Applied Real Option Valuation

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Real Options in Practice

Marion A. Brach
Real Options in Practice Book PDF

Author : Marion A. Brach
Publisher : John Wiley & Sons
Page : 384 pages
File Size : 54,5 Mb
Release : 2003-04-07
Category : Business & Economics
ISBN : 9780471445562

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Real Options in Practice by Marion A. Brach Pdf

Explores real option theory applied in practice Real options are quickly becoming the valuation and decision-making method of choice for many companies, including oil and gas companies, utilities and natural resource companies, pharmaceutical and biotech companies, Internet companies, and many others. Real Options in Practice allows readers to view the world of real options from the vantage point of a corporate practitioner applying real option valuation techniques on a regular basis. Expert Marion Brach describes the challenges of implementing a real option framework in practice within a corporate setting. Touching on the real options most firms care about, Real Options in Practice identifies the classic types of real options-deferral, abandonment, switching, expansion, and compound-and explores the main concepts critical to understanding real option theory. Through Brach's own three-step real option valuation method readers will learn how the theory of real options is now being applied to drive better, more profitable corporate decision-making. Marion A. Brach, MD, MBA (Hagen, Germany), has undertaken financial valuation of business opportunities and acquisitions using scenario and real option valuation in the biotech industry. A recognized expert on real option theory and practice, Brach received her MBA from the Manchester Business School and frequently speaks at real option seminars.

Real Options Analysis Course

Johnathan Mun
Real Options Analysis Course Book PDF

Author : Johnathan Mun
Publisher : John Wiley & Sons
Page : 321 pages
File Size : 53,5 Mb
Release : 2003-04-15
Category : Business & Economics
ISBN : 9780471465348

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Real Options Analysis Course by Johnathan Mun Pdf

Praise for Real Options Analysis Course "Dr. Mun's latest book is a logical extension of the theory and application presented in Real Options Analysis. More specifically, the Real Options Analysis Course presents numerous real options examples and provides the reader with step-by-step problem-solving techniques. After having read the book, readers will better understand the underlying theory and the opportunities for applying real option theory in corporate decision-making." -Chris D. Treharne, President, Gibraltar Business Appraisals, Inc. "This text provides an excellent follow up to Dr. Mun's first book, Real Options Analysis. The cases in Real Options Analysis Course provide numerous examples of how the use of real options and the Real Options Analysis Toolkit software can assist in the valuation of strategic and managerial flexibility in a variety of arenas." -Charles T. Hardy, PhD, Chief Financial Officer & Director of Business Development, Panorama Research, Inc. "Most of us come to real options from the perspective of our own areas of expertise. Mun's great skill with this book is in making real options analysis understandable, relevant, and immediately applicable to the field within which you are working." -Robert Fourt, Partner, Gerald Eve (UK) "Mun provides a practical step-by-step guide to applying simulation and real options analysis-invaluable to those of us who are no longer satisfied with conventional valuation approaches alone." -Fred Kohli, Head of Portfolio Management, Syngenta Crop Protection Ltd. (Switzerland)

An Applied Course in Real Options Valuation

Richard Lester Shockley
An Applied Course in Real Options Valuation Book PDF

Author : Richard Lester Shockley
Publisher : South-Western College
Page : 0 pages
File Size : 40,6 Mb
Release : 2007
Category : Evaluation
ISBN : 0324259638

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An Applied Course in Real Options Valuation by Richard Lester Shockley Pdf

The purpose of this text is to explain the theories of option pricing, and to apply those theories to real world decision-making. There is a seamless mix of theory and practice. The theories are described and explained in an easy-to-read and understandable manner, and then applied'using various cases and real world situations'to the practical world. Competitive books in this course area are generally not formatted as textbooks with no pedagogy at all.

Project Valuation Using Real Options

Prasad Kodukula,Chandra Papudesu
Project Valuation Using Real Options Book PDF

Author : Prasad Kodukula,Chandra Papudesu
Publisher : J. Ross Publishing
Page : 256 pages
File Size : 53,6 Mb
Release : 2006-07-15
Category : Business & Economics
ISBN : 1932159436

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Project Valuation Using Real Options by Prasad Kodukula,Chandra Papudesu Pdf

Business leaders are frequently faced with investment decisions on new and ongoing projects. The challenge lies in deciding what projects to choose, expand, contract, defer, or abandon, and which method of valuation to use is the key tool in the process. This title presents a step-by-step, practical approach to real options valuation to make it easily understandable by practitioners as well as senior management. This systematic approach to project valuation helps you minimize upfront investment risks, exercise flexibility in decision making, and maximize the returns. Whereas the traditional decision tools such as discounted cash flow/net present value (DCF/NPV) analysis assume a “fixed” path ahead, real options analysis offers more flexible strategies. Considered one of the greatest innovations of modern finance, the real options approach is based on Nobel-prize winning work by three MIT economists, Fischer Black, Robert Merton, and Myron Scholes.

