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題名:以實質選擇權評估發行彩券之投資決策
書刊名:臺灣銀行季刊
作者:陳若暉 引用關係林正益
出版日期:2005
卷期:56:3
頁次:頁146-173
主題關鍵詞:對數轉換二項式DCF法敏感度彩券
原始連結:連回原系統網址new window
相關次數:
  • 被引用次數被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:0
  • 共同引用共同引用:13
  • 點閱點閱:4
本研究以對數轉換二項式實質選擇權評價模式,評個彩券發行的價值。在研究的過程中主要在比較傳統DCF法與實質選擇權模式之適用性。結果得知,不論是否考慮緊縮選擇之調整後的投資支出,所計算出擴展淨現值均大於其相對狀況下的傳統淨現值。另外,考量最低法定銷售量的規定,調整緊縮選擇權之投資支出後,發現計算出的修正型擴展NVP價值大於原型的擴展NPV價值。在每感度分析方面,關於投資案收益和具下方風險的標準差之變動,實質選擇權價值屬於正相關的狀況。當無風險利率變動時,實質選擇權價值則屬負相關。
期刊論文
1.Myers, S.、Majd, S.(1991)。Abandonment Value and Project Life。Advances in Futures and Options Research,4,1-21。  new window
2.Ingersoll, J. E. Jr.、Ross, S. A.(1992)。Waiting to Invest: Investment and Uncertainty。Journal of Business,65(1),1-29。  new window
3.Brennan, M. J.、Schwartz, E. S.(1985)。Evaluating Natural Resource Investments。Journal of Business,58(2),135-158。  new window
4.Majd, S.、Pindyck, R. S.(1987)。Time to Build, Option Value, and Investment Decision。Journal of Financial Economics,18(1),7-27。  new window
5.林家帆、陳威光、郭維裕(20020700)。高科技產業股票之評價--實質選擇權評價法。管理評論,21(3),97-113。new window  延伸查詢new window
6.Kulatilaka, N.(1988)。Valuing the Flexibility of Manufacturing Systems。IEEE Transactions in Engineering Management,35(4),250-257。  new window
7.Kensinger, J. W.(1987)。Adding the value of active management into the capital budgeting equation。Midland Corporate Finance Journal,5(1),31-42。  new window
8.Smit, Han T. J.、Ankum, L. A.(1993)。A Real Options and Game-Theoretic Approach to Corporate Investment Strategy under Competition。Financial Management,22(3),241-250。  new window
9.Trigeorgis, L.、Mason, S. P.(1987)。Valuing Managerial Flexibility。Midland Corporate Finance Journal,5(1),14-21。  new window
10.Trgeorgis, L.(1991)。A Log-Transformed Binomial Numerical Analysis Method for Valuing Complex Multi-Option Investments。Journal of Financial and Quantitative Analysis,26(3),309-325。  new window
11.顏錫銘、吳明政(20010400)。創業投資公司投資案價值的評估--採用多重實質選擇權評價方法。科技管理學刊,6(1),103-130。new window  延伸查詢new window
12.Simon, Jonathan(1999)。An Analysis of the Distribution of Combinations Chosen by UK National Lottery Players。Journal of Risk and Uncertainty,17(3),243-276。  new window
13.Schwartz, Eduardo S.、Moon, Mark(2000)。Rational Pricing of Internet Companies。Financial Analyst Journal,56(3),62-75。  new window
14.Suits, Daniel B.(1977)。Gambling Taxes: Regressivity and Revenue Potential。National Tax Journal,30(1),19-35。  new window
15.McDonald, Robert、Siegel, Daniel(1986)。The Value of Waiting to Invest。The Quarterly Journal of Economics,101(4),707-728。  new window
16.劉代洋、黃建斌(20000900)。刮刮樂彩券盈餘極大化與最適徵收率之關聯性研究。亞太經濟管理評論,4(1),41-56。new window  延伸查詢new window
