[商管] [財管]-91逢甲-財金所

[yaevna (yaevna)]

When a firm in financial distree accepts very risky projects, the

stockholders benefit at the expense of the bondholders. In terms of option

theory, the gain to the stockholders occurs because:

A. the stock is a put option on the firm's assets, and risky projects
   decrease the exercise price of the option.

B. the stock is a put option on the firm's assets, and risky projects
   increase the exercise price of the option.

C. the stock is a call option on the firm's assets, and risky projects
   decrease the volatility of those assets.

D. the stock is a call option on the firm's assets, and risky projects
   decrease the exercise price of the option.

E. the stock is a call option on the firm's assets, and risky projects
   increase the volatility of those assets.

Ans:E

請問B和D為什麼不對呢？！

感謝～～


--
    ◣◢     ◣◢     ◣◢  ?  ◣◢ …………   ◣◢     ◣◢  ╯╰      ◣◢
  ◢──◣ ◢──◣ ◢──◣ ◢──◣        ◢──◣ ◢──◣╮╭    ◢──◣
  ◥    ◤ ◥    ◤ ◥    ◤ ◥   ◤         ◥////◤ ◥    ◤        ◥    ◤
   ～  ～    ﹀ \    ＜  \     /  / 督嚕督    ＜  ＞     ﹀﹀╯│  │   V  V
                                    大大大！    ▼             ┴─┴      
    /＜      ＜\       ∥       ∥  ψQSWEET  ＜  ＞    ＞＞             ∥

--
※ 發信站: 批踢踢實業坊(ptt.cc) 
◆ From: 220.228.251.160
推 staytuned74:我覺得履約價是固定,risky projects只會增加波動性
→ staytuned74:因為股東花費債權人的錢是固定的
推 tyshowman:履約價是負債本金+利息 而且B跟D 股東都是被傷害者
→ tyshowman:跟題意就不一樣了  為什麼會對呢?
→ tyshowman:喔  不對.我看反了= =  不過應該還是說履約價不會變動