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حسابداری و مالی::
اقاله دارایی قابل معامله
This assumption has been called the marketed asset disclaimer (MAD) assumption by real option practitioners, and it assumes that we treat the present value of the project without flexibility as though it could be bought or sold in an active marketplace.
Consequently, the MAD assumption is no stronger and no worse than the traditional NPV assumptions.
Figure 9.3 The value of the deferral option revisited using the MAD assumption.
The MAD assumption works.
The MAD assumption allows us to use the present value of the project without flexibility as the underlying risky asset, the no-arbitrage assumption implies that the replicating portfolio approach correctly values the real option that is contingent on the under- lying, and Samuelson's proof implies that regardless of the pattern of expected cash flows we can use recombining binomial trees (equivalent to geometric Brownian motion) to model the evolution of the value of the project through time.
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