Real Options in a Dynamic Agency Model, with Applications to Financial Development, IPOs, and Business Risk PDF Download
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Author: Thomas Philippon
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages : 48
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Book Description
We study investment options in a dynamic agency model. Moral hazard creates an option to wait and agency conflicts affect the timing of investment. The model sheds light, theoretically and quantitatively, on the evolution of firms' dynamics, in particular the decline of the failure rate and the decrease in the age of IPOs.
Author: Thomas Philippon
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages : 48
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Book Description
We study investment options in a dynamic agency model. Moral hazard creates an option to wait and agency conflicts affect the timing of investment. The model sheds light, theoretically and quantitatively, on the evolution of firms' dynamics, in particular the decline of the failure rate and the decrease in the age of IPOs.
Author: Thomas Philippon
Publisher:
ISBN:
Category : Economics
Languages : en
Pages :
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Book Description
Author: Thomas Philippon
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Gregory W. Brown
Publisher:
ISBN:
Category :
Languages : en
Pages : 47
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Book Description
Recent asset pricing research claims that quot;real optionsquot; models generate dynamic risks related to firm investment policy and provide a rational explanation for size and value effects. We examine the empirical success of these dynamic beta models using both simulations and data from U.S. equity markets. Our simulation analysis shows that estimating dynamic betas is challenging even when the true model is known. In actual data we find little evidence that theories of real growth options explain standard pricing anomalies or conditional pricing puzzles such as SEO underperformance. Stock returns do not have the proper conditional covariances with the market portfolio, even though firm characteristics do behave in accordance with the real options models.
Author: David N. Feldman
Publisher: John Wiley & Sons
ISBN: 1119416191
Category : Business & Economics
Languages : en
Pages : 176
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Book Description
Understand Regulation A+ and other alternative funding methods Regulation A+ and Other Alternatives to a Traditional IPO delves into the details of the newSEC rules under the JOBS Act of 2012 to examine the benefits and pitfalls for entrepreneurs and investors. Written by the 'Godfather of Reg A+,' this book breaks down the complex details of Regulation A+ and other alternative funding methods to help small businesses determine how best to go public and raise capital. A traditional IPO comes with barriers that can be insurmountable for a small company seeking to enter the public markets; thus far, reverse mergers have provided a challenging 'back door' to the market, but Regulation A+ re-opens the front door to allow small cap companies to raise capital while keeping offering and compliance costs manageable in a way not possible with a traditional IPO. More complex than simple crowdfunding, yet just as accessible by all investors, Regulation A+ is a step up for entrepreneurs at any stage wanting to go public where Wall Street meets Main Street. Straightforward explanations, smart strategy, and illustrative examples make this book an invaluable guide for those seeking to truly understand the nuances of Regulation A+ in order to work more effectively within its bounds. Understand how Regulation A+ differs from a traditional IPO and the early experience with this exciting new approach Examine the JOBS Act and the SEC's rules under Title IV Explore the past, present, and future of reverse mergers, special purpose acquisition companies (SPACs) and self-filings Discover new alternatives including new rules under Rule 504 and Regulation S The new rules provide a faster, more streamlined, more cost-effective route to up to $50 million in capital, and offer companies more flexibility than ever. Every entrepreneur needs to know all available funding options, and Regulation A+ and Other Alternatives to a Traditional IPO provides essential guidance from the expert in the field.
Author: Jeffrey J. Reuer
Publisher: Emerald Group Publishing
ISBN: 1849504946
Category : Business & Economics
Languages : en
Pages : 520
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Book Description
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.
Author: Satish D
Publisher:
ISBN: 9788178814582
Category :
Languages : en
Pages : 272
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Book Description
Risks and uncertainties are part of any business today and managers at different levels must take decisions relating to an increase in the funding of Research & Development, approving or abandoning a project and deciding on the royalty for intellectual pr
Author: Zhou Zhang
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Jeremy Michael Eckhause
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Tapen Sinha
Publisher:
ISBN:
Category :
Languages : en
Pages : 22
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Book Description
The implementation of the final phase of the North American Free Trade Agreement (NAFTA) has produced a flurry of merger and acquisitions across Canada, Mexico and the United States. This process has brought in wholesale acquisition of companies offering financial services in Mexico. More than 75% of banks in Mexico are foreign-controlled and over 60% of the insurance companies in Mexico are in foreign hands. Many companies enter the markets for financial services in stages. This process can be modeled using multistage real options. Using Mexican insurance market data and simulation models, we show how target companies can be valued taking the real options into account.
