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| Author: | Adams, P. Wyatt, S. Walker, M. |
| Title: | Dividends, dividend policy and option valuation: a new perspective |
| Journal: | Journal of Business Finance and Accounting
1994 : OCT, VOL. 21:7, p. 945-962 |
| Index terms: | DIVIDENDS OPTIONS VALUATION |
| Language: | eng |
| Abstract: | This paper develops a model which explicitly incorporates the impact of the payment of dividends on the underlying stock into the valuation of both American and European calls and puts. Unlike earlier models, what we call the Dividend Adjustment Merton (DAM) model neither assumes arbitrary continuous dividends nor uses ad hoc methods to adjust for discrete dividend payments. Dividend policy is discussed, as well as option valuation. |
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