Objective: A question that always arises for some practitioners and academicians is why stock prices in firms are not consistent with traditional discounted cash flow (DCF) models. Method: To this end, firms’ stock market prices should be analyzed on the basis of scientific principles. In addition, real options and their role in firms’ stock market value is an issue that has always been considered implicitly in practice and needs to be studied scientifically. Hence, this paper examines the relationship between a portion of the firm's stock market value that is due to real options and variables that are related to real options. Results: The results of the study, based on data from 140 industrial-productive firms during an 11-year period, indicates that in all three approaches, net income (NI), free cash flow to equity (FCFE) and free cash flow to firm (FCFF), a part of the firm’ s stock market value is on average due to real options.

In many transactions or contracts, the parties specify Waiver of right of termination due to the value of the goods (right or option of deception). The courts have disagreed about the scope and effects of this matter, as some have considered it related to the right of termination to any extent, Some other courts, by interpreting the will of the parties to the contract, limited the right of cancellation to the conventional and intended amount And by distinguishing it from too much, the claim of termination or rescission of the contract in case of realization of a large difference in value, even if the mentioned option of termination Waivered, has been considered to be heard and processed. The Supreme Court of Iran, in the position of resolving the dispute of the lower courts, without stating the relevant argument and in a short decision, relying on the interpretation of the will of the two parties to the contract and referring to some Jurisprudence, rejected Waver of the option of termination and the opinion of the third branch of the Supreme Court has been confirmed. In this article, with a legal review of the subject and relying on the opinions of Dr. Mohammad Jafar Jafari Langroudi, examined various opinions of the subject and criticized the decisions of the Supreme Court, and concluded that the distinction between high and excessive deception in price has no legal basis and it will cause problems in the transactions and will increase the number of lawsuits.

In this paper, we first present the pricing equation for American and European type of standard and power exchange options. Then we tested 501 price of gold and dollar from first day of Persian month Farvardin of year 1391 to the first day of Persian month Tir of year 1394, by using time series and ARCH, GARCH, MAR-ARCH, ARMA-GARCH, GJR-GARCH models in order to determines power of assets exchange to calculate value of power exchange option dollar on base of gold in near future.Finally, by comparing the mean square error of observation and conditional variance by considering AIC and BIC measures, we choose an appropriate model of above models. Also Christoffersen and Kupiec, as an appropriate model tests are used for forecasting and analysis the behavior of gold and dollar power option pricing.

Bankruptcy institution was removed from Iran's legal literature according to the Insolvency Law approved in 1313. The interpretation of the civil law articles in which the word bankruptcy is used is an undeniable necessity. Specifically, in Article 380 of the Civil Code, the status of the insolvency option and its interpretation were disputed. Sometimes the claim to abolish the insolvency option and the invalidity of Article 380 of the Civil Code has been emphasized, and sometimes the claim to the existence of an option under the title of insolvency option has been strengthened. The question that arises is what is the interpretation of Article 380 of the Civil Code in light of the jurisprudential and legal documents after elimination of bankruptcy institution from the applicable laws? In this article, with the analytical descriptive method and among the reliable jurisprudential sources, we have found that the documents of the insolvency option can be applied to the case of bankruptcy, Therefore, we considered the existence of the insolvency option valid in law and jurisprudence. Therefore, if there are conditions of insolvency option and when one of the parties becomes insolvent and it is one of the exceptions of debt, another institution can be considered as valid in addition to deferment and debt distribution under the title of bankruptcy option. The existence of jurisprudential fatwas regarding the existence of an option in the event of non-payment of the price due to the occurrence of a customer's bankruptcy is considered one of the important reasons for the option of bankruptcy. This discovery and the creation of an option under the title of bankruptcy option as a great achievement helps to solve many court cases related to the issue of bankruptcy