjbj÷÷ ;x�x�ÿÿÿÿÿÿ·ÌÌÿÿÿÿ#### /#­¬C(kkkkFFF,......$Y¢û HRFFFFFRkkÛg’’’F<kk,’F,’’:X,àkÿÿÿÿ*¡�€VÍ#‚è„ }0­ŽRC!j(C!àC!à8FF’FFFFFRR’FFF­FFFFÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿC!FFFFFFFFFÌ Õ: Title of Paper: A Feasibility Analysis of Black-Scholes-Merton Differential Equation Model for Stock Option Pricing by Using Historical Volatility : With Reference to Selected Stock Options Traded in NSE Authors: Dr. Rekha Kala A.M. Professor Finance Dr. Shyam Lal Dev Pandey Designation: Associate Professor Finance Affiliation: Alliance University, School of Business, Bangalore, Karnataka, India Full Adress: Alliance University Chikkahagade Cross, Chandapura-Anekal Main Road Anekal, Bangalore – 562 106. Karnatka. India Tell: +91-080 30938136 /30938296 Main Author: Mob: +91-9900084432 E-mail:  HYPERLINK "mailto:rekha.alliance@gmail.com" rekha.alliance@gmail.com Co-Author: Mob: +91- 9620529735 E-mail:  HYPERLINK "mailto:shyamlaldev@gmail.com" shyamlaldev@gmail.com ÍÏØ@ A C O P c – ¢ : H d e ’ “ « ¬ ¯ ¼ Ù Ú        öíçöàÜàÐçÉܽܵܭܭ¤­ÜµÜ­Ü­¤­ÜÉ hàqóhyhû"=0Jjhû"=Uh–ghû"=5�hqS|hû"=5�CJaJ h­mOhû"=h3Nhû"=5�CJaJhû"= h3Nhû"= hû"=aJh3Nhû"=aJhû"=5�CJaJÎÏØìÿ A B C • – ¸ è  ôèÙÙôξβ²²§›§�� $„p^„pa$gdû"= $„Ð^„Ða$gdû"= $ & Fa$gdû"= „úd^„úgdû"= Æm „úd^„úgdû"= & Fdgdã @$„ dh^„ a$gdû"= „Ðd^„Ðgdû"= & Fdgdû"=  : H \ ® ¯ ¼ Ñ    óóóóóóãóóÛÙ$a$gdû"=$ Æ„p^„pa$gdû"= $„p^„pa$gdû"= 9 0&P1�h:pVý°Ð/ °à=!° "°ð#� $� %°°Ð°Ð �Ðj ˜žžžžžžžž666666666vvvvvvvvv666666>666666666666666666666666666¨6666666666¸666666666666hH66666666666666666666666666666666666666666666666666666666666666666°62ÀÐàð 0@P`p€�ÀÐàð2(Øè 0@P`p€�ÀÐàð 0@P`p€�ÀÐàð 0@P`p€�ÀÐàð 0@P`p€�ÀÐàð 0@P`p€�ÀÐàð 0@P`p€�8XøV~ OJPJQJ_HmH nH sH tH L`ñÿL û"=Normal$CJOJPJQJ_HaJmHsHtHDA`òÿ¡D Default Paragraph FontRióÿ³R 0 Table Normalö4Ö l4Öaö (k ôÿÁ( 0No List 6U@¢ñ6 û"=0 Hyperlink >*B*phÿPK!‚мú[Content_Types].xml¬‘ËjÃ0E÷…þƒÐ¶Ørº(¥ØÎ¢Iw},Òä±-j�„4 Éßwì¸Pº-t#bΙ{U®�ã “óTéU^h…d}㨫ôûî)»×*1Pƒ'¬ô “^××Wåî0)™¦Též9<“l�#¤Ü$yi}�å;À~@‡æ¶(îŒõÄHœñÄÐuù* D× zƒÈ/0ŠÇ° ðûù $€˜ X«Ç3aZ¢ÒÂà,°D0j~è3ß¶Îbãí~i>ƒØÍ3¿\`õ?