In its nature, the state-owned stocks of corporations can be viewed as options of corporations' value. So we can set the price of state-owned stocks by using the Black-Scholes formula.

企业的国有股在本质上可以看成是基于企业价值的期权，因此可以用布莱克—斯科尔斯定价模型对企业国有股定价。

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At Goldman he rose to the level of Managing Director and co-invented the tool for pricing options on Treasury bonds with Goldman colleagues Bill Toy and the late Fischer Black, of Black-Scholes formula fame.

FORBES: A Review of Emanuel Derman's New Book: Models.Behaving.Badly.