Real Options in practice Chapter 1 ppsx

... framework. 25 He Taking an Idea into Practice 41 Real Options in practice MARION A. BRACH John Wiley & Sons, Inc. point out that a single investment project often entails several distinct real options creating ... also uncertain. The firm therefore faces significant cost uncertainties in undertaking the project. In 1993, Pindyck introduced cost uncertainty as a distingui...

Ngày tải lên: 23/04/2014, 22:28

... preference of the investor. 28 REAL OPTIONS IN PRACTICE 1 2 0 15 16 21 22 27 12 17 23 13 18 24 14 19 25 26 20 10 11 t 0 t 1 t 2 t 3 t 4 t 5 t 6 3 4 6 7 8 5 9 FIGURE 1. 7 The binomial tree To my ... be very distinct in real options versus financial options. We will discuss some of the fundamental differences in the next chapter. The Black-Scholes pricin...

Ngày tải lên: 02/07/2014, 01:20

... important insights into the commonalities and differences between real options and financial options. Taking an Idea into Practice 43 FIGURE 2. 6 Financial versus real options ANALOGIES: FINANCIAL OPTIONS REAL ... 2. 9. Taking an Idea into Practice 51 FIGURE 2. 9 Real options behave different than financial options ❑ Increasing volatility does increase the value of fi...

Ngày tải lên: 02/07/2014, 01:20

... (years) 12 34 12 345 4. 00 3.98 2.63 5.37 4. 00 4. 00 4. 00 4. 00 4. 00 Value of the Put Option ($m) Value of the Put Option ($m) 12 34 12 345 36.55 36.06 27.33 44 .68 36.55 36.20 36. 34 36.76 36.13 is that, with increasing ... min () () () () () 1 1111 2 2 3 3 4 4 5 5 116 REAL OPTIONS IN PRACTICE TABLE 4. 2 The option value under time uncertainty Value of the Call Optio...

Ngày tải lên: 02/07/2014, 01:20

... 117 .58 313 .53 2 15. 55 0 .58 3 15 1 85. 07 444.18 314.62 0 .59 1 15 111.04 296.11 203 .57 0 .58 2 20 174.18 418. 05 296.11 0 .59 1 20 104 .51 278.70 191.60 0 .58 2 Node 13 Expected Margin (%) Value ($) pK = 150 ... 207 .52 0 .58 15 104.46 278 .57 191 .51 0 .58 20 95. 74 255 .31 1 75. 52 0 .58 Option Value at Node 2 Margin (%) K = 100 + 50 ($) 10 182.77 15 161.99 20 148.70 Optio...

Ngày tải lên: 02/07/2014, 01:20

... 0.5 q 6 = 0.5 Launch 15 16 19 20 150m 100m 14 17 18 – K – K FIGURE 6. 12 The binomial tree of managerial options: Invest in learning or learn passively by deferring 2 06 REAL OPTIONS IN PRACTICE 0 2 4 6 8 10 12 14 507090110 Worst ... learning actively equals exactly the value of defer- ring and investing later. The dashed line in Figure 6. 18 depicts the border 202 REAL...

Ngày tải lên: 02/07/2014, 01:20

... also starting in two years and—over a period of five years—result- ing in cost savings of $5 million. These assumptions translate into the fol- lowing binomial asset tree shown in Figure 7. 7. Without ... “Rethinking Accounting,” Financial Executive 18:34, 2002. 32. R. McGrath, “A Real Option Logic for Initiating Technology Position- ing Investments,” Academy of Management Review 22:...

Ngày tải lên: 02/07/2014, 01:20

... 199 5. 33. B. Lambrecht and W. Perraudin, Real Options and Preemption under Incomplete Information (Real Option Group Conference, Cambridge, UK, 199 9). 34. D. Goodin, “Intel Net Dropped 82% in ... Mauboussin, “Get Real: Using Real Options in Security Analysis,” CSFB Equity Research, June 23, 199 9. 36. M.A. Desai, P. Tufano, and Laura Martin, Real Options and the Cable Indu...

