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Revisiting corporate growth options in the presence of state-dependent cashflow risk

机译:在存在取决于国家的现金流风险的情况下重新审视企业增长选择

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摘要

Given a non-trivial market price of risk, we study the impact of state-dependent cashflow risk on the optimal investment policy and on the ensuing value of an unlevered firm that holds the option of scaling up cashflows from its assets in place upon incurring an irreversible cost. The firm's investment decision and value are studied as a function of the market price of risk and of the degree of state dependence in cashflow risk.
机译:鉴于风险的市场价格不平凡,我们研究了国家现金流量风险对最优投资政策以及无杠杆公司随后产生的价值的影响。不可逆转的成本。研究企业的投资决策和价值是风险的市场价格和现金流量风险中国家依赖程度的函数。

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