ê/ç[ج¶Géâ\Ä!ý-ÛRk.“sþÔ»�..—·´aæ¿­?ÿÿPK!¥Ö§çÀ6 _rels/.rels„�ÏjÃ0 ‡ï…½ƒÑ}QÒÃ%v/¥�C/£}á(h"ÛëÛOÇ »„¤ï÷©=þ®‹ùá”ç šªÃâC?Ëháv=¿‚É…¤§%[xp†£{Ûµ_¼PÑ£<Í1¥H¶0•ˆÙO¼R®BdÑÉÒJEÛ4b$§‘q_טžà6LÓõR×7`®�¨Éÿ³Ã0ÌžOÁ¯,åEn7”Liäb¡¨/ãS½�¨eªÔе¸ùÖýÿÿPK!ky–ƒŠtheme/theme/themeManager.xml ÌM à @á}¡w�Ù7c»(Eb²Ë®»öCœAÇ ÒŸÛ×åãƒ7ÎßÕ›K Y,œ ŠeÍ.ˆ·ð|,§¨ÚHÅ,láÇæéxÉ´�ßIÈsQ}#Õ�…­µÝ Öµ+Õ!ï,Ý^¹$j=‹GWèÓ÷)âEë+& 8ýÿÿPK!–µ­â–Ptheme/theme/theme1.xmlìYOoÛ6¿Øw toc'vuŠØ±›-MÄn‡i‰–ØP¢@ÒI}Úã€úa‡Øm‡a[�Ø¥û4Ù:lЯ°GR’ÅX^’6ØŠ­>$ùãûÿ©«×îÇ !)OÚ^ýrÍC$ñy@“°íÝö/­yH*œ˜ñ„´½)‘Þµ�÷ß»Š×UDb‚`}"×qÛ‹”J×—–¤ÃX^æ)I`nÌEŒ¼Šp)øèÆli¹V[]Š1M<”àÈÞ�©OÐP“ô6râ=¯‰’zÀgb Ig…Áu��SÙebÖö€OÀ�†ä¾òÃRÁDÛ«™Ÿ·´qu ¯g‹˜Z°¶´®o~ÙºlAp°lxŠpT0­÷­+[}`j×ëõº½zAϰV–2ÍF­ÞÉi–@öqžv·Ö¬5\|‰þʜ̭N§Óle²X¢dsøµÚjcsÙÁ�Å7çð�Îf·»êà ÈâWçðý+­Õ†‹7 ˆÑä`­ÚïgÔ È˜³íJøÀ×j|†‚h(¢K³óD-еß㢠dXÑ©iJÆØ‡(îâx$(Ö ð:Á¥;ä˹!Í I_ÐTµ½S 1£÷êù÷¯ž?EÇž?øéøáÃã?ZBΪmœ„åU/¿ýìÏÇ£?ž~óòÑÕxYÆÿúÃ'¿üüy5Òg&΋/ŸüöìÉ‹¯>ýý»GðM�Geø�ÆD¢›äíó3Vq%'#q¾ÃÓòŠÍ$”8ÁšKýžŠôÍ)f™w9:ĵàå£ x}rÏx‰‰¢œw¢ØîrÎ:\TZaGó*™y8IÂjæbRÆíc|XÅ»‹Ç¿½I u3KGñnD1÷NIBÒsü€� íîRêØu—ú‚K>Vè.EL+M2¤#'šf‹¶i ~™Vé þvl³{u8«Òz‹ºHÈ Ì*„æ˜ñ:ž(W‘☕ ~«¨JÈÁTøe\O*ðtHG½€HYµæ–}KNßÁP±*ݾ˦±‹ŠTѼ�9/#·øA7ÂqZ…Ð$*c?�¢íqUßån†èwðNºû%Ž»O¯·ièˆ4 =3Ú—Pª� ÓäïÊ1£P�m \\9†øâëÇ‘õ¶âMØ“ª2aûDù]„;Yt»\ôí¯¹[x’ìóù�ç]É}Wr½ÿ|É]”Ïg-´³Ú eW÷ ¶)6-r¼°CSÆjÊÈ išd ûDЇA½ÎœIqbJ#xÌ꺃 6k�àê#ª¢A„Sh°ëž&ÊŒt(QÊ%ìÌp%m�‡&]ÙcaSl=�XíòÀ¯èáü\P�1»MhŸ9£Mà¬ÌV®dDAí×aV×B�™[݈fJ�íP|8¯ Ö„AÛV^…ó¹f ÌH ín÷ÞÜ-Æ é"á€d>ÒzÏû¨nœ”ÇŠ¹ €Ø©ð‘>ä�bµ·–&ûÜÎâ¤2»Æv¹÷ÞÄKyϼ¤óöD:²¤œœ,AGm¯Õ\nzÈÇiÛÙã¼.uχYC¾6ìOMf“å3o¶rÅÜ$¨Ã5…µûœÂNH…T[XF64ÌT,Ñœ¬üËM0ëE)`#ý5¤XYƒ`ø×¤;º®%ã1ñUÙÙ¥m;ûš•R>QD ¢à�ØDìcp¿UÐ' ®&LEÐ/p�¦­m¦Üâœ%]ùöÊàì8fi„³r«S4Ïd 7y\È`ÞJâ�n•²åίŠIù R¥Æÿ3Uô~7+�ö€׸#�¯m� q¨BiDý¾€ÆÁÔˆ¸‹…i*¸L6ÿ9ÔÿmÎY&­áÀ§öiˆ…ýHE‚�=(K&úN!VÏö.K’e„LD•Ä•©{D 긪÷vEꦚdeÀàNÆŸûžeÐ(ÔMN9ßœRì½6þéÎÇ&3(åÖaÓÐäö/D¬ØUíz³<ß{ËŠè‰Y›Õȳ˜•¶‚V–ö¯)Â9·Z[±æ4^næÂ�ç5†Á¢!Já¾é?°ÿQá3ûeBo¨C¾µÁ‡M ¢ú’m<�.�vp�“´Á¤IYÓf­“¶Z¾Y_p§[ð=al-ÙYü}NcÍ™ËÎÉÅ‹4vfaÇÖvl¡©Á³'S†ÆùAÆ8Æ|Ò*uâ£{àè-¸ßŸ0%M0Á7%�¡õ˜<€ä·ÍÒ�¿ÿÿPK! Ñ�Ÿ¶'theme/theme/_rels/themeManager.xml.rels„�M Â0„÷‚wooÓº‘&݈ЭÔ„ä5 6?