Any financial asset that is openly traded has a market price.
Except for extreme market conditions, market price may be more or
less than a fair value. Fair value is likely to be some complicated
function of the current intrinsic value of tangible or intangible
assets underlying the claim and our assessment of the
characteristics of the underlying assets with respect to the
expected rate of growth, future dividends, volatility, and other
relevant market factors. Some of these factors that affect the
price can be measured at the time of a transaction with reasonably
high accuracy. Most factors, however, relate to expectations about
the future and to subjective issues, such as current management,
corporate policies and market environment, that could affect the
future financial performance of the underlying assets. Models are
thus needed to describe the stochastic factors and environment, and
their implementations inevitably require computational finance
tools.
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