Option to Expand a Vacant Land Option  

作　　者：Sandile Dladla Nelisa Magwa Nokulunga Shangase 

机构地区：[1]WITS University,Johannesburg,South Africa

出　　处：《Journal of Modern Accounting and Auditing》2020年第11期503-513,共11页现代会计与审计（英文版）

摘　　要：Pricing options(calls and puts)in general is a complex issue,given the assumptions that one has to make and sometime markets are asymmetric.McKean-Samuelson(1965)is the first model that prices a perpetual American option on a vacant land.Years later,Black and Scholes(1973)create a formula to price a call option on corporate liabilities.In the context of real estate discipline,it seems that there is no formula that prices a call on commercial building,specifically office building on a vacant land.The contribution of this study is exactly responding to the latter statement.The results illustrate that the formula of a commercial building on a vacant land is simply two call options—similar to option straddle.

关 键 词：call on call commercial building option vacant land option 

分 类 号：F42[经济管理—产业经济]