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Strategy as Options Games

Han Smit and Thras Moraitis

in Playing at Acquisitions: Behavioral Option Games

Published in print:
2015
Published Online:
October 2017
ISBN:
9780691140001
eISBN:
9781400852178
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691140001.003.0004
Subject:
Business and Management, Knowledge Management

This chapter develops a framework for assessing the value generated by both the option-like and competitive characteristics of an acquisition strategy. The conceptual approach is based on real ... More


Dual Real Options Valuation

Han Smit and Thras Moraitis

in Playing at Acquisitions: Behavioral Option Games

Published in print:
2015
Published Online:
October 2017
ISBN:
9780691140001
eISBN:
9781400852178
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691140001.003.0005
Subject:
Business and Management, Knowledge Management

This chapter discusses the application of the top-down and bottom-up duality of the real option frameworks to valuing serial acquisitions. It develops the market-based present value of growth options ... More


Option Games Valuation

Han Smit and Thras Moraitis

in Playing at Acquisitions: Behavioral Option Games

Published in print:
2015
Published Online:
October 2017
ISBN:
9780691140001
eISBN:
9781400852178
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691140001.003.0006
Subject:
Business and Management, Knowledge Management

Valuing uncertainty in strategy requires the development of quantitative models reflecting the conceptual options games view on strategy. The application of fresh ideas based on two major strands in ... More


Choosing Marketing Policy in the Long Run

Sharan Jagpal

in Fusion for Profit: How Marketing and Finance Can Work Together to Create Value

Published in print:
2008
Published Online:
September 2008
ISBN:
9780195371055
eISBN:
9780199870745
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195371055.003.0002
Subject:
Business and Management, Marketing

This chapter introduces key financial tools necessary for measuring the long-run effects of marketing policy under uncertainty. It distinguishes the cases where the firm sells multiple products or ... More


Fusion for Profit: How Marketing and Finance Can Work Together to Create Value

Sharan Jagpal and Shireen Jagpal

Published in print:
2008
Published Online:
September 2008
ISBN:
9780195371055
eISBN:
9780199870745
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195371055.001.0001
Subject:
Business and Management, Marketing

This book shows how to fuse marketing, finance, and other disciplines to improve performance for the corporation or organization. Specifically, it shows decision makers at different levels in the ... More


How to Choose Optimal International Marketing Strategies

Sharan Jagpal

in Fusion for Profit: How Marketing and Finance Can Work Together to Create Value

Published in print:
2008
Published Online:
September 2008
ISBN:
9780195371055
eISBN:
9780199870745
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195371055.003.0023
Subject:
Business and Management, Marketing

This chapter shows how multinational firms can use marketing-finance fusion to choose international strategies. It discusses the pros and cons of international diversification to privately and ... More


Playing at Acquisitions: Behavioral Option Games

Han Smit and Thras Moraitis

Published in print:
2015
Published Online:
October 2017
ISBN:
9780691140001
eISBN:
9781400852178
Item type:
book
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691140001.001.0001
Subject:
Business and Management, Knowledge Management

It is widely accepted that a large proportion of acquisition strategies fail to deliver the expected value. Globalizing markets characterized by growing uncertainty, together with the advent of new ... More


How to Make Marketing Decisions When Competitors React: A Game-Theoretic Approach

Sharan Jagpal

in Fusion for Profit: How Marketing and Finance Can Work Together to Create Value

Published in print:
2008
Published Online:
September 2008
ISBN:
9780195371055
eISBN:
9780199870745
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195371055.003.0018
Subject:
Business and Management, Marketing

This chapter shows how the firm can make optimal marketing decisions after allowing for the effects of competitive reaction. It considers multiproduct firms, explicitly allow for cost and demand ... More


Real Options and Expanded Net Present Value

Patrick L. Anderson

in The Economics of Business Valuation: Towards a Value Functional Approach

Published in print:
2013
Published Online:
September 2013
ISBN:
9780804758307
eISBN:
9780804783224
Item type:
chapter
Publisher:
Stanford University Press
DOI:
10.11126/stanford/9780804758307.003.0012
Subject:
Economics and Finance, Financial Economics

This chapter demonstrates the importance of management flexibility regarding the timing, scale, and type of investments, which is the basis for the study of “real options.” The chapter describes an ... More


Economic perspectives

John Child, David Faulkner, and Stephen B. Tallman

in Cooperative Strategy: Managing Alliances, Networks, and Joint Ventures

Published in print:
2005
Published Online:
October 2011
ISBN:
9780199266241
eISBN:
9780191699139
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199266241.003.0002
Subject:
Business and Management, Strategy, Organization Studies

The justification attributed to cooperative strategy may be based on several different economic theories and as such, this chapter attempts to take on an economic perspective in examining a company's ... More


