Der Optionscharakter von Bezugsrechten

Klaus Röder () and Gregor Dorfleitner ()
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Klaus Röder: Westfälische Wilhelms-Universität Münster
Gregor Dorfleitner: Universität Augsburg

Schmalenbach Journal of Business Research, 2002, vol. 54, issue 5, 460-477

Abstract: Summary The analysis of stock purchase rights, or shortly rights, has a long tradition in Germany. In most cases the call option character of rights is neglected. This paper considers the valuation of rights based on option pricing theory. A formula is derived which can be implemented in conventional financial software packages. A further part of the paper deals with the empirical analysis of rights pricing as observed in real markets and identifies factors with an influence on this pricing.

Date: 2002
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DOI: 10.1007/BF03376988

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