Abstract

MILANESI, Gastón Silverio. The financial leasing and real options valuation. Contad. Adm [online]. 2016, vol.61, n.2, pp.353-373. ISSN 0186-1042.  https://doi.org/10.1016/j.cya.2015.11.010.

The paper studies different simples and complex real options contained in the leasing contracts, below a methodology that combines the equivalent loan method (ELM) and real options. First is showed formally the ELM and the binomial model for valuing the agreement's options. Next is analyzed the leasing's options terminal value classified in: (i) simple: buy, anticipated cancel, renew and exclusive renew-buy, and (ii) compound: venture; percentage; and with deferred payment. Over a basis case are values the options combining the binomial model and the ELM, estimating expanded value and option value over contract. Finally is showing the main conclusions.

Keywords : Leasing; Simple options; Compound options; Expanded value.

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