| Financial contract structures and production decision : an option-based optimization | |
|---|---|
| 學年 | 93 |
| 學期 | 1 |
| 出版（發表）日期 | 2005-01-01 |
| 作品名稱 | Financial contract structures and production decision : an option-based optimization |
| 作品名稱（其他語言） | |
| 著者 | Luo, Min; Lin, Jyh-horng; Wu, Li-hung |
| 單位 | 淡江大學國際貿易學系暨國際企業研究所 |
| 出版者 | Analytic Publishing Co |
| 著錄名稱、卷期、頁數 | Journal of Information & Optimization Sciences 26(1), pp.165-180 |
| 摘要 | This paper examines alternative financial contracts for production decisions under an optimal-based valuation. We demonstrate that while the optimal loan contract consists of only conventional loans, the firm is over-borrowing and thus has over-production since its risk-adjusted future price is expected to be greater than the risk-adjusted current price. If the optimal contract consists of both conventional loans and commodity loans explicitly incorporating characteristics of the firm's product market, the firm's over-borrowing and thus over-production will vanish. Our results demonstrate that the form of contract structures provides much needed price expectation stability to the product market. |
| 關鍵字 | Conventional loan;commodity loan;Black-Scholes valuation |
| 語言 | en |
| ISSN | 0252-2667 |
| 期刊性質 | 國內 |
| 收錄於 | |
| 產學合作 | |
| 通訊作者 | |
| 審稿制度 | 否 |
| 國別 | TWN |
| 公開徵稿 | |
| 出版型式 | ,電子版 |
| 相關連結 |
機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/24399 ) |
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