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Valuation of Debt Indexed to Real Values I. The case of the Argentinean Growth Coupon: a Simple Mode [PDF]

open access: yes
This paper is the first of a series of works whose aim is trying to provide a framework for the understanding and valuation of debt indexed to real (gener- ally non-tradable) variables.
Federico López Fagundez, Sergio Pernice
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Consideration in non-tradable shares reform: the compensation for benefit expropriation

China Finance Review International, 2014
Purpose – The purpose of this paper is to investigate the main determinants of consideration in China's non-tradable shares reform. The primary objective is to dig into the institutional factors that affect consideration in China's non-tradable shares reform.
Weiting Huang, Jia He, GuiJun Zhang
openaire   +3 more sources

Trading and earnings management: Evidence from China's non-tradable share reform

Journal of Corporate Finance, 2015
Abstract This paper examines the effect of trading on earnings management under the setting of China's non-tradable share reform. The government-enforced reform converted non-tradable shares to tradable and thus enabled blockholders and insiders to reduce holdings via public trading.
openaire   +3 more sources

Endogenous Non-Tradable Earnings and Householdss Demand for Risky Assets [PDF]

open access: possibleSSRN Electronic Journal, 2014
Using French survey data, we explore empirically whether earnings uncertainty and borrowing constraints decrease households demand for risky assets, consistent with theoretical predictions. A major empirical problem is the potential endogeneity bias of income risk, as more risk averse households may simultaneously choose safer occupations and invest ...
Arrondel, Luc, Calvo-Pardo, Hector
openaire   +1 more source

Perpetual call options with non‐tradability

Optimal Control Applications and Methods, 2005
AbstractWe explicitly solve an optimal stopping problem related to the exercise of a perpetual American call option when the option holder cannot trade the underlying asset. We prove the verification theorem for the solution proposed. We derive the moment generating function of the optimal exercise time and also the elasticity of the option value with ...
Ashay Kadam   +2 more
openaire   +1 more source

Non-tradable goods and the border effect puzzle

Economic Modelling, 2010
Abstract The surprisingly high Canada–U.S. border effect estimated by McCallum has been puzzling trade economists in the last ten years. We argue in this paper that conventional estimates of the border effect without consideration of non-tradable goods can overstate the trade reducing effect of the national border and the impacts can be considerable.
Xiaoyun Liu, John Whalley, Xian Xin
openaire   +1 more source

VALUATION OF COMPOUND OPTION WHEN THE UNDERLYING ASSET IS NON-TRADABLE [PDF]

open access: possibleInternational Journal of Theoretical and Applied Finance, 2010
After Geske (1979), compound options — options on options — have been employed in many fields in which real options are applied. The formula for a compound option is convenient to use in real project investment, but it has one drawback — the assets that underlie the compound options are usually non-tradable.
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