作者yaevna (yaevna)
看板Grad-ProbAsk
标题[商管] [财管]-91逢甲-财金所
时间Thu Aug 20 01:52:19 2009
When a firm in financial distree accepts very risky projects, the
stockholders benefit at the expense of the bondholders. In terms of option
theory, the gain to the stockholders occurs because:
A. the stock is a put option on the firm's assets, and risky projects
decrease the exercise price of the option.
B. the stock is a put option on the firm's assets, and risky projects
increase the exercise price of the option.
C. the stock is a call option on the firm's assets, and risky projects
decrease the volatility of those assets.
D. the stock is a call option on the firm's assets, and risky projects
decrease the exercise price of the option.
E. the stock is a call option on the firm's assets, and risky projects
increase the volatility of those assets.
Ans:E
请问B和D为什麽不对呢？！
感谢～～
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1F：推 staytuned74:我觉得履约价是固定,risky projects只会增加波动性 08/21 18:56
2F：→ staytuned74:因为股东花费债权人的钱是固定的 08/21 18:57
3F：推 tyshowman:履约价是负债本金+利息 而且B跟D 股东都是被伤害者 08/22 00:20
4F：→ tyshowman:跟题意就不一样了 为什麽会对呢? 08/22 00:20
5F：→ tyshowman:喔 不对.我看反了= = 不过应该还是说履约价不会变动 08/22 02:37