不同的计量单位，相同的财务模式

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-09-27 DOI:10.1016/j.frl.2025.108532

Dmitry Makarov

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引用次数: 0

摘要

改变现有金融模型中数量的计量单位并相应地重新表达结果并不会产生具有新颖经济特性或含义的新模型。我们重新审视了Carr和Wu（2020）以及Carr和Wu（2023）中开发的定价模型，这些模型作为新框架提出。相比之下，我们表明，就潜在机制和定价含义而言，这些模型基本上等同于现有框架，不同之处在于它们如何衡量资产价值。我们概述了学者和从业者可能出现的几个不良后果，如果等效性被忽视。

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Different measurement unit, same finance model

Changing the measurement unit of a quantity in an existing finance model and re-expressing the results accordingly does not yield a new model with novel economic properties or implications. We reexamine the pricing models developed in Carr and Wu (2020) and Carr and Wu (2023), which are presented as new frameworks. In contrast, we show that these models are fundamentally equivalent to an existing framework in terms of the underlying mechanisms and pricing implications, differing only in how they measure asset value. We outline several undesirable consequences for academics and practitioners that may arise if the equivalence is overlooked.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance