| Autor: |
Kirill Ilinski |
| Jazyk: |
angličtina |
| Rok vydání: |
2022 |
| Předmět: |
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| Zdroj: |
Entropy, Vol 24, Iss 2, p 173 (2022) |
| Druh dokumentu: |
article |
| ISSN: |
1099-4300 |
| DOI: |
10.3390/e24020173 |
| Popis: |
In this short note we offer a novel quantitative approach to modeling of early stages of firm’s internalization, namely stages of accumulation of export readiness and their export debut. In particular, we introduce a new model of export readiness and offer an explicit way of how the export readiness can be accounted in the company share price. The model considers export readiness as a non-observable intangible asset that changes a firm’s asset dynamics. This, in the framework of an option-based debt-equity Merton model, affects both the equity and debt of the company. The approach also allows one to define the contribution of export readiness to equity price and to find a self-consistent quantitative solution to the problem of optimal export strategy and the corresponding optimal firm’s capital allocation. |
| Databáze: |
Directory of Open Access Journals |
| Externí odkaz: |
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