Ngày tải lên: 02/07/2014, 01:20

... relevant for ecological engineering (Orr, 2002; Papanek, 19 71; Todd and Todd, 19 84, 19 94; Van Der Ryn and Cowan, 19 96; Wann, 19 90, 19 96; Zelov and Cousineau, 19 97). These works on ecological design are ... Field Chemistry Mechanics Electricity Ecology Chemical engineering Mechanical engineering Electrical engineering Ecological engineering 16 Ecological...

Ngày tải lên: 06/07/2014, 14:20

... during the grinding of the cement clinker (section 1. 1). The gypsum combines with the C 3 A to give a high-sulphate calcium sulphoaluminate, known as ettringite (3CaO·Al 2 O 3 ·3CaSO 4 ·31H 2 O), and ... 1. 8.) Copyright 19 93 E & FN Spon 1. 3. MINOR CONSTITUENTS 1. 3 .1. Gypsum (CaSO 4 ·2H 2 O) It was pointed out earlier (section 1. 2.3) that the C 3 A reacts with water almost ins...

Ngày tải lên: 08/08/2014, 10:22

... pore 968 (1 98 6) 5.57 7 .12 (1 99 8) 7.43 (1 99 9) 15 .7 16 .8 (Conklin, 20 01; Leonforte, 19 9 8) Red Hook Brooklyn, NY 2.6 (6 0) Diffused 232 (1 98 8) 16 .8 2.49 (1 99 8) 2.29 (1 99 9) 25 24 (Conklin, 20 01; Leonforte, ... (Hildreth, 19 99; Hildreth, et al. 19 9 7) MCUA Sayreville, NJ 6.5 (1 4 7) HPO •turbine •surface 95.5 (...

Ngày tải lên: 11/08/2014, 09:21

... 4, Postfach 812 , CH-40 01 Basel, Switzerland tel: 4 1- 6 1- 2 6 1- 8 482; fax: 4 1- 6 1- 2 6 1- 8 896 World Wide Web http:/ /www.dekker.com The publisher offers discounts on this book when ordered in bulk quantities. ... Environ 11 7 /11 8 :10 3 10 9, 19 92. 14 1. J-M Bollag, C Meyers, S Pal, PM Huang. The role of abiotic and biotic catalysts in the transformation of ph...

Ngày tải lên: 11/08/2014, 15:20

... Biota in Sustainable Farming Systems, Adelaide, Australia, March 15 18 , 19 94, 19 7–203. Brussaard, L. and Kooistra, M. J., Eds., 19 93. Editors’ introduction, in Soil Struc- ture /Soil Biota Interrelationships,” ... L., 19 94. The ecology of soil organisms in reduced input farming, in Soil Biota Management in Sustainable Farming Systems, Pankhurst, C. A., Ed.,...

Ngày tải lên: 11/08/2014, 15:20

... Georgakopoulos 92 010 3_CRC20_0904_FM 1/ 13/ 01 11: 30 AM Page xiii Structure and Function in Agroecosystem Design and Management Structure and Function in Agroecosystem Design and Management Edited ... U.K. J.mitchley@ic.ac.uk 92 010 3_CRC20_0904_FM 1/ 13/ 01 11: 30 AM Page x 4 STRUCTURE AND FUNCTION IN AGROECOSYSTEMS DESIGN AND MANAGEMENT Fi...

Ngày tải lên: 11/08/2014, 17:20

... xxv PART 1 ASP.NET FUNDAMENTALS 1 1 Getting acquainted with ASP.NET 4.0 3 1. 1 Meet ASP.NET 4 1. 2 Typical architecture in ASP.NET applications 7 1. 3 Your first ASP.NET Web Form 13 1. 4 What’s new in ASP.NET ... TOPICS 317 12 ■ Ajax and RIAs with ASP.NET 4.0 319 13 ■ State 348 14 ■ Caching in ASP.NET 366 15 ■ Extreme ASP.NET 4.0 396 16 ■ Performan...

Ngày tải lên: 12/08/2014, 15:23