英国毕业论文代写期权概念

| 8-6月-2013 | 英国论文代写

英国毕业论文代写

Literature Review

Valuation estimated find application in various purposes and situations. As an example, in case of a merger or acquisition, both the target company and the acquiring company conduct a diligent process for the determination of the value of the company so as to determine a fair value for the deal. While this valuation is conducted on a macro basis, individual and institutional investors also carry out the security valuation process so as to determine whether the stock is over-valued or under-valued in the market and accordingly, plan their investment decisions and timing. Thus depending on the context in which the valuation is being performed, the model for valuation is selected (Lorenz, Truck, & Lutzkendorf, 2006).

In practicality, a wide range of models are available, which can be used for valuing a particular security (Bailey et al, 2008). These models can be categorized under various categories, but on a general basis, they are classified as relative valuation methods and DCF valuation methods (i.e. models based on the principles of discounted cash flow). Another popular variant of the DCF model as proposed by Penman (2001) is the residual income valuation model. Several newer valuation models are also developed like the use of the concept of options to value the security of the company. In this approach, the equity is treated as a call option on the assets of the company and accordingly, its value is derived. Theoretically, for one particular company, the valuation models must provide consistent and similar estimates with minimal variances in the tolerable region. However, in practicality, this is an exception rather than a rule. The valuation model that is chosen is also dependent on the analyst’s instincts as well as the industry in which the company is a major operating player.

 

英国毕业论文代写

文献综述

估值找到各种用途和环境中的应用。作为一个例子,在合并或收购的情况下,两个目标公司和兼并公司进行努力的过程为公司价值的确定,以便确定这笔交易的公允价值。而这个估价是在宏观的基础上进行的,个人投资者和机构投资者进行安全性评估过程,以确定是否股票价值超过或下在市场和相应的价值,他们的投资决策和时间计划。因此,取决于该评估正在进行中,估价模型选择(劳伦兹,卡车,和路兹肯朵夫,2006)。

实用性,可供多种型号,可用于评估一个特定的安全(贝利等人,2008)。这些模型可分为不同类别,但在一般的基础上,它们被归类为相对估值法和贴现现金流估价方法(即模型基于贴现现金流量法的原则)。另一个流行的变体的DCF模型提出的Penman(2001)是剩余收益估价模型。几个新的估值模型的期权概念价值公司的安全使用。在这种方法中,股权被视为对公司的资产,因此一个看涨期权,推导出它的价值。从理论上讲,对于一个特定的公司,估值模型必须提供一致的和类似的估计与最小方差的容忍区域。然而,实际上,这是一个例外而不是规则。估值模型,选择还取决于分析师的本能以及行业中,公司是一家主要经营的球员。

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