MODEL BLACK-SCHOLES HARGA OPSI BELI TIPE EROPA DENGAN PEMBAGIAN DIVIDEN

Stock trading is one way to invest the wealth. Stock price changes every time. Uncertainty of the stock changing causes the financial risk. An option is a means to reduce the financial risk. Option is a right to buy or sell stock at a price and time have been approved. Option that can be done anytime before or on the due date is called American option, while option that can be done on the due date is called the European option. Black-Scholes is a model used to determine an option price that has accepted by the financial sector. The aims of this research are to determine the derivative and solve the BlackScholes model of European call option pricing with dividend. Then apply the Black-Scholes model in a case study of stock option contract PT. Aqua Golden Mississippi Tbk. The results of this research are the Black-Scholes models of European call option pricing with dividend in the form of partial differential equations and theirsolutions. In stock option contract PT. Aqua Golden Mississippi Tbk. with maturity date of January 4, 2010, call option price in a constant market is 0,4924 per share. While in a continuous market is 0,5366 per share. There can not be used because continuous function of interest rate and dividend that not too good. Keywords: Black-Scholes, call option, dividend.