Download or read book Essays on Real Options written by Felipe Luis Aguerrevere and published by . This book was released on 2000 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays in the Theory of Real Options and Strategic Investment written by Stefanos Zarkos and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Two Essays on the Domain Translation from Financial Options to Real Options written by Hongyan Chen and published by . This book was released on 2012 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Real options (ROs) extend the financial option pricing theory to the valuation of real asset investment and managerial flexibility under uncertainty. However, differences between financial and non-financial rnarkets, and the cornplex real world environment of applications, build obstacles for the domain translation from financial options to ROs. This dissertation is motivated by the challenges of domain translation and developed in two essays. The first essay studies the incentive function of ROs (named the RO incentive). The essay develops an option-game framework to model the RO incentive, examines the change of investment behavior caused by the RO incentive, and values the collaboration improvement. A general framework for designing RO incentives is also developed in the essay for different forms of public-private partnerships (PPPs). The second essay focuses on dynamic capacity expansions, a representative RO application, and analyzes important factors of RO practices for the problem. These include economies of scale, capacity expansion mode, opportunity cost of waiting, terminal value of expansions, and capacity cap. Theoretical insights are obtained through the analysis, which are able to efficiently support the dynamic expansion decisions and explain observations from the numerical solution. The work of this dissertation has reduced the gap between the option theory and RO practices. It also has built a scientific foundation for exploring advanced RO problems such as the incentive design for multiple (more than two) agents and dynamic capacity planning with resource constraints during a mission"--Abstract Leaf iii.
Download or read book Essays on Real Options and Strategic Investment written by Y. Hsu and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays in Real Options written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Real options refer to the investment, entry, exit and other strategic decisions of the firm that share three important characteristics: they are irreversible, they are made under uncertainty, and their timing is chosen by the firm. The term `real options' was introduced in 1977 by Stewart Myers in his paper `Determinants of corporate borrowing' that related risky debt holdings to the future investment policy of the firm. The literature on real options has since been active and growing with seminal works by Brennan and Schwartz (1985) on the valuation and optimal timing of the natural resource investments; McDonald and Siegel (1986) on general approach to investment timing and scrapping; Margrabe (1978) on the asset exchange options; Fudenberg and Tirole (1985) on the preemption and equilibrium in the technology adoption games; Pindyck (1988) on capacity choice, and Kulatilaka and Perotti (1998) on strategic growth options under imperfect competition. In the 1990's and 2000's, a number of classical textbooks in real options appeared in print: Dixit and Pindyck (1994), Trigeorgis (1996), Amram and Kulatilaka (1998), and Vollert (2003). In its development the real options literature combines the option pricing framework introduced in Black and Scholes (1973) and Merton (1973) with the research in the specific fields of economics and finance such as capital budgeting and investment policy, corporate debt and agency problems, mergers & acquisitions or game theory. The present work illustrates the application of the real options approach to three economic areas: strategic competition, mergers & acquisitions and international trade. The first chapter discusses the optimal timing of the technology adoption, entry and merger decisions in the industry producing a vertically differentiated product. I solve the model for the monopoly, duopoly and merger (which is equivalent to a monopoly with two products) and outline the equilibrium strategies of the Incumbent and the Entrant.
Download or read book Real Options Theory written by Jeffrey J. Reuer and published by Emerald Group Publishing. This book was released on 2007-07-05 with total page 520 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the ways in which real options theory can contribute to strategic management. This volume offers conceptual pieces that trace out pathways for the theory to move forward and presents research on the implications of real options for strategic investment, organization, and firm performance.
Download or read book Essays in Real Options and Financial Instability written by Georg Siegert and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Selected Essays of John H Dunning written by John H. Dunning and published by Edward Elgar Publishing. This book was released on 2002-01-01 with total page 546 pages. Available in PDF, EPUB and Kindle. Book excerpt: These volumes should be required reading for anyone with an interest in international business and globalisation. They add immeasurably to our understanding. Mira Wilkins, Business History Dunning is one of the most prominent researchers and thinkers in the IB field. In these books, he has set out his most celebrated writings and has provided us relatively easy access to widely scattered references in the literature. Rajat Kathuria, Global Business Review The modern academic study of the multinational enterprise started with John Dunning s pioneering study of American Investment in British Manufacturing Industry in 1958. In the early 1970s he began to publish an influential and authoritative stream of papers integrating theoretical and empirical analysis of the multinational enterprise. This fascinating volume charts the evolution of John Dunning s thinking, highlighting his attempts to develop a richer, more dynamic and historical framework for the analysis of the multinational enterprise. It makes compelling reading, and offers unique insights into the intellectual development of his well-known eclectic paradigm of international production. Mark Casson, University of Reading, UK This volume contains a selection of John Dunning s best known and highly acclaimed writings on the theory of international business activity. Spanning more than three decades, the 16 contributions trace the evolution of his thoughts and ideas as an economist, from his first article on the determinants of international production, published in 1973, to his most recent essay on relational assets, networks and global business activity, completed in 2002. Theories and Paradigms of International Business Activity gives particular prominence to the author s much renowned eclectic paradigm, which he first promulgated at a Nobel Symposium on the international allocation of economic activity in 1976. Since then, the author has written over 60 articles, pamphlets and chapters in books which have extended, refined and updated his theorizing on the interface between trade, FDI and MNE activity, in the light of the changing characteristics of the world economy and advances in international business scholarship. This, the first of two volumes of John Dunning s work, is essential reading for all students, scholars and researchers with a special interest in the reasons behind the explosive growth in post-war FDI and the globalization of business activity.
