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The fact that Ed Thorp made such a killing trading warrants suggests that warrent prices were not very efficient before BS.
by smabie 6y ago
The fact that Ed Thorp made such a killing trading warrants suggests that warrent prices were not very efficient before BS.
- Jackson12 6y agohttps://papers.ssrn.com/sol3/papers.cfm?abstract_id=3444897 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3444897 As far as I know Ed Thorp also made a lot of money after B-S was published. So it doesn't necessarily follow that B-S made the market more efficient. Also, doesn't his discovering B-S before it's publication and using it to make money support what I'm saying?