haku: @author Hancock, G. D. / yhteensä: 2
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| Tekijä: | Hancock, G. D. Mukherjee, T. K. |
| Otsikko: | Applying Margrabe's exchange option model to pricing proxy contests. |
| Lehti: | Journal of Business Finance and Accounting
1992 : NOV, VOL. 19:6, p. 889-901 |
| Asiasana: | PROXY CONTESTS FINANCIAL MODELS MANAGEMENT CONTROL OPTION PRICES |
| Kieli: | eng |
| Tiivistelmä: | This paper applies Margrabe's (1978) option pricing framework in an effort to evaluate dissident shareholders' option to engage incumbent management in a proxy contest for control. The proxy contest option valuation model thus developed views dissidents as the purchasers of an 'option' to exchange the value of the firm under incumbent management for value of the firm under incumbent management for the value of the firm under a new (or improved) management team. Tests show that this model is correctly specified in that its application does not exhibit pricing biases. Authors believe that the contribution of this paper lies in the identification of the variables and the delineation of the relationships among these variables in determining the proxy contest option premium. |
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