Real Options Analysis

Johnathan Mun
Real Options Analysis Book PDF

Author : Johnathan Mun
Publisher : Unknown
Page : 128 pages
File Size : 44,8 Mb
Release : 2016-01-30
Category : Electronic
ISBN : 1734497351

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Real Options Analysis by Johnathan Mun Pdf

Real Options Analysis, Third Edition, provides a novel view of evaluating capital investment strategies by taking into consideration the strategic decision-making process. The book provides a qualitative and quantitative description of real options, the methods used in solving real options, why and when they are used, and the applicability of these methods in decision making. In addition, multiple business cases and real-life applications are discussed. These discussions present and frame the real options problems, as well as introduce a stepwise quantitative process developed by the author for solving these problems using the different methodologies inherent in real options. Included are technical presentations of models and approaches used as well as their theoretical and mathematical justifications. The book covers the qualitative discussions of real options; the quantitative analysis and mathematical concepts; and practical applications of real options. The first part of the book looks at the qualitative nature of real options, providing actual business cases and scenarios of real options in the industry, as well as high-level explanations of how real options provide the much-needed insights in decision making. The second part of the book looks at the step-by-step quantitative analysis, complete with worked-out examples and mathematical formulae. The third part illustrates the use of the Real Options Valuation's Super Lattice Solver software and Risk Simulator software both developed by the author. In this section, more detailed business cases are solved using the software.This book is targeted at both the uninitiated professional as well as those well-versed in real options applications. It is also applicable for use as a second-year M.B.A. level textbook or introductory Ph.D. reference book.

Real Options Analysis

Johnathan Mun
Real Options Analysis Book PDF

Author : Johnathan Mun
Publisher : John Wiley & Sons
Page : 603 pages
File Size : 43,9 Mb
Release : 2012-07-02
Category : Business & Economics
ISBN : 9781118429075

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Real Options Analysis by Johnathan Mun Pdf

"Mun demystifies real options analysis and delivers a powerful, pragmatic guide for decision-makers and practitioners alike. Finally, there is a book that equips professionals to easily recognize, value, and seize real options in the world around them." --Jim Schreckengast, Senior VP, R&D Strategy, Gemplus International SA, France Completely revised and updated to meet the challenges of today's dynamic business environment, Real Options Analysis, Second Edition offers you a fresh look at evaluating capital investment strategies by taking the strategic decision-making process into consideration. This comprehensive guide provides both a qualitative and quantitative description of real options; the methods used in solving real options; why and when they are used; and the applicability of these methods in decision making.

Real Options Theory

Jeffrey J. Reuer,Tony W. Tong
Real Options Theory Book PDF

Author : Jeffrey J. Reuer,Tony W. Tong
Publisher : Emerald Group Publishing
Page : 520 pages
File Size : 49,9 Mb
Release : 2007-07-05
Category : Business & Economics
ISBN : 9781849504942

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Real Options Theory by Jeffrey J. Reuer,Tony W. Tong Pdf

Examines the ways in which real options theory can contribute to strategic management. This volume offers conceptual pieces that trace out pathways for the theory to move forward and presents research on the implications of real options for strategic investment, organization, and firm performance.

Applied Real Option Valuation

Kaveh Sheibani
Applied Real Option Valuation Book PDF

Author : Kaveh Sheibani
Publisher : ORLAB Analytics
Page : 81 pages
File Size : 43,6 Mb
Release : 2010-06-30
Category : Business & Economics
ISBN : 8210379456XXX

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Applied Real Option Valuation by Kaveh Sheibani Pdf

Supporting investment profitability analysis and decision-making with real option analysis is an issue of increasing interest among both practitioners and managers. This special issue of the Journal of Applied Operational Research (JAOR) presents some new progress in applying real option analysis and valuation to real world problems in a number of industries.

