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  • 1
    Electronic Resource
    Electronic Resource
    Springer
    OR spectrum 16 (1994), S. 67-75 
    ISSN: 1436-6304
    Keywords: Unternehmenskontrolle ; Aktienoptionen ; Übernahme ; Corporate control ; stock options ; take-over
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Description / Table of Contents: Abstract Stock options serve to reduce the risk of share price volatility. A fair price for a stock option is in general computed on the basis of the Black-Scholes-formula. Stock options can also be used as instruments on the market for corporate control. In this case the prices and other conditions for stock options may vary considerably from those that are typical of stock options as financial instruments. The paper answers the question whether the conditions for such options can be considered to be fair in the sense that chances and risks are allocated evenly between the parties involved. This is a legal requirement of using stock options in a friendly take-over when voting rights of the acquired company are restricted. An actual case serves as the background for this paper.
    Notes: Zusammenfassung Aktienoptionen waren Finanzinnovationen, die dem Investor helfen sollen, das Kursrisiko zu vermindern. Der faire Preis für die Option, die Höhe der Risikoprämie, wird mit der Black-Scholes-Formel berechnet. Aktienoptionen sind aber auch Instrumente auf dem Markt für Unternehmenskontrolle. In diesem Falle sind die Konditionen im allgemeinen nicht identisch mit Optionen als Kurssicherungsinstrumenten. Der Aufsatz behandelt die Frage, ob die Konditionen derartiger Optionen „fair“ im Sinne des traditionellen Verständnisses sind. Dem Beitrag liegt ein konkreter Fall zugrunde.
    Type of Medium: Electronic Resource
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