English  |  正體中文  |  简体中文  |  全文筆數/總筆數 : 62568/95225 (66%)
造訪人次 : 2513034      線上人數 : 191
RC Version 7.0 © Powered By DSPACE, MIT. Enhanced by NTU Library & TKU Library IR team.
搜尋範圍 查詢小技巧:
  • 您可在西文檢索詞彙前後加上"雙引號",以獲取較精準的檢索結果
  • 若欲以作者姓名搜尋,建議至進階搜尋限定作者欄位,可獲得較完整資料
  • 進階搜尋
    請使用永久網址來引用或連結此文件: https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/95243


    題名: Sequential Capital Budgeting as Real Options:The Case of a New DRAM Chipmaker in Taiwan
    作者: Duan, Chang-Wen;Lin, William T.;Lee, Cheng Few
    貢獻者: 淡江大學財務金融學系
    關鍵詞: 台灣;資本資產定價模式;複合選擇權;實質買權;資本預算;實質選擇權;Taiwan;Capital Asset Pricing Model;Compound Option;Real Call Option;Capital Budgeting;Real Option
    日期: 2002-12
    上傳時間: 2014-02-11 23:57:49 (UTC+8)
    摘要: We evaluate the initial public offering price of a new DRAM chipmaker in Taiwan in accordance with the compound real call options model of Lin (2002). The worldwide average sales price is the underlying variable and the average production cost of the new DRAM foundry is the exercise price. The twin security is defined to be a portfolio of DRAM manufacturing firms publicly listed in Taiwan stock markets. We estimate the dividend-like yield with two methods, and find that the yield is negative. The negative dividend-like yield results from the negative correlation between the newly constructed DRAM foundry and its twin security, implying the diversification advantage of a new generation of DRAM foundry with a relative low cost of investment opportunity. We solve the critical value for the multivariate normal integral with the secant method, approximating the integral with the lattice method. It has been found that there is only a 4.6% difference between the market IPO price and the estimated one.
    關聯: 財經情勢及衍生性產品研討會論文集,頁394-421
    顯示於類別:[財務金融學系暨研究所] 會議論文

    文件中的檔案:

    檔案 大小格式瀏覽次數
    Sequential Capital Budgeting as Real Options:The Case of a New DRAM Chipmaker in Taiwan_英文摘要.docx15KbMicrosoft Word152檢視/開啟

    在機構典藏中所有的資料項目都受到原著作權保護.

    TAIR相關文章

    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library & TKU Library IR teams. Copyright ©   - 回饋