Real Options in Theory and Practice

Graeme Guthrie
Real Options in Theory and Practice Book PDF

Author : Graeme Guthrie
Publisher : Oxford University Press
Page : 432 pages
File Size : 45,6 Mb
Release : 2009-07-16
Category : Business & Economics
ISBN : 9780199939084

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Real Options in Theory and Practice by Graeme Guthrie Pdf

Decision-makers in business and economics face a staggering array of problems. For example, managers of growing firms have to decide when to expand their business, governments have to decide whether to undertake large infrastructure investments, and managers of oil firms must decide how rapidly to deplete their reserves. While these problems seem quite diverse, they all share many important features. In each case, the decision-maker must choose when to take a particular action that will be potentially impossible to reverse, and the consequences of taking (or not taking) that action are uncertain. Also, the timing and nature of these actions directly affect the cash flows generated by the entities they manage. This book explains how techniques originally developed to price financial derivatives can be used to analyze real-world decisions, and provides the tools necessary to put them into practice. The real options analysis approach to decision-making is built on strong theoretical foundations, and is widely discussed in practitioner literature, but often only at a fairly intuitive level. What practitioners need-and what this book delivers-is a structured approach to systematically applying real options analysis to the wide variety of problems they will meet in business and economics. Real Options in Theory and Practice focuses on building up a general approach to solving real options problems from the ground up. Rather than aiming to build a "black box" to solve a small set of standardized real options problems, it describes the building blocks of any successful real options analysis and shows how they can be assembled in a way that is appropriate to the problem being analyzed. For both practitioners and academics, Real Options in Theory and Practice will serve as an authoritative and invaluable resource for those looking for effective and practical solutions to complex, real-life problems.

Real R & D Options

Dean Paxson
Real R D Options Book PDF

Author : Dean Paxson
Publisher : Butterworth-Heinemann
Page : 356 pages
File Size : 47,5 Mb
Release : 2003-01-17
Category : Business & Economics
ISBN : 0750653329

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Real R & D Options by Dean Paxson Pdf

This text addresses a wide range of issues in valuation using the Real Options technique. It covers the whole area of Real Options and looks closely at developments, especially in valuing technology companies. Authors in Europe, North and South America, Asia and Africa provide seven Real Options models and applications.

Real Options

Lenos Trigeorgis
Real Options Book PDF

Author : Lenos Trigeorgis
Publisher : MIT Press
Page : 452 pages
File Size : 45,5 Mb
Release : 1996-03-14
Category : Business & Economics
ISBN : 026220102X

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Real Options by Lenos Trigeorgis Pdf

Comprehensive in scope, Real Options reviews current techniques of capital budgeting and details an approach (based on the pricing of options) that provides a means of quantifying the elusive elements of managerial flexibility in the face of unexpected changes in the market. In the 1970s and the 1980s, developments in the valuation of capital-investment opportunities based on options pricing revolutionized capital budgeting. Managerial flexibility to adapt and revise future decisions in order to capitalize on favorable future opportunities or to limit losses has proven vital to long-term corporate success in an uncertain and changing marketplace. In this book Lenos Trigeorgis, who has helped shape the field of real options, brings together a wealth of previously scattered knowledge and research on the new flexibility in corporate resource allocation and in the evaluation of investment alternatives brought about by the shift from static cash-flow approaches to the more dynamic paradigm of real options—an approach that incorporates decisions on whether to defer, expand, contract, abandon, switch use, or otherwise alter a capital investment. Comprehensive in scope, Real Options reviews current techniques of capital budgeting and details an approach (based on the pricing of options) that provides a means of quantifying the elusive elements of managerial flexibility in the face of unexpected changes in the market. Also discussed are the strategic value of new technology, project interdependence, and competitive interaction. The ability to value real options has so dramatically altered the way in which corporate resources are allocated that future textbooks on capital budgeting will bear little resemblance to those of even the recent past. Real Options is a pioneer in this area, coupling a coherent picture of how option theory is used with practical insights in into real-world applications.

