Equity as a call option on mean-reverting cash flows , Southampton, UK University of Southampton 20pp.
(Discussion Papers in Accounting and Management Science, 98-138).
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The purpose of this paper is to present an application of a cash flow-based Contingent Claims Analysis (CCA) to equity valuation. The cash flow-based Contingent Claims Analysis is used to extend a traditional CCA toproblems with incomplete capital markets, overreacted markets of situations where value of a firm can not be correctly by summing up all the firm's claims
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