| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w7622 |
| 来源ID | Working Paper 7622 |
| Pricing Upward-Only Adjusting Leases | |
| Brent W. Ambrose; Patric H. Hendershott; Malgorzata M. Klosek | |
| 发表日期 | 2000-03-01 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | This paper presents a stochastic pricing model of a unique, path-dependent lease instrument common in the United Kingdom and numerous commonwealth countries, the upward-only adjusting lease. In this lease, the rental rate is fixed at lease commencement but will be reset to the market rate at predetermined intervals (usually every five years) if it exceeds the contract rent. Numerical results indicate how the initial coupon rate should be set relative to that on a symmetric up-and-downward adjusting variable rate' lease under various economic conditions (level of real interest rates and expected drift and volatility of the underlying rental service flow). We also consider the calculation of effective rents when free rent periods are given during either a market collapse or a steady-state drift. |
| 主题 | Regional and Urban Economics ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w7622 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/565173 |
| 推荐引用方式 GB/T 7714 | Brent W. Ambrose,Patric H. Hendershott,Malgorzata M. Klosek. Pricing Upward-Only Adjusting Leases. 2000. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w7622.pdf（222KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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