Estimating Volatility And Dividend Yield When Valuing Real Options To Invest Or Abandon
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Estimating Volatility And Dividend Yield When Valuing Real Options To Invest Or Abandon
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Author : Graham A. Davis
language : en
Publisher:
Release Date : 1998
Estimating Volatility And Dividend Yield When Valuing Real Options To Invest Or Abandon written by Graham A. Davis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with categories.
The opportunity to invest in or abandon a project can in principle be valued using real options techniques. In practice, option pricing has as inputs the volatility and dividend yield of the project, which are in most cases not observable via market data. Current methods of estimating these parameters are largely ad hoc, introducing potential error into the valuation process. This paper uses simple production models to formalize concepts for estimating project volatility and dividend yield in single stochastic variable option models, and provides an example of how these estimates can be used in a real option valuation exercise.
Real Options Analysis
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Author : Johnathan Mun
language : en
Publisher: John Wiley & Sons
Release Date : 2012-07-02
Real Options Analysis written by Johnathan Mun and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-07-02 with Business & Economics categories.
"Mun demystifies real options analysis and delivers a powerful, pragmatic guide for decision-makers and practitioners alike. Finally, there is a book that equips professionals to easily recognize, value, and seize real options in the world around them." --Jim Schreckengast, Senior VP, R&D Strategy, Gemplus International SA, France Completely revised and updated to meet the challenges of today's dynamic business environment, Real Options Analysis, Second Edition offers you a fresh look at evaluating capital investment strategies by taking the strategic decision-making process into consideration. This comprehensive guide provides both a qualitative and quantitative description of real options; the methods used in solving real options; why and when they are used; and the applicability of these methods in decision making.
Real Options And Investment Under Uncertainty
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Author : Eduardo S. Schwartz
language : en
Publisher: MIT Press
Release Date : 2004
Real Options And Investment Under Uncertainty written by Eduardo S. Schwartz and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Business & Economics categories.
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.
Evaluating Real Options As A Means For Investment Appraisal Under Uncertainty And Its Degree Of Utilisation By Companies
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Author : Andreas Würfel
language : en
Publisher: diplom.de
Release Date : 2003-10-13
Evaluating Real Options As A Means For Investment Appraisal Under Uncertainty And Its Degree Of Utilisation By Companies written by Andreas Würfel and has been published by diplom.de this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-10-13 with Business & Economics categories.
Inhaltsangabe:Abstract: This paper evaluates the real options approach (ROA) as a means for appraising capital investments under uncertainty. Globalisation and growing competitiveness have led to an increase in uncertainty with regard to companies decision making. Flexibility to react to this uncertainty has become more important. The question arises whether there is a need for a further investment appraisal technique or whether traditional techniques can cope with that. A growing literature about real options shows that traditional investment appraisal techniques do not value flexibility. That is why ROA has become more important within recent years. However, the degree of its utilisation by companies seems to be rather low. Three possible reasons for that are examined: ROA is not well-known by companies, especially small- and medium-sized enterprises. ROA is only limitedly applicable. ROA is too difficult to use. After traditional investment appraisal techniques have been outlined, the real options approach is illustrated by means of a case study. The possible range of application is assessed by reviewing the literature. A survey was conducted to check whether companies know about or apply that technique, and to identify the tools used by companies. This study shows that while the range of possible applications of real options is rather vast, ROA is rarely known by German and British companies and barely applied. One reason might be, that most books and articles are of rather academic nature. This seems to have been realised since books with a focus on practical application have been published recently. The complexity of ROA seems to be a further reason for its low degree of utilisation. Companies tend to use simpler but more comprehensible techniques although these methods have some major drawbacks. However, business science should not end in itself but serve businesses. Therefore, further emphasis has to be put on making real options approachable for practitioners. Inhaltsverzeichnis:Table of Contents: I.Abstract2 II.Acknowledgements3 III.Table of Contents4 IV.List of Figures7 V.List of Abbreviations8 1.Introduction9 2.Characteristics of Investment Decisions11 2.1What Is a Capital Investment?11 2.2Risk and Uncertainty12 3.Tools for Investment Appraisals15 3.1Static Methods15 3.2Discounted Cash Flow Approaches (Dynamic)17 3.3Approaches Which Try to Deal With Risk20 4.The Real Options Approach24 4.1Why Use Real Options to [...]
Real Options In Theory And Practice
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Author : Graeme Alexander Guthrie
language : en
Publisher: Financial Management Associati
Release Date : 2009
Real Options In Theory And Practice written by Graeme Alexander Guthrie and has been published by Financial Management Associati this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business & Economics categories.
