Empirical Testing of Real Option-Pricing Models

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American Finance Association Empirical Testing of Real Option-Pricing Models Author(s):

This research is the first to examine the empirical predictions of a real option-pricing model using a large sample of market prices. We find empirical support for a model that incorporates the option to wait to develop land. The option model has explanatory power for predicting transactions prices over and above the intrinsic value. Market prices reflect a premium for the option to wait to inv...

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ژورنال

عنوان ژورنال: The Journal of Finance

سال: 1993

ISSN: 0022-1082

DOI: 10.1111/j.1540-6261.1993.tb04730.x