NDLI: The game analyses to price the target enterprise of M&A based on the perspective of real option

Content Provider	IEEE Xplore Digital Library
Author	Bin Xu Jing Yu
Copyright Year	2010
Description	Author affiliation: School of Accountancy, Central University of Finance & Economics, Beijing, China (Bin Xu) \|\| Research Center on Fictitious Economy & Data Science, University of Graduate, Chinese Academy of Science, Beijing, China (Jing Yu)
Abstract	The NPV approach to price the target enterprise of M&A has already been replaced by some contemporary perspectives such as real option perspective and game perspective, etc. In this paper, the dynamic analyses to price the target enterprise of M&A will be developed under stochastic surroundings, and the equilibrium price formula will be proposed by applying the famous offer-counteroffer Rubinstein theorem which will be improved to be fit for the stochastic surroundings. The price formula will further be discussed on condition that the operating cost is less than profit flow which is assumed to follow geometric Brownian motion process. In last the simulations will show how well the proposed formulas reflect the reality.
Starting Page	729
Ending Page	733
File Size	120842
Page Count	5
File Format	PDF
ISBN	9781424455850
e-ISBN	9781424455867
DOI	10.1109/ICCAE.2010.5451752
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2010-02-26
Publisher Place	Singapore
Access Restriction	Subscribed
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	game analyses Fluctuations Costs Corporate acquisitions Stochastic processes Finance Pricing decision analysis M&A real option perspective Portfolios asset pricing
Content Type	Text
Resource Type	Article

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