A real options model for the transferability value of telecommunications licenses

作者：Mastroeni Loretta; Naldi Maurizio^*

来源：Annales des Telecommunications, 2010, 65(3-4): 201-210.

DOI：10.1007/s12243-009-0134-x

• Licensing
• Regulation
• Auctions
• Telecommunications economics

Licenses for telecommunications services are awarded with a number of side obligations and commitments for the licensee. Under such obligations the licensee is typically not allowed to transfer its license to another operator. Such prohibition may cause heavy inconveniences for customers, so that its removal is strongly advocated and already a reality in many cases. Its removal adds value to the original license and may then constitute a valuable option (the transferability option). A method is here proposed to assess such value, by using the framework of real options. The method is applied in a variety of settings and shows that the value of the option depends superlinearly on the reselling price and the market volatility, and linearly or sub-linearly on the expiry time of the option.

• 出版日期2010-4