This title focuses on building a general approach to solving problems from the ground up to show readers how real options can be assembled in a way appropriate to the individual problem being analyzed.
The Oxford Guide To Financial Modeling
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Author : Thomas S. Y. Ho
language : en
Publisher:
Release Date : 2004
The Oxford Guide To Financial Modeling written by Thomas S. Y. Ho and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Corporations categories.
The Oxford Guide to Financial Modeling is accompanied by a companion web site that serves as an interactive workbook designed specifically for the book. This site is simple to use yet exceedingly robust with regard to its technological efficiency and purposeful usability. It is designed to further enhance understanding of the use and applications of the models referred to in the book and it is accessible free of charge at www.thomasho.com. This on-line workbook and resource tool contains more than 95 downloadable Excel models. The models provide clear expositions of the mathematical formulations and can be used along with the book. The companion web site is rich with a plethora of research and analytic tools designed for "doing finance" on-line.
A Stochastic Control Framework For Real Options In Strategic Evaluation
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Author : Alexander Vollert
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
A Stochastic Control Framework For Real Options In Strategic Evaluation written by Alexander Vollert and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Mathematics categories.
The theoretical foundation for real options goes back to the mid 1980s and the development of a model that forms the basis for many current applications of real option theory. Over the last decade the theory has rapidly expanded and become enriched thanks to increasing research activity. Modern real option theory may be used for the valuation of entire companies as well as for particular investment projects in the presence of uncertainty. As such, the theory of real options can serve as a tool for more practically oriented decision making, providing management with strategies maximizing its capital market value. This book is devoted to examining a new framework for classifying real options from a management and a valuation perspective, giving the advantages and disadvantages of the real option approach. Impulse control theory and the theory of optimal stopping combined with methods of mathematical finance are used to construct arbitrarily complex real option models which can be solved numerically and which yield optimal capital market strategies and values. Various examples are given to demonstrate the potential of this framework. This work will benefit the financial community, companies, as well as academics in mathematical finance by providing an important extension of real option research from both a theoretical and practical point of view.
14th Wceam Proceedings
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Author : Adolfo Crespo Márquez
language : en
Publisher: Springer Nature
Release Date : 2020-12-02
14th Wceam Proceedings written by Adolfo Crespo Márquez and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-12-02 with Technology & Engineering categories.
This book gathers selected peer-reviewed papers from the 14th World Congress on Engineering Asset Management (WCEAM), which was held in Singapore on 28–31 July 2019, as well as papers presented during the 1st WCEAMOnline event which focused on the ramifications of Covid-19 on infrastructure systems. This book covers a wide range of topics in engineering asset management, including: asset management services provisioning; servitization; decision-making; asset management systems; industrial Internet of things; and vulnerability and resilience of infrastructure systems. The breadth and depth of these state-of-the-art, comprehensive proceedings make them an excellent resource for asset management practitioners, researchers and academics, as well as undergraduate and postgraduate students.
Real Options Analysis Course
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Author : Johnathan Mun
language : en
Publisher: John Wiley & Sons
Release Date : 2003-04-15
Real Options Analysis Course written by Johnathan Mun and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-04-15 with Business & Economics categories.
Praise for Real Options Analysis Course "Dr. Mun's latest book is a logical extension of the theory and application presented in Real Options Analysis. More specifically, the Real Options Analysis Course presents numerous real options examples and provides the reader with step-by-step problem-solving techniques. After having read the book, readers will better understand the underlying theory and the opportunities for applying real option theory in corporate decision-making." -Chris D. Treharne, President, Gibraltar Business Appraisals, Inc. "This text provides an excellent follow up to Dr. Mun's first book, Real Options Analysis. The cases in Real Options Analysis Course provide numerous examples of how the use of real options and the Real Options Analysis Toolkit software can assist in the valuation of strategic and managerial flexibility in a variety of arenas." -Charles T. Hardy, PhD, Chief Financial Officer & Director of Business Development, Panorama Research, Inc. "Most of us come to real options from the perspective of our own areas of expertise. Mun's great skill with this book is in making real options analysis understandable, relevant, and immediately applicable to the field within which you are working." -Robert Fourt, Partner, Gerald Eve (UK) "Mun provides a practical step-by-step guide to applying simulation and real options analysis-invaluable to those of us who are no longer satisfied with conventional valuation approaches alone." -Fred Kohli, Head of Portfolio Management, Syngenta Crop Protection Ltd. (Switzerland)
Real Options Theory
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Author : Jeffrey J. Reuer
language : en
Publisher: Emerald Group Publishing
Release Date : 2007-07-05
Real Options Theory written by Jeffrey J. Reuer and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-07-05 with Business & Economics categories.
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.