Multinational Capital Budgeting: Valuing Cross-Border Investments

KIRT C. BUTLER and UTETE GWINYAI

in International Finance: A Survey

Published in print:
2012
Published Online:
May 2013
ISBN:
9780199754656
eISBN:
9780199979462
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199754656.003.0019
Subject:
Economics and Finance, Financial Economics, International

The rational expectations framework relies on the assumption that atomistic investors who share a common information set make decisions about assets' expected payoffs. Under these conditions, market ... More


Recognizing Macroeconomic Fluctuations in Value-Based Management

Lars Oxelheim and Clas Wihlborg

in Corporate Decision-Making with Macroeconomic Uncertainty: Performance and Risk Management

Published in print:
2008
Published Online:
May 2009
ISBN:
9780195335743
eISBN:
9780199868964
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195335743.003.0009
Subject:
Economics and Finance, Financial Economics

Value-based management (VBM) frameworks generally do not distinguish between changes in cash flows that reflect changes in a firm's competitive position, and cash flow changes that derive mainly from ... More


Co‐Operation and Co‐Ordination

John Kay

in Foundations of Corporate Success: How Business Strategies Add Value

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198289883
eISBN:
9780191718205
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019828988X.003.0003
Subject:
Economics and Finance, Microeconomics

A firm is viewed as a set of relationships among its stakeholders and between itself and other firms. Game theory is used as a stylized way of discussing issues of cooperation through the ‘Prisoner's ... More


Concepts of Macroeconomic Risk Management

Lars Oxelheim and Clas Wihlborg

in Corporate Decision-Making with Macroeconomic Uncertainty: Performance and Risk Management

Published in print:
2008
Published Online:
May 2009
ISBN:
9780195335743
eISBN:
9780199868964
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195335743.003.0002
Subject:
Economics and Finance, Financial Economics

This chapter reviews concepts of risk and economic arguments for risk management from the perspective of different stakeholder groups. The interests of different groups are reviewed and it is ... More


Pricing Expropriation Risk in Natural Resource Contracts: A Real Options Approach

Eduardo S. Schwartz and Anders B. Trolle

in The Natural Resources Trap: Private Investment without Public Commitment

Published in print:
2010
Published Online:
August 2013
ISBN:
9780262013796
eISBN:
9780262275538
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262013796.003.0012
Subject:
Economics and Finance, Econometrics

This chapter shows how to use the real-options approach in valuing a natural resource project, in particular an oil field, exposed to expropriation risk. The government, for purposes of discussion, ... More


The Failure of the Neoclassical Investment Rule

Patrick L. Anderson

in The Economics of Business Valuation: Towards a Value Functional Approach

Published in print:
2013
Published Online:
September 2013
ISBN:
9780804758307
eISBN:
9780804783224
Item type:
chapter
Publisher:
Stanford University Press
DOI:
10.11126/stanford/9780804758307.003.0003
Subject:
Economics and Finance, Financial Economics

This chapter presents telling evidence that the value of a firm is not the net present value of its expected profits. This is a provocative statement, and deserves careful support: the notion that ... More


Reflections on Risk

Michael M. Weinstein and Ralph M. Bradburd

in The Robin Hood Rules for Smart Giving

Published in print:
2013
Published Online:
November 2015
ISBN:
9780231158367
eISBN:
9780231535243
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231158367.003.0012
Subject:
Business and Management, Strategy

This chapter discusses the issue of risk management in Relentless Monetization (RM), the fact that philanthropists cannot know for sure the impact of their interventions. The following broad points ... More


Economic perspectives

John Child, David Faulkner, Stephen Tallman, and Linda Hsieh

in Cooperative Strategy: Managing Alliances and Networks

Published in print:
2019
Published Online:
June 2019
ISBN:
9780198814634
eISBN:
9780191852374
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198814634.003.0002
Subject:
Business and Management, Strategy

Chapter 2 addresses cooperation from economic perspectives, namely market-power theory, transaction cost economics, agency theory, resource-based theory, transaction value theory, dynamic ... More


The Influence of Permit-Price Uncertainty and Lobbying on Energy Investments

Philipp Hieronymi and David Schüller

in Emissions Trading as a Policy Instrument: Evaluation and Prospects

Published in print:
2015
Published Online:
January 2016
ISBN:
9780262029285
eISBN:
9780262330435
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262029285.003.0005
Subject:
Economics and Finance, Development, Growth, and Environmental

In this model an investor can choose between replacing a pre-determined generation capacity by investing into wind or gas power. He also has the option to lobby in order to increase the profitability ... More


Real Options and q Theory

Kerry E. Back

in Asset Pricing and Portfolio Choice Theory

Published in print:
2017
Published Online:
May 2017
ISBN:
9780190241148
eISBN:
9780190241179
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190241148.003.0020
Subject:
Economics and Finance, Financial Economics

The theory of perpetual options and dynamic programming are applied to analyze the optimal capital investment of a firm. When investment is continuous and capital is the numeraire, the marginal value ... More


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