نتایج جستجو برای: real options theory

تعداد نتایج: 1342513  

Journal: :The Journal of Real Estate Finance and Economics 2008

Journal: :International Journal of Theoretical and Applied Finance 2013

2002
Christer Carlsson Robert Fullér

In this paper we shall represent strategic planning problems by dynamic decison trees, in which the nodes are projects that can be deferred or postponed for a certain period of time. Using the theory of real options we shall identify the optimal path of the tree, i.e. the path with the biggest real option value in the end of the planning period.

2016
Niclas A. Krüger

This paper is concerned with the implications of public–private partnership agreements for the execution of expansion options in road infrastructure. More specifically, it analyzes the expansion of an existing two-lane road in Sweden, and examines the real options created by an intermediate type of road with three lanes. Interpreting the results from real option analysis in the light of incompl...

2009
Sumit Joshi Nicholas Vonortas

Two pervasive features of industries experiencing rapid technological progress are uncertainty (with regard to the technological feasibility and marketabilility of an innovation) and networks (the dense web of research alliances and joint ventures linking firms to each other). This paper connects the two disparate phenomena using the notion of real options. It visualizes firms as nodes and the ...

2015
Marie Lambert Manuel Moreno Federico Platania

In this paper we develop a novel valuation model and methodology to value a pharmaceutical R&D project based on real options approach. The real options approach enables the possibility of optimally abandon the project before completion whenever the investment cost turns out to be larger than the expected net cash flow stream. On the other hand, the proposed model accounts for two different sour...

2013
Sebastian Gryglewicz

We present a model integrating dynamic moral hazard and real options. A risk averse manager can exert costly hidden effort to increase productivity growth of a firm. In addition, the risk neutral owners of the firm can irreversibly increase the firms capital stock. In contrast to the literature, moral hazard may accelerate or delay investment relative to the first best depending on the severity...

2003
Marcel Boyer Éric Gravel

Ce document a été produit dans le cadre du projet « Options réelles ». CIRANO Le CIRANO est un organisme sans but lucratif constitué en vertu de la Loi des compagnies du Québec. Le financement de son infrastructure et de ses activités de recherche provient des cotisations de ses organisations-membres, d'une subvention d'infrastructure du ministère de la Recherche, de la Science et de la Technol...

2007
Michael J. Smith

I address the interaction between accounting conservatism and real options in both a staged investment and abandonment model. An accounting policy biased towards classifying a Good (Bad) project as Bad (Good) is conservative (aggressive). The accounting signal is optimally conservative when the ex ante unconditional expected terminal value is less than the second investment (staged investment) ...

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