Real Options Theory
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Real Options In Theory And Practice
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Author : Graeme Alexander Guthrie
language : en
Publisher: OUP Us
Release Date : 2009
Real Options In Theory And Practice written by Graeme Alexander Guthrie and has been published by OUP Us this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business & Economics categories.
Decision makers face a staggering array of problems in business and economics. Managers of growing firms have to decide when to exercise growth options and expand their business. Governments have to decide whether to undertake large infrastructure investments. Managers of oil firms must decide how rapidly to deplete their reserves. Owners of land must decide when and how to develop their asset. Operators of power plants must decide when to start them up and when to shut them down. While these problems seem quite diverse, they share many important features. In each case, the decision maker must choose when to take a particular action that will be difficult, if not impossible, to reverse. In each case, the consequences of taking (or not taking) that action are uncertain. And in each case, the timing and nature of the actions taken by the decision makers directly affect the cash flows generated by the entities they manage. Real options that arise in the real world often vary radically from one problem to another. These differences may arise due to the particular real options embedded in the projects and the order in which they can be exercised. They may arise due to different underlying sources of uncertainty (with possibilities ranging from easily observable commodity prices to almost unquantifiable factors such as the technological viability of a project. The possibilities are almost endless. This book focuses on building a general approach to solving real options 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 book, part of the Financial Management Association Survey and Synthesis Series, will be a valuable asset to practitioners who want to develop their analytical techniques and also graduate students who will eventually become practitioners. It presents building blocks needed to carry out successful real options analysis and shows how these can be assembled in a way that is appropriate to a wide variety of problems in business and economics. The book contains a CD with spreadsheets that can be to fit the wide variety of real-world problems that readers will confront.
Real Options
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Author : Martha Amram
language : en
Publisher:
Release Date : 1957
Real Options written by Martha Amram and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1957 with categories.
Real Options
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Author : Lenos Trigeorgis
language : en
Publisher:
Release Date : 1998
Real Options written by Lenos Trigeorgis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Capital budget categories.
Real Options In Practice
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Author : Marion A. Brach
language : en
Publisher: John Wiley & Sons
Release Date : 2003-04-07
Real Options In Practice written by Marion A. Brach 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 2003-04-07 with Business & Economics categories.
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.
Real Options Valuation
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Author : Marcus Schulmerich
language : en
Publisher: Springer Science & Business Media
Release Date : 2010-08-03
Real Options Valuation written by Marcus Schulmerich 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 2010-08-03 with Business & Economics categories.
After the ?rst edition of this book was published in early 2005, the world has changed dramatically and at a pace never seen before. The changes that - curred in 2008 and 2009 were completely unthinkable two years before. These changes took place not only in the Finance sector, the origin of the crisis, but also, as a result, in other economic sectors like the automotive sector. Governments now own substantial parts, if not majorities, in banks or other companies which recorded losses of double digit billions of USD in 2008. 2008 saw the collapse of leading stand-alone U. S. investment banks. In many co- tries interest rates fell close to zero. What has happend? While the economy showed strong growth in 2004 to 2006, the Subprime or Credit Crisis changed the picture completely. What started in the U. S. ho- ing market in late 2006 became a full-?edged global ?nancial crisis and has a?ected ?nancial markets around the world. A decline in U. S. house prices and increasing interest rates caused a higher rate of subprime mortgage delinqu- cies in the U. S. and, due to the wide distribution of securitized assets, had a negative e?ect on other markets. As a result, markets realized that risks had been underestimated and volatility increased. This development culminated in the bankruptcy of the investment bank Lehman Brothers in mid September 2008.
Project Valuation Using Real Options
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Author : Prasad Kodukula
language : en
Publisher: J. Ross Publishing
Release Date : 2006-07-15
Project Valuation Using Real Options written by Prasad Kodukula and has been published by J. Ross Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-07-15 with Business & Economics categories.
