摘要: The paper examines a firm's cost of expropriation risk in framework that links it to the government's incentive expropriate. author develops pricing model for includes positions both government and firm. decision expropriate is modeled as an American-style call option. value insurance policy pays off all losses resulting from expropriation. determined by acting optimize its option identifies parameters link risk, shows how can be used capital budgeting decisions ongoing management risk.
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