ESTIMAREA VALORII JUSTE A INSTRUMENTELOR DE CAPITAL
              ACORDATE ÎN CADRUL TRANZACŢIILOR
                 CU PLATA PE BAZĂ DE ACŢIUNI /
        ESTIMATION OF FAIR VALUE OF EQUITY INSTRUMENTS
         GRANTED IN SHARE-BASED PAYMENT TRANSACTIONS

Asist. univ. drd. Curpăn Alina Mihaela - A.S.E., Bucureşti, e-mail: curpan_alina@yahoo.com

Abstract:
Determining the fair value of equity instruments granted in share-based payment transactions is very
difficult because it takes into account many variables: the exercise price of the option, the life of the option,
the current price of the underlying shares, the expected volatility of the share price, the dividends expected
on the shares and the risk-free interest rate for the life of the option. These are depending on other factors,
which make the process of determining the fair value too hard. The paper proposes to present these factors
minutely and try to give an advice for the company, which must establish the fair value of the option.

Keywords: fair value, equity instruments, option, dividend

JEL codes: G32, G10