Bulletin – September Quarter 2015 Equation (A3)

E = A Φ [ d 1 ] L e μ τ Φ [ d ] , d 1 = ln [ A L ] + ( μ + σ A 2 2 ) τ σ A τ , d 2 = d 1 σ A τ , σ A = E σ E A Φ ( d 1 ) MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGceaqabeaacaWGfb Gaeyypa0JaamyqaiabfA6agnaadmaabaGaamizamaaBaaaleaacaaI XaaabeaaaOGaay5waiaaw2faaiabgkHiTiaadYeacaWGLbWaaWbaaS qabeaacqGHsislcqaH8oqBcqaHepaDaaGccqqHMoGrdaWadaqaaiaa dsgaaiaawUfacaGLDbaacaGGSaaabaGaamizamaaBaaaleaacaaIXa aabeaakiabg2da9maalaaabaGaciiBaiaac6gadaWadaqaamaalaaa baGaamyqaaqaaiaadYeaaaaacaGLBbGaayzxaaGaey4kaSYaaeWaae aacqaH8oqBcqGHRaWkdaWcaaqaaiabeo8aZnaaDaaaleaacaWGbbaa baGaaGOmaaaaaOqaaiaaikdaaaaacaGLOaGaayzkaaGaeqiXdqhaba Gafq4WdmNbauaadaWgaaWcbaGaamyqaaqabaGcdaGcaaqaaiabes8a 0bWcbeaaaaGccaGGSaaabaGaamizamaaBaaaleaacaaIYaaabeaaki abg2da9iaadsgadaWgaaWcbaGaaGymaaqabaGccqGHsislcqaHdpWC daWgaaWcbaGaamyqaaqabaGcdaGcaaqaaiabes8a0bWcbeaakiaacY caaeaacqaHdpWCdaWgaaWcbaGaamyqaaqabaGccqGH9aqpdaWcaaqa aiaadweacqaHdpWCdaWgaaWcbaGaamyraaqabaaakeaacaWGbbGaeu OPdy0aaeWaaeaacaWGKbWaaSbaaSqaaiaaigdaaeqaaaGccaGLOaGa ayzkaaaaaaaaaa@7B0F@