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    Title: Financial contract structures and production decision : an option-based optimization
    Authors: Luo, Min;Lin, Jyh-horng;Wu, Li-hung
    Contributors: 淡江大學國際貿易學系暨國際企業研究所
    Keywords: Conventional loan;commodity loan;Black-Scholes valuation
    Date: 2005-01
    Issue Date: 2009-11-30 18:20:19 (UTC+8)
    Publisher: Analytic Publishing Co
    Abstract: 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.
    Relation: Journal of Information & Optimization Sciences 26(1), pp.165-180
    DOI: 10.1080/02522667.2005.10699641
    Appears in Collections:[國際企業學系暨研究所] 期刊論文

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