- •Quigg l. (1993) Empirical Testing of Real Option-Pricing Models.1
- •Yao h. (2006) Empirical Testing of Real Options in the Hong Kong Residential Real Estate Market2
- •Schwartz e., Torous w. (2007) Commercial Office Space: Testing the Implications of Real Options Models with Competitive Interactions3
- •Rozenbaum s., Brandro l.E.T. Brandгo, Rebello a., Fortunato g., (2008) Option value in presale of real estate property4
- •Bulan l., Mayer c., Somerville c.T. (2009) Irreversible investment, real options and competition: Evidence from real estate development5
- •Yao h. (2006) Empirical Testing of Real Options in the Hong Kong Residential Real Estate Market
- •Schwartz e., Torous w. (2007) Commercial Office Space: Testing the Implications of Real Options Models with Competitive Interactions
- •Rozenbaum s., Brandro l.E.T. Brandгo, Rebello a., Fortunato g., (2008) Option value in presale of real estate property
- •Bulan l., Mayer c., Somerville c.T. (2009) Irreversible investment, real options and competition: Evidence from real estate development
- •Quigg l. (1993) Empirical Testing of Real Option-Pricing Models.
- •Yao h. (2006) Empirical Testing of Real Options in the Hong Kong Residential Real Estate Market
- •Schwartz e., Torous w. (2007) Commercial Office Space: Testing the Implications of Real Options Models with Competitive Interactions
- •Rozenbaum s., Brandro l.E.T. Brandгo, Rebello a., Fortunato g., (2008) Option value in presale of real estate property
- •Bulan l., Mayer c., Somerville c.T. (2009) Irreversible investment, real options and competition: Evidence from real estate development
- •Quigg l. (1993) Empirical Testing of Real Option-Pricing Models.
- •Yao h. (2006) Empirical Testing of Real Options in the Hong Kong Residential Real Estate Market
- •Schwartz e., Torous w. (2007) Commercial Office Space: Testing the Implications of Real Options Models with Competitive Interactions
- •Rozenbaum s., Brandro l.E.T. Brandгo, Rebello a., Fortunato g., (2008) Option value in presale of real estate property
- •Bulan l., Mayer c., Somerville c.T. (2009) Irreversible investment, real options and competition: Evidence from real estate development
- •Список литературы
Bulan l., Mayer c., Somerville c.T. (2009) Irreversible investment, real options and competition: Evidence from real estate development
Полученные результаты показали, что строители откладывают строительство тогда, когда высок идиосинкратический риск и подверженность рыночному риску велика. Конкуренция значительно сокращает чувствительность вероятности исполнения опциона к волатильности. Снижение стоимости инвестиционного проекта из-за наличия конкурентов создает стимулы инвестировать раньше, то есть компании на конкурентном рынке не могут откладывать решение о строительстве так долго, как монополисты, что в целом согласуется с моделью реальных опционов. Таким образом, делается вывод о том, что модель реальных опционов может быть применима к рынку недвижимости, поскольку ее предположения согласуются с наблюдаемыми на рынке эффектами.
Список литературы
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Bulan L., Mayer C., Sommerville C.T. Irreversible investment, real options and competition: Evidence from real estate development // Journal of Urban Economics, 2009, vol.65, pp.237-251
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Quigg L., Empirical testing of real option-pricing model // Journal of finance, vol. XLVIII, June 1993.
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Rozenbaum S., Brandro L.E.T., Rebello A., Fortunato G. Option value in presale of real estate property // Working paper, 2008
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Schwartz E.S., Torous W.N. Commercial Office Space: Testing the Implications of Real Options Models with Competitive Interactions // Real Estate Economics, 2007, vol. 351, pp. 1–20
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Yao H. «Empirical Testing of Real Options in the Hong Kong Residential Real Estate Market» // Department of Real Estate and Construction. Working paper, 2006
1Quigg L., 1993,Empirical testing of real option-pricing model, the journal of finance, vol. XLVIII, No. 2, june 1993.
2 Yao H. «Empirical Testing of Real Options in the Hong Kong Residential Real Estate Market», Department of Real Estate and Construction, 2006
3 Schwartz, Eduardo S., Torous, Walter N. “Commercial Office Space: Testing the Implications of Real Options Models with Competitive Interactions” Real Estate Economics (2007) V 35 1: pp. 1–20
4 Rozenbaum S., Brandro L.E.T. Brandгo, Rebello A., Fortunato G., (2008) Option value in presale of real estate property // Working paper
5 Bulan L., Mayer C., Sommerville C.T. Irreversible investment, real options and competition: Evidence from real estate development