FM11 Ch 12 Real Options

... varied 12 - What are some types of real options?  Investment timing options  Growth options Expansion of existing product line New products New geographic markets 12 - Types of real options ... opportunity, and it isn’t traded (More ) 12 - How are real options different from financial options?  The payoffs for financial options are specified in the contract  Re...

Ngày tải lên: 06/04/2015, 19:41

... leverage provided by options as the underlying stock price increases, and the greater loss potential of options at higher option prices 8 - 13 What are the assumptions of the Black-Scholes Option Pricing ... for the sale/purchase of either the stock or the option  RRF is known and constant during the option’s life (More ) - 14  Security buyers may borrow any fraction of the purchas...

Ngày tải lên: 06/04/2015, 19:41

... hữu định có thực lựa chọn hay không Trước đó, họ bỏ tiền mua option, hay nói nôm na trả tiền để mua quyền định Logic việc áp dụng option việc định giá dự án đầu tư Công ty ... cho kết gần với giá trị mỏ vàng vào thời điểm Không có nhà phân tích năm 1998 bảo đảm có cú nhảy vọt giá vàng vào sau Song đồng thời, gần tất chuyên viên dự báo có cú nhảy vọt giá tương tự, đơn ... đ...

Ngày tải lên: 09/12/2013, 18:15

... analyst and graduate student in mind Real Options Analysis Course s business cases, exercises, step-bystep methodologies, and applications have been adapted for and solved using the enclosed Real Options ... Johnathan Real options analysis course : business cases and software applications / Johnathan Mun p cm Published simultaneously in Canada ISBN 0-47...

Ngày tải lên: 09/04/2014, 12:06

... encouraging investments 12 REAL OPTIONS IN PRACTICE early, when NPV suggests refraining from investment Real option analysis can in fact tell you what the value is of waiting to invest The use of real ... important insights into the commonalities and differences between real options and financial options ANALOGIES: FINANCIAL OPTIONS REAL OPTIONS Financial Option Variab...

Ngày tải lên: 23/04/2014, 22:28

... namely the Real Estate with Real Option (RERO) framework, as a combination of all three methods to specifically value real estate acquisition with excessive infill land The objectives of this study ... Our proposed real estate with real options (RERO) model is a framework that combines DCF, ROA and DTA analyses to specifically value real estate acquis...

Ngày tải lên: 03/06/2014, 02:10

... Strategic Investment Strategic Investment Real Options and Games Han T J Smit Lenos Trigeorgis Princeton University Press Princeton and Oxford Copyright © 2004 by Han T J Smit and Lenos ... Acknowledgments xxi Introduction: Strategic Investment as Real Options and Games xxiii I.1 Introduction: About This Book xxiii I.2 Real Options and Games: Linking C...

Ngày tải lên: 11/06/2014, 13:33

... portfolio in accordance with the no-arbitrage argument That 28 REAL OPTIONS IN PRACTICE 21 15 22 10 16 17 24 12 23 11 18 25 13 19 26 14 20 27 t0 t1 t2 t3 t4 t5 t6 FIGURE 1. 7 The binomial tree price in ... encouraging investments 12 REAL OPTIONS IN PRACTICE early, when NPV suggests refraining from investment Real option analysis can in fact tell you what the...

Ngày tải lên: 02/07/2014, 01:20

... Poisson Options Analysis,” R&D Management 31 :20 3, 20 01; H Herath and C.S Park, “Multi-Stage Capital Investment Opportunities as Compound Real Options, ” Engineering 64 16 17 18 19 20 21 22 23 24 25 26 ... to late market entry ❑ ❑ ❑ FIGURE 2. 9 Real options behave different than financial options 52 REAL OPTIONS IN PRACTICE THE BINOMIAL PRICING MODEL TO PRICE R...

Ngày tải lên: 02/07/2014, 01:20

... management in defining the conditions when there is value in resolving market variability uncertainty, that is, by making investments in active learning For an investment option that is deep in the ... to invest resources in learning and defining the market variability, specifically for investment options that are only at the money REAL CALL OPTIONS WITH UNCERTAIN TIME TO MATU...

Ngày tải lên: 02/07/2014, 01:20

... Value ($) 59 5.71 56 2.62 52 9 .52 10 15 20 0 .58 5 0 .58 5 0 .58 5 p 10 15 20 Node 15 470.30 444.18 418. 05 120 ($) 357 . 75 328.24 298.73 627.07 59 2.23 55 7.39 160 ($) PV of Asset K = 150 ($) Margin (%) Node ... 13 2 15. 55 203 .57 191.60 Expected Value ($) 0 .58 3 0 .58 2 0 .58 2 p 150 REAL OPTIONS IN PRACTICE TABLE 5. 8 Expected asset and option value at node 11 Node...

Ngày tải lên: 02/07/2014, 01:20

... compete against other R&D investment options Investing in this project would likely imply forgoing another investment opportunity Not investing in this project and saving the $12.5 million in projected ... FIGURE 6. 18 Value of the learning option as a function of private risk reduction and learning success 204 REAL OPTIONS IN PRACTICE between deferring (area below the dashed...

Ngày tải lên: 02/07/2014, 01:20

... the beginning Is the strategic vision turning into reality? Does the expense in employee training pay off by increasing customer satisfaction, stabilizing the customer base or even expanding it, ... success evolved in the late eighties in response to increasing financial pressures exercised by institutional investors In an environment of aggressive mergers 224 REAL OPTIONS IN P...

Ngày tải lên: 02/07/2014, 01:20

... no restriction to creativity in finding reliable and guiding input parameters Cross-departmental planning groups involving strategy, finance, 298 REAL OPTIONS IN PRACTICE regulatory, operations, ... 292 REAL OPTIONS IN PRACTICE Organizational Culture Identifying & Framing Organizational Infrastructure & Design Analyzing & Valuing Organizational Behavior & Incentives Executin...

Ngày tải lên: 02/07/2014, 01:20

... là chế hóa đá Sau nhiều triệu năm, các hóa thạch này được đưa lên lớp đất đá bề mặt thông qua các chuyển động địa chất và xói mòn II) Cơ chế hình thành hóa thạch Cũng ... dáng…), xác sinh vật bảo quản gần nguyên vẹn lớp hổ phách lớp băng II) Cơ chế hình thành hóa thạch Thông thường, sau sinh vật chết thường thối rữa, phân hủy hay bị s...

Ngày tải lên: 16/07/2014, 00:01