{"title":"资产出售的期权定价方法","authors":"J. Song, Shumei Gao","doi":"10.2139/ssrn.237368","DOIUrl":null,"url":null,"abstract":"This paper presents a model of asset sale under uncertainty and derives an optimal scrapping rule. It shows that under certain conditions an asset should be scrapped when its operating profit first reaches a critical level. A testable equation based on the model is suggested. The model may be applied to voluntary liquidations, plant closures, sell-off, spin-off and the examination of takeover premiums.","PeriodicalId":180033,"journal":{"name":"Journal of Accounting Abstracts","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2000-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"An Option Pricing Approach to Asset Sale\",\"authors\":\"J. Song, Shumei Gao\",\"doi\":\"10.2139/ssrn.237368\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This paper presents a model of asset sale under uncertainty and derives an optimal scrapping rule. It shows that under certain conditions an asset should be scrapped when its operating profit first reaches a critical level. A testable equation based on the model is suggested. The model may be applied to voluntary liquidations, plant closures, sell-off, spin-off and the examination of takeover premiums.\",\"PeriodicalId\":180033,\"journal\":{\"name\":\"Journal of Accounting Abstracts\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2000-07-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Accounting Abstracts\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.237368\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Accounting Abstracts","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.237368","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
This paper presents a model of asset sale under uncertainty and derives an optimal scrapping rule. It shows that under certain conditions an asset should be scrapped when its operating profit first reaches a critical level. A testable equation based on the model is suggested. The model may be applied to voluntary liquidations, plant closures, sell-off, spin-off and the examination of takeover premiums.