Abstract The aim of this paper is to ascertain corporate investment reaction in bank-dependent companies times crisis. Our investigation covers the differences due global financial crisis (GFC) 2007–2009 and COVID-19 2020–2021. We utilized panel data present on Warsaw Stock Exchange during GFC crisis—932 firm-year observations. found a negative relationship between bank dependence (static ratio...

Real options analysis seeks to value flexibility in investment opportunities – both the flexibility offered to management once the investment is undertaken, and the flexibility of delaying the investment through time. The real options approach contrasts with the standard approach to investment decision making, the net present value (NPV) approach, which assumes the investment opportunity is a n...

nowadays, the environmental impact of transportation project and, especially air pollution impacts, are major concerns in evaluating transportation projects. based on this concern, beside definition of traditional objective functions like total travel time and total investment cost, different type of environmental related function is considered as objective function in urban network design. in...

This paper examines a firm’s investment intensity and timing decisions using a real options approach. The firm is endowed with a perpetual option to invest in a project at any time by incurring an irreversible investment cost at that instant. The amount of the irreversible investment cost determines the intensity of investment with decreasing returns to scale. The project generates a stream of ...