Black and Scholes Publish The Pricing of Options and Corporate Liabilities
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ESTIMATED72% CONFIDENCEThe paper's own front matter gives a two-month issue and no day: "The Journal of Political Economy, Vol. 81, No. 3 (May - Jun., 1973), pp. 637-654". With only an issue window, the pin takes its last day rather than its first.[1]
Fischer Black and Myron Scholes give a closed-form price for a European option in the Journal of Political Economy, in the same year the Chicago Board Options Exchange opens. The formula becomes the language of the derivatives market.