Add training workflow, datasets, and runbook

training_data/curated/text/02b8705a5c21267c3bf16d35d8cf06d01ee226940175153c706efa71e8307f36.txt

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+Good and Bad Dates with Models
+Using an incorrect date for the ex-date in option pricing can lead to
+unfavorable results. If the ex-dividend date is not known because it has yet
+to be declared, it must be estimated and adjusted as need be after it is
+formally announced. Traders note past dividend history and estimate the
+expected dividend stream accordingly. Once the dividend is declared, the
+ex-date is known and can be entered properly into the pricing model. Not
+executing due diligence to find correct known ex-dates can lead to trouble.
+Using a bad date in the model can yield dubious theoretical values that can
+be misleading or worse—especially around the expiration.
+Say a call is trading at 2.30 the day before the ex-date of a $0.25
+dividend, which happens to be thirty days before expiration. The next day,
+of course, the stock may have moved higher or lower. Assume for
+illustrative purposes, to compare apples to apples as it were, that the stock is
+trading at the same price—in this case, $76.
+If the trader is using the correct date in the model, the option value will
+adjust to take into account the effect of the dividend expiring, or reaching
+its ex-date, when the number of days to expiration left changes from 30 to
+29. The call trading postdividend will be worth more relative to the same
+stock price. If the dividend date the trader is using in the model is wrong,
+say one day later than it should be, the dividend will still be an input of the
+theoretical value. The calculated value will be too low. It will be wrong.
+Exhibit 8.1 compares the values of a 30-day call on the ex-date given the
+right and the wrong dividend.
+EXHIBIT 8.1 Comparison of 30-day call values