Valuing Employee Stock Options

Johnathan Mun
Valuing Employee Stock Options Book PDF

Author : Johnathan Mun
Publisher : John Wiley & Sons
Page : 335 pages
File Size : 55,5 Mb
Release : 2004-10-13
Category : Business & Economics
ISBN : 9780471706021

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Valuing Employee Stock Options by Johnathan Mun Pdf

A comprehensive guide to understanding the implications andapplications of valuing employee stock options in light of the newFAS 123 requirements Due to the new requirements of the Proposed Statement of FinancialAccounting Standards (FAS 123) released by the Financial AccountingStandards Board (FASB)-namely the fact that employee servicesreceived in exchange for equity instruments be recognized infinancial statements-companies are now scrambling to learn how tovalue and expense employee stock options (ESOs). Based on authorDr. Johnathan Mun's consulting and advisory work with the FASBconsulting projects with several Fortune 500 firms, ValuingEmployee Stock Options provides readers with a comprehensive lookat this complex issue. Filled with valuable information on binomial lattice andclosed-form modeling techniques, Valuing Employee Stock Options canhelp financial professionals make informed decisions whenattempting to ascertain the fair-market value of ESOs under the newrequirements. Johnathan Mun, PhD, MBA, MS, CFC, FRM (San Francisco, CA), is VicePresident of Analytical Services at Decisioneering, Inc., themakers of Crystal Ball analytical software. He is also the authorof Applied Risk Analysis (0-471-47885-7), Real Options Analysis(0-471-25696-X), and Real Options Analysis Course (0-471-43001-3),all of which are published by Wiley.

Trading and Pricing Financial Derivatives

Patrick Boyle,Jesse McDougall
Trading and Pricing Financial Derivatives Book PDF

Author : Patrick Boyle,Jesse McDougall
Publisher : Walter de Gruyter GmbH & Co KG
Page : 298 pages
File Size : 48,7 Mb
Release : 2018-12-17
Category : Business & Economics
ISBN : 9781547401215

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Trading and Pricing Financial Derivatives by Patrick Boyle,Jesse McDougall Pdf

Trading and Pricing Financial Derivatives is an introduction to the world of futures, options, and swaps. Investors who are interested in deepening their knowledge of derivatives of all kinds will find this book to be an invaluable resource. The book is also useful in a very applied course on derivative trading. The authors delve into the history of options pricing; simple strategies of options trading; binomial tree valuation; Black-Scholes option valuation; option sensitivities; risk management and interest rate swaps in this immensely informative yet easy to comprehend work. Using their vast working experience in the financial markets at international investment banks and hedge funds since the late 1990s and teaching derivatives and investment courses at the Master's level, Patrick Boyle and Jesse McDougall put forth their knowledge and expertise in clearly explained concepts. This book does not presuppose advanced mathematical knowledge, though it is presented for completeness for those that may benefit from it, and is designed for a general audience, suitable for beginners through to those with intermediate knowledge of the subject.

Analysis of Derivatives for the CFA Program

Don M. Chance
Analysis of Derivatives for the CFA Program Book PDF

Author : Don M. Chance
Publisher : Ingram
Page : 682 pages
File Size : 51,7 Mb
Release : 2003
Category : Business & Economics
ISBN : UOM:39076002577794

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Analysis of Derivatives for the CFA Program by Don M. Chance Pdf

Analysis of Derivatives for the CFA? Program introduces students and practitioners to a practical risk management approach to derivatives. The textbook captures current practice and reflects what the general investment practitioner needs to know about derivatives. It does not simply deliver an explanation of various derivatives instruments and positions but provides motivation for every derivatives position by explaining what the manager wants to accomplish prior to addressing the details of the position.

What Is So Real About Real Options, and Why Are They Optional?

Johnathan Mun
What Is So Real About Real Options and Why Are They Optional Book PDF

Author : Johnathan Mun
Publisher : John Wiley and Sons
Page : 19 pages
File Size : 54,8 Mb
Release : 2011-09-14
Category : Business & Economics
ISBN : 9781118006337

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What Is So Real About Real Options, and Why Are They Optional? by Johnathan Mun Pdf

In the past, corporate investment decisions were cut and dried. Buy a new machine that is more efficient, make more products costing a certain amount, and if the benefits outweigh the costs, execute the investment. Hire a larger pool of sales associates, expand the current geographical area, and if the marginal increase in forecast sales revenues exceeds the additional salary and implementation costs, start hiring. Need a new manufacturing plant? Show that the construction costs can be recouped quickly and easily by the increase in revenues the plant will generate through new and improved products, and the initiative is approved. However, real-life business conditions are a lot more complicated. Your firm decides to go with an e-commerce strategy, but multiple strategic paths exist. Which path do you choose? What are the options you have? If you choose the wrong path, how do you get back on the right track? How do you value and prioritize the paths that exist? You are a venture capitalist firm with multiple business plans to consider. How do you value a start-up firm with no proven track record? How do you structure a mutually beneficial investment deal? What is the optimal timing to a second or third round of financing? This chapter provides a novel approach to applying real options to answering these issues and more.