A Case Study of Use of Artificial Options in the Athens Stock Exchange

  • Michael Michalopoulos
  • Constantin Zopounidis
Part of the Applied Optimization book series (APOP, volume 19)


In the Athens Stock Exchange no trade off was made as far as the options and futures for stocks are concerned. It is possible to construct artificial options with the help of the Black-Scholes model and with the appropriate combination of stocks and cash. In this paper, a realistic example of an artificial option in the Athens Stock Exchange is examined, in order to investigate the efficiency of the particular investment strategy in the Greek Capital Market.


Portfolio management Options Black-Scholes model Stocks 


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Copyright information

© Springer Science+Business Media Dordrecht 1998

Authors and Affiliations

  • Michael Michalopoulos
    • 1
    • 2
  • Constantin Zopounidis
    • 1
  1. 1.Department of Production Engineering and Management Decision Support Systems LaboratoryTechnical University of CreteChaniaGreece
  2. 2.Bank of GreeceAthensGreece

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