交易对手
付款
精算学
公允价值
业务
信用风险
价值(数学)
并购
期权估价
相关性(法律)
看涨期权
经济
金融经济学
会计
财务
计算机科学
机器学习
法学
政治学
作者
Anna Battauz,Stefano Gatti,Annalisa Prencipe,Luca Viarengo
摘要
Abstract Earnout agreements link part of the payment for an acquired company to its future performance. Despite their option‐like features, they cannot be valued using vanilla option‐pricing methods. Two peculiar sources of risk affect these contracts: Bidder default before the earnout expiration (default risk) and potential litigation associated with earnouts (litigation risk). We developed an option‐pricing model that encompasses these sources of risk, showing that counterparty and litigation risk can have a remarkable impact on earnout values. Our model's relevance is further enhanced by recent accounting standards that require contingent payments to be valued at fair value.
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