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: 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: Gunther Friedl
Publisher: Springer Science & Business Media
ISBN: 3540482687
Category : Business & Economics
Languages : en
Pages : 129
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Book Description
This work analyzes the problem of delegated decision-making within firms when investment projects are characterized by the possibility to make subsequent decisions after the initial investment decision has been made. By analyzing this question, the monograph combines and unifies two important lines of literature: on the one hand the literature on controlling investment decisions, on the other hand the investment valuation literature.
Author: Harriet Black Nembhard
Publisher: CRC Press
ISBN: 142007170X
Category : Business & Economics
Languages : en
Pages : 258
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Book Description
Given that engineering flexibility can potentially provide a competitive advantage, the question then becomes: Precisely how valuable is this flexibility? However, traditional methods often fail to accurately capture the economic value of investments in an environment of widespread uncertainty and rapid change. The real options method represents th
Author: Rainer Brosch
Publisher: Springer Science & Business Media
ISBN: 3540782990
Category : Business & Economics
Languages : en
Pages : 168
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Book Description
Valuing portfolios of options embedded in investment decisions is arguably one of the most important and challenging problems in real options and corporate ?nance in general. Although the problem is common and vitally important in the value creation process of almost any corporation, it has not yet been satisfactorily addressed. It is key for any corporation facing strategic resource allocation decisions, be it a pharmaceutical ?rm valuing and managing its pipeline of drugs, a telecom company having to select a set of technological alternatives, a venture capital or private equity ?rm investing in a portfolio of ventures, or any company allocating resources. Portfolios of real options typically interact such that the value of the whole differs from the sum of the separate parts. Thus one must address and value the particular con?guration of options embedded in a speci?c situation, taking into account the con?guration of other options already present in the portfolio, which in turn depends on the correlation struc ture among the various underlying assets and the strategic dependencies among the options themselves (e. g. , mutual exclusivity, strategic additiv ity, compoundness, complementarity etc. ). In that sense, optimal decisions also depend on past option exercise decisions by management and organi zational capabilities put in place in the past.
Author: H. Kent Baker
Publisher: John Wiley & Sons
ISBN: 1118030354
Category : Business & Economics
Languages : en
Pages : 612
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Book Description
The most up-to-date guide on making the right capital restructuring moves The Art of Capital Restructuring provides a fresh look at the current state of mergers, acquisitions, and corporate restructuring around the world. The dynamic nature of M&As requires an evolving understanding of the field, and this book considers several different forms of physical restructuring such as divestitures as well as financial restructuring, which refers to alterations in the capital structure of the firm. The Art of Capital Restructuring not only explains the financial aspects of these transactions but also examines legal, regulatory, tax, ethical, social, and behavioral considerations. In addition to this timely information, coverage also includes discussion of basic concepts, motives, strategies, and techniques as well as their application to increasingly complex, real-world situations. Emphasizes best practices that lead to M&A success Contains important and relevant research studies based on recent developments in the field Comprised of contributed chapters from both experienced professionals and academics, offering a variety of perspectives and a rich interplay of ideas Skillfully blending theory with practice, this book will put you in a better position to make the right decisions with regard to capital restructuring in today's dynamic business world.
Author: Teerikangas, Satu
Publisher: Edward Elgar Publishing
ISBN: 1789906032
Category : Business & Economics
Languages : en
Pages : 464
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Book Description
This innovative Research Handbook answers crucial questions about how individuals and organisations can make a difference towards sustainability. Offering an integrative perspective on sustainability agency, it reviews individual, active, organisational and relational forms of sustainability agency, demonstrating the capacity of individuals and organisations to act toward sustainable futures.
Author: Viet Dung Le
Publisher: GRIN Verlag
ISBN: 3668056528
Category : Business & Economics
Languages : en
Pages : 56
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Book Description
Bachelor Thesis from the year 2015 in the subject Business economics - Investment and Finance, grade: 1.0, European University Viadrina Frankfurt (Oder), language: English, abstract: When making project decisions under uncertainty, the traditional Net Present Value (NPV) method is a popular choice among practitioners which is also taught in many financial textbooks. However, there are certain issues with the traditional method that are often overseen resulting in substantial undervaluation of a particular project. Thus, the powerful tool of real option valuation was introduced to make up for this deficit. The purpose of this paper is to show a more comprehensive method for valuing projects under uncertainty, namely real options, by explaining the necessary mathematical tools and by giving an overview of the compelling approaches in financial literature. After explaining the underlying theory and providing a valuation example, the paper will attempt to provide reasons to the limited practice of real option analysis in the industry. Bei Projektentscheidungen unter Unsicherheit ist die traditionelle Kapitalwertmethode (NPV) unter Praktikern sehr beliebt, weshalb sie in Finanzlehrbüchern vorwiegend berücksichtigt wird. Die Probleme, in die die traditionelle Methode resultiert, werden allerdings häufig übersehen und führen zu einer substantiellen Unterbewertung des jeweiligen Projektes. Eine umfassendere Methode zur Bewertung von Projekten unter Unsicherheit, die Real Option Analyse, soll diesem Defizit entgegenwirken. Die hierfür benötigten mathematischen Hilfsmitteln werden erläutert und es wird ein Überblick über die methodischen Ansätze aus der Finanzliteratur gegeben. Im Anschluss an die Beschreibung der zugrunde liegenden Theorie und ein Bewertungsbeispiel, werden Gründe für die eingeschränkten Anwendung der Real Options Analyse in der Privatwirtschaft aufgezeigt.
