Stock Valuation of Internet Company based on Residual Income Option Model
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- Sato Kiyokazu
- Kanazawa University College of Human and Social Sciences
Bibliographic Information
- Other Title
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- 残余利益オプションモデルによるインターネット企業の株式評価
Description
Stocks are securities embedding two contingent clams consisted of residual assets and dividend distribution. These claims yield a future pay-off replicated as real option for stockholders. Accountability in corporate accounting represents the responsibility of reporting the useful information to evaluate these two clams. It follows that firms’ managers ultimately execute their accountabilities by reporting the real option value included in stocks. This paper indicates that some stock valuation models are derived by double account system supporting this execution of accountability. On that basis, we demonstrate the characteristics of these valuation models by illustrating internet business company faced a heightened risk. Superiority of residual income option model is inferred by Monte-Carlo simulation and sensitivity analysis.
Journal
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- Communications of the Japan Association of Real Options and Strategy
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Communications of the Japan Association of Real Options and Strategy 8 (3), 21-32, 2016
The Japan Association of Real Options and Strategy
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Details 詳細情報について
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- CRID
- 1390001205822515968
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- NII Article ID
- 130005767331
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- ISSN
- 21896585
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- Text Lang
- ja
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- Data Source
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- JaLC
- Crossref
- CiNii Articles
- KAKEN
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- Abstract License Flag
- Disallowed