@inproceedings{3b5b4f3f210f418ba7f3dd400aae6368,
title = "Indexed option based valuation of private benefits of control",
abstract = "The benefits of control, also called voting right are treated as protective put options against the hired CEO's capability for the first time. The indexed option pricing model is used to estimate this value. However, the results show that the value of voting right is decreasing with the incumbent CEO's capability. Although the growth rate of the average capability of the professional manager market is exogenous, the value of the voting right is raising as the growth rate increases. This result can be used to as a reference of the determination of the premium price in corporate control market.",
keywords = "Private benefits of control, Put option, Voting right",
author = "Zhebing Wang and Liyan Han",
year = "2009",
doi = "10.1109/ICISE.2009.675",
language = "英语",
isbn = "9780769538877",
series = "2009 1st International Conference on Information Science and Engineering, ICISE 2009",
pages = "4907--4910",
booktitle = "2009 1st International Conference on Information Science and Engineering, ICISE 2009",
note = "1st International Conference on Information Science and Engineering, ICISE2009 ; Conference date: 26-12-2009 Through 28-12-2009",
}