Abstracting and IndexingРИНЦReferativny Zhurnal VINITI RAS Worldcat Google Scholar Online availableEastvieweLIBRARY.RU Biblioclub |
Value of Russian banks before the 2008 crisis: bubble or real option?
Available online: 15 March 2014 Subject Heading: PAGES OF HISTORY JEL Classification: Pages: 48-58
Multipliers of the capital of the Russian banks at the turn of 2007-2008 were extremely high, suggesting that this is the exchange bubble. The paper reconstructs the possible rational reason of high cost connected with existence of a real option. The author uses two approaches: analysis of trees of decisions and binomial model. The analysis shows that from this option only some investors could receive benefit. Therefore, the hypothesis of a local bubble of bank actions remains. Keywords: real option, analysis, decision tree, flexibility valuation, DCF, bank, bubble, rationality References:
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ISSN 2311-8768 (Online)
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