Real Options in practice Chapter 2 pot

... 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

... TABLE 2. 3 Densities (g/cm 3 ) of Various Sediment Components Humus 1.3–1.5 Anorthite 2. 7 2. 8 Clay 2. 2 2. 6 Dolomite 2. 8 2. 9 Kaolinite 2. 2 2. 6 Muscovite 2. 7–3.0 Orthoclase 2. 5 2. 6 Biotite 2. 8–3.1 Microcline ... µm (clays) and also greater than 62. 5 µm (sands). However, © 20 09 by Taylor & Francis Group, LLC 40 Sediment and Contaminant Transport in Sur...

Ngày tải lên: 18/06/2014, 22:20

... nature of manager- PEOPLE, MANAGEMENT, AND POLICY 22 ccc_stralser_ch 02_ 18-37.qxd 7 /22 /04 9:04 AM Page 22 TLFeBOOK Formalization and Standardization. Formalization involves creat- ing a written ... organizational behavior by defining the na- ture of managerial behavior, addressing the fundamental theories and practices of motivation, explaining the basics of organizational struc- tur...

Ngày tải lên: 01/07/2014, 22:20

... 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

Ngày tải lên: 04/07/2014, 13:20

... Calorimetrier, (19 82) , pp. 2/ 41 2/ 48 (in French). 2. 18. ACI Committee 20 7, Effect of restraint, volume change, and reinforcement on cracking of massive concrete (ACI 20 7.2R–73) (Reaffirmed 1986). In ACI Manual ... accelerated, its initial and final setting Fig. 2. 15. Effect of placing tempera- ture on temperature rise in mass concrete containing 22 3 kg/m 3 of type I c...

Ngày tải lên: 08/08/2014, 10:22

... This led to a Tradable Information Initiative Working Group (TIIWG) being established in 1989, comprising all government departments using or holding geographic data. In conjunction with the ... maximising and adding value to existing information without high technical or financial overhead. Source: Extracted from Local Government Management Board (1994) Information for Ca...

Ngày tải lên: 11/08/2014, 12:21

... TM Copyright n 20 03 by Marcel Dekker, Inc. All Rights Reserved. 22 Chapter 2 2. 2 .2 Humic Matter in Soils of the Wetlands The soils discussed above are generally well-drained, and the aerobic ... had the opportunity to accumulate a lot of organic waste during the centuries. 2. 2.1 Humic Matter in Soils Humic matter occurs in all kinds of soils sin...

Ngày tải lên: 11/08/2014, 12:21

... Catal. B Environmental 2: 147–1 52, 1993. 20 . K. K. Hansen, E. M. Skou, H. Christensen, T. Turek. J. Catal. 199:1 32 140, 20 01. 21 . D. K. Captain, M. D. Amiridis. J. Catal. 194 :22 2 23 2, 20 00. 22 . K ... and C 3 H 7 –NO 2 at 1444 cm Ϫ1 as well as increases in MS intensities of N 2 ,CO 2 ,H 2 O, and N 2 O, indicating reduction of NO/O 2 by C 3 H 6 . Reduction of NO...

Ngày tải lên: 11/08/2014, 12:21