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Park, Hun Y. Cheong, M.K. 2011-05-07T12:06:52Z 2011-05-07T12:06:52Z 10000-01-01 1990 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 AAI9114199 (UMI)AAI9114199 http://hdl.handle.net/2142/19416 eng Copyright 1990 Cheong, Mun Kyung Economics, Finance A theoretical and empirical investigation of prime and score: An application of two-state option pricing model text Finance Finance University of Illinois at Urbana-Champaign Dissertation Ph.D.