Real Options in practice Chapter 6 docx

... Định giá doanh nghiệp kiểu “Real options” – thực mà không thực Phương pháp định giá doanh nghiệp “real options evaluation” (tạm dich là: định giá theo khả năng lựa chọn trên thực tế”), ... pháp định giá doanh nghiệp bấy giờ (định giá theo thu nhập, định giá qua so sánh đối chiếu và định giá theo chi phí). Chỉ trong một thời gi...

Ngày tải lên: 09/12/2013, 18:15

... of the UK200 corporate finance panel, whose task it is to advise, support and co-ordinate the corporate finance activities of the UK200 Group. He says that of all the SME corporate finance proposals ... of Velo +44 (0) 162 8 898088. 3. Alistair Singleton, Hanover Fox +44 (0)20 7409 1177. 4. Entrepreneurship at Russam GMS +44 (0)1582 66 6970. 5. Nigel Kendall +44 (0)1483 23 264 1....

Ngày tải lên: 14/12/2013, 15:15

... 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

... and Owen 5 as (6. 77) If the water activity at the reference temperature is expressed as (6. 78) then Equations 6. 77, 6. 78, 6. 61, and 6. 62 can be combined to form (6. 79) where (6. 80) for each l ... reactions for ammonium-containing elec- trolytes include (6. 20) (6. 21) (6. 22) Examples of such reactions for sodium-containing electrolytes are (6. 23) (6. 24) (6. 25) I...

Ngày tải lên: 18/06/2014, 19:20

... 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

... method to populate the full-text catalog or the full- text index for the first time z Change tracking-based population: Use this method to propagate the changes made in the table to the full-text ... method to propagate the changes made in the table to the full-text index. Solutions to Practice Questions Chapter 6 ¤NIIT S.5 1. Service Broker provides a durable messag...

Ngày tải lên: 31/07/2014, 15:20

... 24 16 11 26 28 38 8.0 14 11 9 16 16 24 sequence of increasing exchange efficiency can be considered to reflect an in- creasing effectiveness in neutralizing the negative charge on the aluminosilicate framework. ... exchange with cations in external solution. An increase in exchange temperature enhanced HM removal by reducing the solvation coating and kinetic diameter of the in- go...

Ngày tải lên: 11/08/2014, 12:21

... consistent URL termination public static string AppendTrailingSlash(this string url) { int indexOfQueryString = url.IndexOf("?"); if (indexOfQueryString != -1) { url = string.Concat( ... injection. String concatenation of user input occurs and the resulting query is executed without other filters. TECHNIQUE 60 271TECHNIQUE 62 Handling and displaying user input At this...

Ngày tải lên: 12/08/2014, 15:23