Retail Leasehold Interests: A Contingent Claim Analysis

Raymond Chiang, Tsong‐Yue Lai and David Ling ()

Real Estate Economics, 1986, vol. 14, issue 2, 216-229

Abstract: This paper develops a contingent claim model to analyze certain aspects of retail leasehold contracts. The approach allows for the explicit consideration of risk without any ad hoc risk adjustment. Both “straight” leases and “percentage” leases are examined with the value of sales as the underlying asset. Each lease value is expressed as a combination of options on sales. The effects of the lease value's determinants and equilibrium risk measurements are also analyzed.

Date: 1986
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