{"title":"期权价格的悖论","authors":"G. Marcato, Tumellano Sebehela","doi":"10.1142/s0219091522500096","DOIUrl":null,"url":null,"abstract":"The synchronized relationship between financial and fundamental prices has been topical for years now. It seems that option pricing theory has not been used to disentangle that relationship between two prices during merger and acquisition (M&A) activities. This paper uses Put-Call parity theorem to explore the divergence of financial and fundamental prices in any firm during the acquisition process. The results illustrate that price differentials are persistent; moreover, the differentials are caused by the exponential factor. Despite the fact that some principles are drawn from the real estate investment trust (REIT) literature, the results have wider implications for industries with similar traits to REITs.","PeriodicalId":45653,"journal":{"name":"Review of Pacific Basin Financial Markets and Policies","volume":"1 1","pages":""},"PeriodicalIF":0.3000,"publicationDate":"2022-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The Paradoxical Prices of Options\",\"authors\":\"G. Marcato, Tumellano Sebehela\",\"doi\":\"10.1142/s0219091522500096\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"The synchronized relationship between financial and fundamental prices has been topical for years now. It seems that option pricing theory has not been used to disentangle that relationship between two prices during merger and acquisition (M&A) activities. This paper uses Put-Call parity theorem to explore the divergence of financial and fundamental prices in any firm during the acquisition process. The results illustrate that price differentials are persistent; moreover, the differentials are caused by the exponential factor. Despite the fact that some principles are drawn from the real estate investment trust (REIT) literature, the results have wider implications for industries with similar traits to REITs.\",\"PeriodicalId\":45653,\"journal\":{\"name\":\"Review of Pacific Basin Financial Markets and Policies\",\"volume\":\"1 1\",\"pages\":\"\"},\"PeriodicalIF\":0.3000,\"publicationDate\":\"2022-04-13\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Review of Pacific Basin Financial Markets and Policies\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1142/s0219091522500096\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q4\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Review of Pacific Basin Financial Markets and Policies","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1142/s0219091522500096","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
The synchronized relationship between financial and fundamental prices has been topical for years now. It seems that option pricing theory has not been used to disentangle that relationship between two prices during merger and acquisition (M&A) activities. This paper uses Put-Call parity theorem to explore the divergence of financial and fundamental prices in any firm during the acquisition process. The results illustrate that price differentials are persistent; moreover, the differentials are caused by the exponential factor. Despite the fact that some principles are drawn from the real estate investment trust (REIT) literature, the results have wider implications for industries with similar traits to REITs.
期刊介绍：
This journal concentrates on global interdisciplinary research in finance, economics and accounting. The major topics include: 1. Business, economic and financial relations among the Pacific rim countries. 2. Financial markets and industries. 3. Options and futures markets of the United States and other Pacific rim countries. 4. International accounting issues related to U.S. companies investing in Pacific rim countries. 5. The issue of and strategy for developing Tokyo, Taipei, Shanghai, Sydney, Seoul, Hong Kong, Singapore, Kuala Lumpur, Bangkok, Jakarta, and Manila as international or regional financial centers. 6. Global monetary and foreign exchange policy, and 7. Other high quality interdisciplinary research in global accounting, business, economics and finance.
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