Debunking option models


Nasser Saber has written a fascinating book. The main message is that Black, Scholes and Merton (BSM) got it wrong, and that top academics in finance are still trapped in a framework designed and published in the 1970s. He argues that the option pricing model they came up with should be more accurately described as "the right to default on a forward". This is the recurring theme throughout the book.

The chapters scrutinise the structure of the BSM model, the variables that appear in it, and the

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options


Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here