REAL OPTIONS, INVESTMENT AND FINANCING DECISIONS, AND THE THEORY OF THE FlRM

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Ankara Üniversitesi SBF Dergisi
Volume:50 Issue:01
REAL OPTIONS, INVESTMENT AND FINANCING DECISIONS, AND THE THEORY OF THE FlRM

REAL OPTIONS, INVESTMENT AND FINANCING DECISIONS, AND THE THEORY OF THE FlRM

Pages : 145-154

View : 26 | Download : 17

Publication Date : 1995-01-01

Article Type : Research Paper

Abstract :Inthe agency theory of the firm, Jensen and Mackling (1976) defmes the corporatlons as legal fictions which serve as a nexus for a set of contraeting relationslıips among individuals. 1 The agency costs explanation of the theory of the fımı helps us ID understand better the nabJre of the relationships among owners, managers, debtbolders. employees, suppliers, costwners and the regulatory power. In another seminal paper, Black and Scholes (1973) provides a tey to the valuation of contingent claims which, like options, have payoffs that are contingellt on the future value of another asset
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