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حسابداری و مالی::
درخت ارزش
Figure 9.5(b) graphs the project value tree that shows the payoffs given the uncertainty.
The value tree is recombining because we have assumed that dividends are proportional to the cash flows in each state of nature.
Using this result, we can demonstrate consistency between the value branch and the value tree.
For example, the expected cash flow in the first period is .544(2,134) + (1- .544)(949) = 1,593, and this equals the expected cash flow seen in Fig. 9.5(a), the value branch.In a similar fashion we see that the expected dividend,.544(669) + (1- .544)(298) = 500, in the value tree is the same as the expected dividend in the value branch.
Having developed the value tree for the underlying project, we move on to value the expansion option, as illustrated in Fig. 9.6.
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