Retail Leasehold Interests: A Contingent Claim Analysis
开发了一个或有债权模型来分析零售租赁合同，将租赁价值表示为销售期权的组合，并考察了租赁价值决定因素和均衡风险度量的影响。
This paper develops a contingent claim model to analyze certain aspects of retail leasehold contracts. The approach allows for the explicit consideration of risk without any ad hoc risk adjustment. Both “straight” leases and “percentage” leases are examined with the value of sales as the underlying asset. Each lease value is expressed as a combination of options on sales. The effects of the lease value's determinants and equilibrium risk measurements are also analyzed.