{"id":{"repo_id":"uiuc","oai_identifier":"oai:www.ideals.illinois.edu:2142/19416"},"canonical_url":"https://search.dev.ndltd.org/etd/uiuc/oai:www.ideals.illinois.edu:2142/19416","repository":{"repo_id":"uiuc","name":"University of Illinois - Urbana-Champaign","base_url":"https://www.ideals.illinois.edu/oai-pmh"},"display":{"title":"A theoretical and empirical investigation of prime and score: An application of two-state option pricing model","abstract":"Primes and scores are the unbundled stock units which are created by Americus Trusts in 1983. These primes and scores enable shareholders to separate the potential capital appreciation above a stipulated dollar amount from the rights to receive dividends and all other attributes of share ownership. Value additivity theorem suggests that the sum of prime prices and score prices is equal to the stock prices or is less than the stock prices, if any management fee. Primes and scores show the premiums over stock prices consistantly over time, which is inconsistent with the predictions of value additivity theorem. Transaction cost saving hypothesis cannot explain the behaviors of premiums in primes and scores. As an alternative explanation, market incompleteness hypothesis is derived and tested. The empirical results support the market incompleteness hypothesis.","abstract_html":"Primes and scores are the unbundled stock units which are created by Americus Trusts in 1983. These primes and scores enable shareholders to separate the potential capital appreciation above a stipulated dollar amount from the rights to receive dividends and all other attributes of share ownership. Value additivity theorem suggests that the sum of prime prices and score prices is equal to the stock prices or is less than the stock prices, if any management fee. Primes and scores show the premiums over stock prices consistantly over time, which is inconsistent with the predictions of value additivity theorem. Transaction cost saving hypothesis cannot explain the behaviors of premiums in primes and scores. As an alternative explanation, market incompleteness hypothesis is derived and tested. The empirical results support the market incompleteness hypothesis.","abstract_has_math":false,"creators":["Cheong, M.K."],"institution":"University of Illinois at Urbana-Champaign","degree_name":"Ph.D.","degree_level":"Dissertation","degree_discipline":"Finance","degree_department":null,"school":null,"contributors":["Park, Hun Y."],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2011,"date_issued":"2011-05-07T12:06:52Z","date_published":"2011-05-07T12:06:52Z","updated_at":"2026-07-22T22:25:12Z","subjects":["Economics, Finance"],"languages":["eng"],"rights":["Copyright 1990 Cheong, Mun Kyung"],"rights_urls":[],"identifier_entries":[{"key":"dc:identifier","label":"Identifier","values":["AAI9114199","(UMI)AAI9114199"],"render_values":[{"text":"AAI9114199","href":null,"code":true},{"text":"(UMI)AAI9114199","href":null,"code":true}]}]},"links":{"outbound_url":"http://hdl.handle.net/2142/19416","outbound_label":"Handle","outbound_source":"dc:identifier"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor","label":"Contributor","values":["Park, Hun Y."]},{"key":"dc:creator","label":"Author","values":["Cheong, M.K."]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date","label":"Dc Date","values":["2011-05-07T12:06:52Z","10000-01-01","1990"]},{"key":"dc:type","label":"Dc Type","values":["text"]},{"key":"thesis:degree_discipline","label":"Discipline","values":["Finance"]},{"key":"thesis:degree_level","label":"Degree Level","values":["Dissertation"]},{"key":"thesis:degree_name","label":"Degree Name","values":["Ph.D."]