$Qìí ®,.‡a¾™i»—�Éc2Þ1hª:é•qšÁm¸ìŽ@RN‰Ù;d°`‚Žo7íg‘K(M&$R(.1˜r'J“œÐŠTù€®8£�Vä"£¦AÈ»ÐH÷u} ñ›|Å$½b{Õ–Pšÿ³ý8‰g/]þQAsÙ…(¢ÆÌà#›ªLÊ[ººÄßÿÿPK-!‚мú[Content_Types].xmlPK-!¥Ö§çÀ6 +_rels/.relsPK-!ky–ƒŠtheme/theme/themeManager.xmlPK-!–µ­â–PÑtheme/theme/theme1.xmlPK-! Ñ�Ÿ¶'› theme/theme/_rels/themeManager.xml.relsPK]–  ÿÿÿÿ   d’«ÙXÿ„Xÿ„ð8ð@ñÿÿÿ€€€÷ð’ðð0ð( ð ððB ðS ð¿Ëÿ ?ðuy”—ÀÇÍØëì%/9@P\ey„�–¢­¸Åèðúü"&.:GM[“š¯ºÁÐ!ÍÏרëìþÿ@C”–·¸çè9:GH[\­¯»¼ÐÑ!ØØÿÿ!ë.L[�1P.ÿÿÿÿÿÿÿÿÿ™_[Tm4‡ÿÿÿÿÿÿÿÿÿ„Є˜þ^„Ð`„˜þOJPJQJ^Jo(·ð€„ „˜þ^„ `„˜þOJQJ^Jo(‡hˆHo€„p„˜þ^„p`„˜þOJQJo(‡hˆH§ð€„@ „˜þ^„@ `„˜þOJQJo(‡hˆH·ð€„„˜þ^„`„˜þOJQJ^Jo(‡hˆHo€„à„˜þ^„à`„˜þOJQJo(‡hˆH§ð€„°„˜þ^„°`„˜þOJQJo(‡hˆH·ð€„€„˜þ^„€`„˜þOJQJ^Jo(‡hˆHo€„P„˜þ^„P`„˜þOJQJo(‡hˆH§ð„b„˜þ^„b`„˜þo(.€ „2 „˜þ^„2 `„˜þ‡hˆH.‚ „ „Lÿ^„ `„Lÿ‡hˆH.€ „Ò„˜þ^„Ò`„˜þ‡hˆH.€ „¢„˜þ^„¢`„˜þ‡hˆH.‚ „r„Lÿ^„r`„Lÿ‡hˆH.€ „B„˜þ^„B`„˜þ‡hˆH.€ „„˜þ^„`„˜þ‡hˆH.‚ „â„Lÿ^„â`„Lÿ‡hˆH.ë.L[™_[ÿÿÿÿÿÿÿÿÿÿÿÿ         ŠÚ®o        åM1`û"=ã @�MÜàqó¾U÷Vý!ÿ@€ÿÿ0ü~ÿÿh@ÿÿUnknownÿÿÿÿÿÿÿÿÿÿÿÿG�‡* €ÿTimes New Roman5�€Symbol3.� ‡* €ÿArial7.�ï { @ŸCalibri?=� ‡* €ÿCourier New;�€WingdingsA�ï ë BŸCambria Math"ñˆðÐhÒ'¶òÇw¨�w¨!ð  n´‚‚r03ƒQðüýHP ðÿ$Päÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿû"=2!xx ÿÿrkumar shyamlalp  þÿà…ŸòùOh«‘+'³Ù0l�˜¤°ÀÌØè ü ( 4 @LT\därkumarNormal shyamlalp3Microsoft Office Word@êVú@H�°µÍ@Øä�€VÍw¨þÿÕÍÕœ.“—+,ù®DÕÍÕœ.“—+,ù®4ð hp„Œ”œ ¤¬´¼ Ä Ñä Alliance  Title0 8@ _PID_HLINKSäAè #mailto:shyamlaldev@gmail.comîn mailto:rekha.alliance@gmail.comî þÿÿÿ þÿÿÿ !"þÿÿÿ$%&'()*þÿÿÿýÿÿÿ-þÿÿÿþÿÿÿþÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿRoot Entryÿÿÿÿÿÿÿÿ ÀFàŸª�€VÍ/€1Tableÿÿÿÿÿÿÿÿ W!WordDocumentÿÿÿÿÿÿÿÿ;SummaryInformation(ÿÿÿÿDocumentSummaryInformation8ÿÿÿÿÿÿÿÿÿÿÿÿ#CompObjÿÿÿÿÿÿÿÿÿÿÿÿyÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿþÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿþÿ ÿÿÿÿ ÀF'Microsoft Office Word 97-2003 Document MSWordDocWord.Document.8ô9²q