Serie Documentos de Trabajo, Universidad del CEMA: Área: economía y finanzas 210
Property in financial options (derivatives) is stated and transferred through contracts, while in real options property may arise from assets under the management of the firm, without a formal contract properly defining property. Furthermore, in some situations the asset can be public, and its property shared among different agents or firms. The present paper intends to work on the mechanisms of appropriation (and hence transferability) of real options exploring the assets that give rise to them, and proposing the concept of indirect property of complementary assets. The meaning of property is explored, and also the dynamic of change between public and private assets. Finally, we develop on the features that define real options stemming from the indirect property of complementary assets.
real options property rights intangible assets indirect property