},{"key":"thesis:institution_name","label":"Thesis Institution Name","values":["University of Illinois at Urbana-Champaign"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["Economics, Finance"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language","label":"Dc Language","values":["eng"]},{"key":"dc:rights","label":"Dc Rights","values":["Copyright 1990 Cheong, Mun Kyung"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier","label":"Identifier","values":["AAI9114199","(UMI)AAI9114199","http://hdl.handle.net/2142/19416"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description","label":"Description","values":["Primes and scores are the unbundled stock units which are created by Americus Trusts in 1983. These primes and scores enable shareholders to separate the potential capital appreciation above a stipulated dollar amount from the rights to receive dividends and all other attributes of share ownership. Value additivity theorem suggests that the sum of prime prices and score prices is equal to the stock prices or is less than the stock prices, if any management fee. Primes and scores show the premiums over stock prices consistantly over time, which is inconsistent with the predictions of value additivity theorem. Transaction cost saving hypothesis cannot explain the behaviors of premiums in primes and scores. As an alternative explanation, market incompleteness hypothesis is derived and tested. The empirical results support the market incompleteness hypothesis.","Made available in DSpace on 2011-05-07T12:06:52Z (GMT). No. of bitstreams: 2 license.txt: 4922 bytes, checksum: 910b249b4beec47e7ab768910c8f966f (MD5) 9114199.pdf: 3810191 bytes, checksum: 0aa34278d2374328d8278554363cb04e (MD5) Previous issue date: 1990","Item marked as restricted to the 'UIUC Users [automated]' Group (id=2) by Howard Ding (hding2@illinois.edu) on 2011-05-07T14:36:48Z Item is restricted indefinitely.","Restriction data tranferred 2014-07-01T11:14:58-05:00 Original Data Group with Access UIUC Users [automated] Release Date: none Reason: ETDs are only available to UIUC Users without author permission","ETDs are only available to UIUC Users without author permission","U of I Only"]},{"key":"dc:title","label":"Title","values":["A theoretical and empirical investigation of prime and score: An application of two-state option pricing model"]}]}],"canonical_facts":{"dc:contributor":["Park, Hun Y."],"dc:creator":["Cheong, M.K."],"dc:date":["2011-05-07T12:06:52Z","10000-01-01","1990"],"dc:description":["Primes and scores are the unbundled stock units which are created by Americus Trusts in 1983. These primes and scores enable shareholders to separate the potential capital appreciation above a stipulated dollar amount from the rights to receive dividends and all other attributes of share ownership. Value additivity theorem suggests that the sum of prime prices and score prices is equal to the stock prices or is less than the stock prices, if any management fee. Primes and scores show the premiums over stock prices consistantly over time, which is inconsistent with the predictions of value additivity theorem. Transaction cost saving hypothesis cannot explain the behaviors of premiums in primes and scores. As an alternative explanation, market incompleteness hypothesis is derived and tested. The empirical results support the market incompleteness hypothesis.","Made available in DSpace on 2011-05-07T12:06:52Z (GMT). No. of bitstreams: 2 license.txt: 4922 bytes, checksum: 910b249b4beec47e7ab768910c8f966f (MD5) 9114199.pdf: 3810191 bytes, checksum: 0aa34278d2374328d8278554363cb04e (MD5) Previous issue date: 1990","Item marked as restricted to the 'UIUC Users [automated]' Group (id=2) by Howard Ding (hding2@illinois.edu) on 2011-05-07T14:36:48Z Item is restricted indefinitely.","Restriction data tranferred 2014-07-01T11:14:58-05:00 Original Data Group with Access UIUC Users [automated] Release Date: none Reason: ETDs are only available to UIUC Users without author permission","ETDs are only available to UIUC Users without author permission","U of I Only"],"dc:identifier":["AAI9114199","(UMI)AAI9114199","http://hdl.handle.net/2142/19416"],"dc:language":["eng"],"dc:rights":["Copyright 1990 Cheong, Mun Kyung"],"dc:subject":["Economics, Finance"],"dc:title":["A theoretical and empirical investigation of prime and score: An application of two-state option pricing model"],"dc:type":["text"],"thesis:degree_discipline":["Finance"],"thesis:degree_level":["Dissertation"],"thesis:degree_name":["Ph.D."],"thesis:institution_name":["University of Illinois at Urbana-Champaign"]},"updated_at":"2026-07-22T22:25:12Z"}