Option Pricing-Based Bond Value Estimates and a Fundamental Components Approach to Account for Corporate Debt.
检验了基于期权定价的债券及其组成部分（如转换、赎回、回售和偿债基金特征）价值估计的相关性和可靠性。发现组成部分价值估计占债券面值很大比例，且采用基本组成部分法核算公司债务会导致关键财务报表金额与现行确认金额显著不同。
Abstract This study provides evidence on the relevance and reliability of option pricing-based value estimates for bonds and their components, i.e., conversion, call, put and sinking fund features. Findings reveal component value estimates represent large fractions of bond par value, and a fundamental components approach to account for corporate debt results in key financial statement amounts significantly different from those presently recognized. Component value estimates and financial statement amounts vary significantly with component estimation order. Thus, bond value estimates potentially meet the FASE3's relevance criterion. However, estimate variation across component estimation orders and comparisons of estimates to available benchmarks indicate bond value estimates lack reliability.