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Risikoabschläge in der Substanzwertrechnung und Optionspreistheorie

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  • Hartmann-Wendels, Thomas

Abstract

Im Dezember 2003 hat der Bundesverband Deutscher Leasing-Unternehmen e.V. (BDL) einen Standard zur Substanzwertrechnung für das Mobilien-Leasing verabschiedet. Die Substanzwertrechnung soll zum einen Kapitalgeber dabei unterstützen, sich ein Bild von der wirtschaftlichen Lage der Leasing-Gesellschaft zu machen, zum anderen kann sie aber auch für interne Steuerungszwecke eingesetzt werden. Um die im Standard erfassten Ausfallrisiken von Leasingverträgen zu modellieren und zu bewerten, kann man auf die Optionspreistheorie als geeignetes theoretisches Instrument zurückgreifen.

Suggested Citation

  • Hartmann-Wendels, Thomas, 2005. "Risikoabschläge in der Substanzwertrechnung und Optionspreistheorie," Leasing - Wissenschaft & Praxis, Universität zu Köln, Forschungsinstitut für Leasing, vol. 3(1), pages 19-27.
    • Handle: RePEc:zbw:uoclwp:60283
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    References listed on IDEAS

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    1. McConnell, John J. & Schallheim, James S., 1983. "Valuation of asset leasing contracts," Journal of Financial Economics, Elsevier, vol. 12(2), pages 237-261, August.
    2. Merton, Robert C, 1974. "On the Pricing of Corporate Debt: The Risk Structure of Interest Rates," Journal of Finance, American Finance Association, vol. 29(2), pages 449-470, May.
    3. Black, Fischer & Cox, John C, 1976. "Valuing Corporate Securities: Some Effects of Bond Indenture Provisions," Journal of Finance, American Finance Association, vol. 31(2), pages 351-367, May.
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