کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5075610 1373926 2007 6 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Valuing coins as the sum of the underlying asset and a perpetual American put option
کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
پیش نمایش صفحه اول مقاله
Valuing coins as the sum of the underlying asset and a perpetual American put option
چکیده انگلیسی
Coins may be valued as the sum of the value of the component metals, plus a perpetual American put option with an exercise price equal to the face value. For widely circulated coins, the value of the component metals is sufficiently low compared to the face value that immediate exercise is optimal. For bullion coins the put option has only a trivial value. However, in some cases the value of the component metals is sufficiently close to the face value that the put option has a non-trivial time value. An example is provided of the 1966 Australian 50 cent coin.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Global Finance Journal - Volume 17, Issue 3, March 2007, Pages 397-402
نویسندگان
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