id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
fsr-3735	Hamill, James R.; Sternberg , Joel S.	Tax Savings Opportunities in Estate Freeze Transactions: An Application of the Black Scholes Model	1995	14	.pdf	application/pdf	6461	263	58	For the 10% dividend case (Figure l), at first the variance has the stronger effect, leading to increasing option values, As time passes, the negative effect of the dividend payout increases in importance, leading to a steady decrease in the value of the option towards zero. Since the option value is only part of the total value of the junior interest, an OPM value in excess of tax law value would suggest that the true value may be substantially understated by the tax law.	cache/fsr-3735.pdf	txt/fsr-3735.txt