This paper introduces two new financial derivatives : boom options and crash options. These options are designed to protect investors' portfolios, during periods of extreme volatility, against a sharp, major decline in the value of a short or long position. Boom and crash options provide an insurance against rare events like stock market booms and crashes.
LONGIN, F. (1996). Winning in the Best and Worst of Times : Boom and Crash Options (prix Chicago Board of Trade pour le meilleur article sur les options et futures). ESSEC Business School.