An Option‐Theoretic Approach to the Valuation of Dividend Reinvestment and Voluntary Purchase Plans
用理论和数值方法分析股息再投资计划中自愿购买期权的价值，帮助理解股东在股价高于均价时投资额外股份的选择权。
ABSTRACT Many firms with dividend reinvestment plans also allow their shareholders to voluntarily invest supplemental funds to purchase additional shares. The purchase price for newly‐issued shares often is determined by the average stock price over a prespecified time period preceding the investment date. This gives the firm's shareholders an option to invest in additional shares only when the stock price exceeds the computed average. This paper uses both theoretical and numerical methods to analyze the value of these voluntary purchase options in theory and practice.