Multi-Purpose Binomial Model: Fitting all Moments to the Underlying   Geometric Brownian Motion
  We construct a binomial tree model fitting all moments to the approximated geometric Brownian motion. Our construction generalizes the classical Cox-Ross-Rubinstein, the Jarrow-Rudd, and the Tian binomial tree models. The new binomial model is used to resolve a discontinuity problem in option pricing. 
Y. S. Kim, S. Stoyanov, S. Rachev, F. Fabozzi
q-fin.PR