Business leaders are frequently faced with investment decisions on new and ongoing projects. The challenge lies in deciding what projects to choose, expand, contract, defer, or abandon, and which method of valuation to use is the key tool in the process. This title presents a step-by-step, practical approach to real options valuation to make it easily understandable by practitioners as well as senior management. This systematic approach to project valuation helps you minimize upfront investment risks, exercise flexibility in decision making, and maximize the returns. Whereas the traditional decision tools such as discounted cash flow/net present value (DCF/NPV) analysis assume a “fixed” path ahead, real options analysis offers more flexible strategies. Considered one of the greatest innovations of modern finance, the real options approach is based on Nobel-prize winning work by three MIT economists, Fischer Black, Robert Merton, and Myron Scholes.
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.
Real R D Options
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Author : Dean Paxson
language : en
Publisher: Butterworth-Heinemann
Release Date : 2003-01-17
Real R D Options written by Dean Paxson and has been published by Butterworth-Heinemann this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-01-17 with Business & Economics categories.
This text addresses a wide range of issues in valuation using the Real Options technique. It covers the whole area of Real Options and looks closely at developments, especially in valuing technology companies. Authors in Europe, North and South America, Asia and Africa provide seven Real Options models and applications.
Real Estate Valuation Theory
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Author : Ko Wang
language : en
Publisher: Springer Science & Business Media
Release Date : 2002-09-30
Real Estate Valuation Theory written by Ko Wang 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 2002-09-30 with Business & Economics categories.
Is real property appraisal evolving, or have all of the "big ideas" already been conceived? This question has been circulating among the leaders of the Appraisal Institute during the past several annual meetings, usually encountering little in the way of satisfying answers. This is not too surprising, because grand ideas and new knowledge do not typically evolve from off-hand conversation. They are the product of focused intellectual activity and hours of difficult work. This unquenched thirst for new knowledge is the primary reason for assembling this collection of new manuscripts dealing with valuation theory, which was financially underwritten by the Appraisal Institute. Their generosity and willingness to partner with the American Real Estate Society made this collection of thoughtful and thought provoking essays possible. They are the result of a global response to a worldwide call for papers, and demonstrate that real estate valuation is indeed an international discipline. The United States, Australia and New Zealand, Southeast Asia, the Pacific Rim, and Europe are all represented by this impressive collection of authors. Together, the eighteen essays that make up this volume demonstrate that there are a sufficient number of "big ideas" to challenge and improve the appraisal profession for years to come. Real Estate Valuation Theory is organized around five categories of intellectual contribution to the whole-appraiser decision making and valuation accuracy, application of nontraditional appraisal techniques such as regression and the minimum-variance grid method, appraising contaminated property, ad valorem tax assessment, and new perspectives on traditional appraisal methods. One common thread is that all of the papers are exceptionally well written and thought provoking.
Investment Under Uncertainty
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Author : Avinash K. Dixit
language : en
Publisher: Princeton University Press
Release Date : 1994
Investment Under Uncertainty written by Avinash K. Dixit and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Business & Economics categories.
How should firms decide whether and when to invest in new capital equipment, additions to their workforce, or the development of new products? Why have traditional economic models of investment failed to explain the behavior of investment spending in the United States and other countries? In this book, Avinash Dixit and Robert Pindyck provide the first detailed exposition of a new theoretical approach to the capital investment decisions of firms, stressing the irreversibility of most investment decisions, and the ongoing uncertainty of the economic environment in which these decisions are made. In so doing, they answer important questions about investment decisions and the behavior of investment spending. This new approach to investment recognizes the option value of waiting for better (but never complete) information. It exploits an analogy with the theory of options in financial markets, which permits a much richer dynamic framework than was possible with the traditional theory of investment. The authors present the new theory in a clear and systematic way, and consolidate, synthesize, and extend the various strands of research that have come out of the theory. Their book shows the importance of the theory for understanding investment behavior of firms; develops the implications of this theory for industry dynamics and for government policy concerning investment; and shows how the theory can be applied to specific industries and to a wide variety of business problems.