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حسابداری و مالی::
گره پایانی
To value it we begin with the decisions at the end nodes A, B, and C, where we choose the greater of the value of the underlying project or the abandonment value.
Equity payouts at the end nodes are the maximum of zero or the value of the firm minus the face value of debt.Equity holders would rationally decide to default on the debt only in the lowest state of nature at node D, where the value of the firm is $1,024 and the face value of debt is $1,200.
Once again, we work from the end nodes of the tree back in time, using risk-neutral probabilities or replicating portfolios to construct market value estimates.
To solve the problem one starts with the optimal solution, Nt plants, at each end node of the eight possible paths in this three-period problem, then goes to the previous node and assumes that there were /V- 1, N + 1, N - 2, N + 2,etc. plants, resolving the end node problem for each of the possible starting points.
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