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To: Thure Meyer who wrote (19628)	5/21/1998 4:09:00 PM
From: Reginald Middleton	Respond to of 24154

I can't think of a book that details the Naslund model off hand, but if you do a search on Amazon.com, you should be able to come up with a reference. Phillipe Jorion has expounded on the inaccuracies of the Naslund model by integrating share price performance via white paper (I use alpha which simplifies the process),(the Naslund model is simply Black-Sholes with a tweak for the stastistical probability of attrition). If abstract math is your thing (its not mine) you can look into the IAFE.org site bookstore and GARP.com or it may be .org. I have Naslund Excel 97 models available on my site at rcmfinancial.com. Go to the top of the page and click the download link. For those that are interested, Jen-Naslund models are models which are used to properly value employee stock options. <criticism of "random walk" > Random Walk and the efficient market theories are just that, theories, hence they tend to diverge from reality when held up to a candle.