- 1、本文档共6页,可阅读全部内容。
- 2、原创力文档(book118)网站文档一经付费(服务费),不意味着购买了该文档的版权,仅供个人/单位学习、研究之用,不得用于商业用途,未经授权,严禁复制、发行、汇编、翻译或者网络传播等,侵权必究。
- 3、本站所有内容均由合作方或网友上传,本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺!文档内容仅供研究参考,付费前请自行鉴别。如您付费,意味着您自己接受本站规则且自行承担风险,本站不退款、不进行额外附加服务;查看《如何避免下载的几个坑》。如果您已付费下载过本站文档,您可以点击 这里二次下载。
- 4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等,请点击“版权申诉”(推荐),也可以打举报电话:400-050-0827(电话支持时间:9:00-18:30)。
查看更多
外文翻译
原文
Optimal dividend policy and growth option
Material Source:Springer-Verlag 2006 Author:Jean-Paul Decamps·Stephane Villeneuve
Research on optimal dividend payouts for a cash constrained firm is based on the premise that the firm wants to pay some of its surplus to the shareholders as dividends and therefore follows a dividend policy that maximizes the expected present value of all payouts until bankruptcy. This approach has been used in particular to determine the market value of a firm which, in line with Modigliani and Miller [23], is defined as the present value of the sum of future dividends. In diffusion models, the optimal dividend policy can be determined as the solution of a singular stochastic control problem. In two influential papers, Jeanblanc and Shiryaev [18] and Radner and Shepp [26] assume that the firm exploits a technology defined by a cash generating process that follows a drifted Brownian motion. They show that the optimal dividend policy is characterized by a threshold so that whenever the cash reserve goes above this threshold, the excess is paid out as dividend.
Models that involve singular stochastic controls or mixed singular/regular stochastic controls are now widely used in mathematical finance. Recent contributions have for instance emphasized restrictions imposed by a regulatory agency [25], the interplay between dividend and risk policies [1, 3, 14], or the analysis of hedging and insurance decisions [27]. A new class of models that combine features of both regular stochastic control and optimal stopping has recently emerged. Two recent papers in this line are Miao and Wang [22], who study the interactions between investment and consumption under incomplete markets, and Hugonnier et al. [16], who focus on irreversible investment for a representative agent in a general equilibrium framework. From a mathematical viewpoint, the problem we are interested in is different and combines features of both sin
您可能关注的文档
- “天一阁”藏书史及其历史影响.doc
- 《“郭敬明现象”的市场分析》文献综述文献综述.doc
- 《关于读书频道对比研究——以腾讯、新浪读书频道为例的文献综述》.doc
- 《解读女友•LOOK的成功之道》文献综述.doc
- 《浅析时尚杂志发展现状及经营策略》文献综述.doc
- 电子书发展现状及其对策研究综述.doc
- 关于“80后”文学出版现象透视分析的文献综述.doc
- 关于“寺院藏书”课题的研究文献综述.doc
- 关于“云阅读”理念的交互式网络出版形态分析文献综述.doc
- 关于《Vista看天下》的经营模式分析文献综述.doc
- 第12课 我们小点儿声 课件 二年级道德与法治上册(部编版).ppt
- 11.2我从哪里来(教学课件)二年级道德与法治下册(统编版).ppt
- 第10课 我们不乱扔 课件 二年级道德与法治上册(部编版).ppt
- 1.3过好我们的课余生活 课件五年级道德与法治上册(部编版).ppt
- 第四单元《法律保护我们健康成长》大单元整体学程设计道德与法治六年级上册统编版.pdf
- 第十一课:多姿多彩的民间艺术(分层练习)四年级道法下册 部编版.pdf
- 第八课:大家的“朋友”(分层练习)三年级道法下册 部编版.pdf
- 第5课 我爱我们班 课件 二年级道德与法治上册(部编版).ppt
- 第二单元 我们是公民 大单元整体学程设计道德与法治六年级上册统编版.pdf
- 人教部编版二年级语文下册第五单元单元教学课件.ppt
文档评论(0)