4# gdm_2008
因为股息归B资产所有者所得，不包含在B资产中，那么在B资产的价值必须减去股息的现值。
在T期，股息I=S*EXPq(T-t)-S
贴现至t期，S-It=S*EXP-q(T-t)
然后用S-It替代无利息模型中的S

股息为I，q为股息率

您可以参考Merton的《连续时间金融》

可以参见Hull 的Options, Futures, and Other Derivatives，第7版（论坛上有的）。
第5章，110页。讲得很清楚，也不复杂。

都硕士生了，这还不会？

论文写这个的都不会推定价？太夸张了吧

不会吧   连续复利度不会还能写论文

进入学校网站查找资料，

Suppose now the time is t.
If you want to have 1 share at time T, you have 2 choices:

1) Deposit amount F*exp(-r*(T-t)) at bank now. Then you'll have F at time T to buy 1 stock at time T.
2) Buy exp(-q*(T-t)) stock at price S now. With the dividend payout, you will get 1 stock at time T.

You can see both cases give you 1 stock at time T, so

F*exp(-r*(T-t) = S*exp(-d*(T-t))
=> F = S*exp(-(r-d)*(T-t))

I don't think there's any problem to ask simple question in forum.
Good luck for your paper.

您可以参考Merton的《连续时间金融》这个里面比较详细