What if there does not exist a list put on the stock or the portfolio that we are trying to use to manage the risk (protect the downside movement)? What shall we do to construct a protective put under this circumstance! Please specify the derivation of your strategy and the detailed steps to implement it. Hint: Using Black-Scholes Put Option Pricing Formula p= Ke-TN-d) - SN(-d1) What if there does not exist a list put on the stock or the portfolio that we are trying to use to manage the risk (protect the downside movement)? What shall we do to construct a protective put under this circumstance! Please specify the derivation of your strategy and the detailed steps to implement it. Hint: Using Black-Scholes Put Option Pricing Formula p= Ke-TN-d) - SN(-d1)