Download or read book Essays on Real Options written by Pascal Botteron and published by . This book was released on 1999 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Real Options and Investment Under Uncertainty written by Eduardo S. Schwartz and published by MIT Press. This book was released on 2004 with total page 890 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study of investment under uncertainty was stagnant for several decades until developments in real options revitalized the field. The topics covered in this book include the reasons behind the under-investment programme.
Download or read book Real Options in Practice written by Marion A. Brach and published by John Wiley & Sons. This book was released on 2003-04-07 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explores real option theory applied in practice Real options are quickly becoming the valuation and decision-making method of choice for many companies, including oil and gas companies, utilities and natural resource companies, pharmaceutical and biotech companies, Internet companies, and many others. Real Options in Practice allows readers to view the world of real options from the vantage point of a corporate practitioner applying real option valuation techniques on a regular basis. Expert Marion Brach describes the challenges of implementing a real option framework in practice within a corporate setting. Touching on the real options most firms care about, Real Options in Practice identifies the classic types of real options-deferral, abandonment, switching, expansion, and compound-and explores the main concepts critical to understanding real option theory. Through Brach's own three-step real option valuation method readers will learn how the theory of real options is now being applied to drive better, more profitable corporate decision-making. Marion A. Brach, MD, MBA (Hagen, Germany), has undertaken financial valuation of business opportunities and acquisitions using scenario and real option valuation in the biotech industry. A recognized expert on real option theory and practice, Brach received her MBA from the Manchester Business School and frequently speaks at real option seminars.
Download or read book Essays on Real Options and Strategic Behaviour written by Bart Lambrecht and published by . This book was released on 1996 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays in Real Options and Commodity Finance written by Mohamad Afkhami and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Moral Realism written by Geoffrey Sayre-McCord and published by Cornell University Press. This book was released on 1988 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of influential essays illustrates the range, depth, and importance of moral realism, the fundamental issues it raises, and the problems it faces.
Download or read book Several Essays on Real Options Game Models written by Chi Man Leung and published by . This book was released on 2011 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Real Options in Theory and Practice written by Graeme Guthrie and published by Oxford University Press. This book was released on 2009-07-16 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: Decision-makers in business and economics face a staggering array of problems. For example, managers of growing firms have to decide when to expand their business, governments have to decide whether to undertake large infrastructure investments, and managers of oil firms must decide how rapidly to deplete their reserves. While these problems seem quite diverse, they all share many important features. In each case, the decision-maker must choose when to take a particular action that will be potentially impossible to reverse, and the consequences of taking (or not taking) that action are uncertain. Also, the timing and nature of these actions directly affect the cash flows generated by the entities they manage. This book explains how techniques originally developed to price financial derivatives can be used to analyze real-world decisions, and provides the tools necessary to put them into practice. The real options analysis approach to decision-making is built on strong theoretical foundations, and is widely discussed in practitioner literature, but often only at a fairly intuitive level. What practitioners need-and what this book delivers-is a structured approach to systematically applying real options analysis to the wide variety of problems they will meet in business and economics. Real Options in Theory and Practice focuses on building up a general approach to solving real options problems from the ground up. Rather than aiming to build a "black box" to solve a small set of standardized real options problems, it describes the building blocks of any successful real options analysis and shows how they can be assembled in a way that is appropriate to the problem being analyzed. For both practitioners and academics, Real Options in Theory and Practice will serve as an authoritative and invaluable resource for those looking for effective and practical solutions to complex, real-life problems.
Download or read book Essays on Growth Options and Corporate Strategy written by Wenfeng Tong and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: The dissertation consists of three empirical essays that aim to test real options theory in the corporate strategy domain and they all center on the growth options that firms possess. The first essay introduces growth option value--the proportion of the firm's value accounted for by growth options--and provides a way to estimate it. Growth option value is then related to a number of internal and external corporate development activities commonly viewed as investments with embedded future growth opportunities. The analysis builds on a dynamic panel dataset of 293 firms from 1989-2000, and the results indicate that firms' investments in research and development and in joint ventures (JVs) contribute significantly to growth option value, while investments in tangible capital and in acquisitions do not. The essay helps identify boundaries for the application of real options theory to strategy and the variable growth option value would have more general implications for future research on real options. The second essay aims to contribute to the JV literature by critically examining a proposition long held in the strategy and international business literature, namely, JVs represent valuable options to expand under market and technological uncertainty. The essay first develops a contingent framework of this proposition and then empirically tests it. The findings suggest that while JVs do enhance growth option value, they do so only under certain circumstances. Specifically, international joint ventures (IJVs) contribute to growth option value in general, and minority IJVs and diversifying IJVs have significant effects in particular, irrespective of whether the ventures are located in developed or emerging economies. The third essay is a variance decomposition study of growth option value. The findings suggest that stable firm effects are almost twice as much important as total industry effects on growth option value, and that year effects are relatively unimportant. These results hold when single-business firms and manufacturing firms form sub-samples for additional analyses. These results have broader implications for research in strategic management and real options, given the importance of the growth of the firm to corporate strategy and that of growth options to resource allocation and value creation.