17.黃嘉興、凃新南(20040900)。實質選擇權在BOT資本投資決策之應用--以高雄捷運為例。臺灣銀行季刊,55(3),289-325。new window  延伸查詢new window
18.Farrell, L.、Morgenroth, E.、Walker, I.(1999)。A Time Series Analysis of U.K. Lottery Sales: Long and Short Run Price Elasticities。Oxford Bulletin of Economics and Statistics,61(4),513-526。  new window
19.Hansen, Ann(1995)。The Tax Incidence of the Colorado State Lottery Instant Game。Public Finance Quarterly,23(3),385-398。  new window
20.Luehrman, Timothy A.(1998)。Investment Opportunities as Real Options: Getting Started Numbers。Harvard Business Review,76(4),51-67。  new window
21.Paddock, J.、Siegel, D.、Smith, J.(1988)。Option Valuation of Claims on Physical Assets: The Case of Offshore Petroleum Leases。Quarterly Journal of Economics,103(3),479-508。  new window
22.Teisberg, E. O.(1994)。An Option Valuation Analysis of Investment Choices by a Regulated Firm。Management Science,40(4),535-548。  new window
23.Kester, W. C.(1984)。Today's Options for Tomorrow's Growth。Harvard Business Review,62(2),153-160。  new window
24.Margrabe, William(1978)。The Value of an Option to Exchange One Asset for Another。The Journal of Finance,33(1),177-186。  new window
25.Black, Fischer、Scholes, Myron S.(1973)。The Pricing of Options and Corporate Liabilities。Journal of Political Economy,81(3),637-654。  new window
26.Myers, Stewart C.(1977)。Determinants of Corporate Borrowing。Journal of Financial Economics,5(2),147-175。  new window
27.Cox, John C.、Ross, Stephen A.、Rubinstein, Mark(1979)。Option Pricing: A Simplified Approach。Journal of Financial Economics,7(3),229-263。  new window
學位論文
1.吳志堅(2001)。以實質選擇權評估高科技產業的投資計畫(碩士論文)。國立政治大學。  延伸查詢new window
2.藍俊杰(2000)。公益彩券消費者需求之實證研究--以大台北地區民眾為例(碩士論文)。國立臺灣科技大學。  延伸查詢new window
3.簡宏昌(2001)。實質選擇權理論在投資決策之應用研究--以網路銀行為例(碩士論文)。銘傳大學。  延伸查詢new window
4.張幸如(2000)。臺灣地區發行公益彩券之成本效益分析(碩士論文)。國立政治大學。  延伸查詢new window
5.林建成(2000)。寬頻網路投資案之成長價值評估-以實質選擇權觀點評估東森多媒體公司(碩士論文)。國立政治大學。  延伸查詢new window
6.陳欣珮(2000)。發行公益彩券對所得重分配影響之研究(碩士論文)。國立政治大學。  延伸查詢new window
7.劉燕惠(2001)。台中縣巿民眾對發行運動彩券態度之研究(碩士論文)。國立臺灣體育學院。  延伸查詢new window
8.杜雨儒(2001)。彩券相依期望效用理論與風險下之決策(碩士論文)。銘傳大學。  延伸查詢new window
9.方立寬(2000)。以CRR二元樹狀模型評價重設回顧選擇權(碩士論文)。國立東華大學。  延伸查詢new window
10.吳匯寧(2001)。新經濟企業之評價--以網際網路股票為例(碩士論文)。淡江大學。  延伸查詢new window
11.邱雪娥(2001)。BOT專案評價決策支援系統--實質選擇權之應用(碩士論文)。國立臺灣科技大學。  延伸查詢new window
圖書
1.Jarrow, Robert A.、Rudd, Andrew(1983)。Option pricing。Homewood, IL:Richard D. Irwin。  new window
圖書論文
1.Kulatilaka, N.(1995)。Operating Flexibilities in Capital Budgeting: Substitutability and Complementarity in Real Options。Real Options in Capital Investment。Praeger。  new window
 
 
 
 
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