The initial article has proven to have very faulty analysis.<p>The primary being that the authors thought that Israeli options are denominated in shekels, when they are in fact denominated in agarot (1/100th of a shekel). So, even if every other aspect of their article is correct, their calculations are off by 2 orders of magnitude in terms of valuation.<p>Which leads one to suspect that they got other things wrong as well.