Real Options potx

... 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

... transport are as- sumed to consume differing fractions of this loading space. For ex- ample, the parking space for one C-5A is equal to the parking space 24 Analysis of Combat Support Basing Options ment, ... ONE Introduction 1 Creation of the Air and Space Expeditionary Force 2 RAND’s Concept of Agile Combat Support 6 Operation Iraqi Freedom and Beyond...

Ngày tải lên: 29/03/2014, 16:20

... ad- ditional real options analysis. To perform a real options analysis on this ex- isting model, launch the real options functions by clicking on Start, Programs, Crystal Ball, Real Options Analysis ... software (click on Start, Programs, Crystal Ball, Real Options Analysis Toolkit, and select User Manual). Getting Started with Real Options Analysis Toolki...

Ngày tải lên: 09/04/2014, 12:06

... 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 ... also uncertain. The firm therefore faces significant cost uncertainties in undertaking the project. In 1993, Pindyck introduced cost uncertainty as a distinguishing f...

Ngày tải lên: 23/04/2014, 22:28

... underlying assets of real options, however, are usually non-traded assets that do not 1 REAL OPTIONS FRAMEWORK FOR ACQUISITION OF REAL ESTATE PROPERTIES WITH EXCESSIVE LAND ... (Copeland and Antikarov, 2005). This means using DTA alone is not sufficient for the acquisition with infill land problem. Real Options in Real Estate Appli...

Ngày tải lên: 03/06/2014, 02:10

... 1967– Strategic investment : real options and games / Han T.J. Smit and Lenos Trigeorgis. p. cm. Includes bibliographical references and index. ISBN: 0-691-01039-0 1. Options (Finance) 2. Investments. ... Value 431 10.2. Implications of the Strategic Options and Games Framework 439 10.2.1. Timing Games for Simple Commercial Options 440 10.2.2. Investment Game...

Ngày tải lên: 11/06/2014, 13:33

... graph of the Australian dollar/Japanese yen (AUD/JPY). Again note the retest that occurred two weeks after the initial pattern completion. As is almost always the case with valid pattern breakouts, ... professional trading career was dedicated to advancing a more conservative approach to futures trading. Donchian passed away in the early 1990s. The Weekend Rule basically states that...

Ngày tải lên: 20/06/2014, 19:20

... pages doi:10.1155/2010/303140 Research Article Classification of Pulse Waveforms Using Edit Distance with Real Penalty Dongyu Zhang, 1 Wangmeng Zuo, 1 David Zhang, 1, 2 Hongzhi Zhang, 1 and Naimin Li 1 1 Biocomputing Research ... number of pulse waveforms of each pulse pattern. To the best of our knowledge, this data set is the largest one used for pulse w...

Ngày tải lên: 21/06/2014, 08:20

... tell them the situation as it is. Hey, what if they decide to make you redundant? Well, to be fair I can’t legislate for that but what I can say is that all the managers I have worked for have ... that the catch-ups you have are beneficial to them as well? If relationships appear to die, and the other party does not appear to make an effort to propose or find time f...

Ngày tải lên: 27/06/2014, 23:20

... 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 prici...

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) (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 ... 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 Option Timing Scenar...

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

... 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

... values for the first year are: 210 1,667 Cash flow = 50 333 3,000 Cash flow = 450 CHAPTER 22 Real Options Answers to Practice Questions 1. a. A five-year American call option on oil. The initial ... equipment, or to introduce new products. The expected return will reflect the expected return on the real options as well as the assets in place. Consequently, the rate will be too hi...

Ngày tải lên: 14/08/2014, 11:20