haku: @author Parsons, J. E. / yhteensä: 4
viite: 3 / 4
| Tekijä: | Parsons, J. E. |
| Otsikko: | Estimating the strategic value of long-term forward purchase contracts using auction models. |
| Lehti: | Journal of Finance
1989 : SEP, VOL. 44:4, p. 981-1010 |
| Asiasana: | CAPITAL BUDGETING FUTURES MARKETS CONTRACTS FINANCIAL MODELS NATURAL GAS |
| Kieli: | eng |
| Tiivistelmä: | It is demonstrated how an auction model can be used in a traditional capital budgeting context to assign a value to the strategic advantage of long-term forward contracts. Research in the field of industrial organization has pointed to the danger of ex post opportunist bargaining as a motivation for the use of forward contracts in natural resources and manufactured products, but no operational procedure exists for estimating the value secured by these contracts. Arbitrage methods for valuing forward contracts assume a competitive market in which the factors creating the bargaining problem and motivating the use of long-term contracts are not present. |
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