The Real Options Solution

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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 : 40,6 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.

The Real Options Solution

F. Peter Boer
The Real Options Solution Book PDF

Author : F. Peter Boer
Publisher : John Wiley & Sons
Page : 434 pages
File Size : 48,7 Mb
Release : 2002-11-08
Category : Business & Economics
ISBN : 9780471421276

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The Real Options Solution by F. Peter Boer Pdf

Harness the power of real options Real options theory is based on the Nobel Prize--winning work on financial options, and has captured the interest of executives, managers, and investors who need to understand the future profitability of an asset. Originally developed to value technology initiatives and companies, the method is now being applied broadly across various businesses and industries. The Real Options Solution offers comprehensive coverage of the real options approach with a five-step framework and examples for applying the author's unique total value model based on real options analysis. This approach will help executives and investors minimize the risk of committing to new ventures and delivers a framework flexible enough to apply to business initiatives in all types of companies.

Real Options

Sydney Howell,David Newton
Real Options Book PDF

Author : Sydney Howell,David Newton
Publisher : Financial Times/Prentice Hall
Page : 0 pages
File Size : 47,9 Mb
Release : 2001
Category : Analyse financière
ISBN : 0273653024

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Real Options by Sydney Howell,David Newton Pdf

Will provide the reader with a comprehensive understanding of the concepts behind real option analysis and how to use them. It demystifies the scientific aura surrounding the subject, giving the reader the understanding necessary to direct or apply real option analysis in any organizational setting.

Real Options Analysis

Johnathan Mun
Real Options Analysis Book PDF

Author : Johnathan Mun
Publisher : John Wiley & Sons
Page : 603 pages
File Size : 40,6 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 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 : 49,6 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 Options Analysis Course

Johnathan Mun
Real Options Analysis Course Book PDF

Author : Johnathan Mun
Publisher : John Wiley & Sons
Page : 321 pages
File Size : 46,7 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)

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 : 44,7 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.

Real Options

Martha Amram,Nalin Kulatilaka
Real Options Book PDF

Author : Martha Amram,Nalin Kulatilaka
Publisher : Oxford University Press on Demand
Page : 246 pages
File Size : 49,6 Mb
Release : 1999
Category : Business & Economics
ISBN : 0875848451

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Real Options by Martha Amram,Nalin Kulatilaka Pdf

Using real-world examples and clear case studies, the authors provide investors and managers with an innovative method for assessing a company's non-financial assets, allowing them to assess opportunities whose financial rewards are less than certain.

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 : 50,7 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 R & D Options

Dean Paxson
Real R D Options Book PDF

Author : Dean Paxson
Publisher : Butterworth-Heinemann
Page : 356 pages
File Size : 54,8 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.

Strategy, Value and Risk - The Real Options Approach

J. Rogers
Strategy Value and Risk The Real Options Approach Book PDF

Author : J. Rogers
Publisher : Springer
Page : 141 pages
File Size : 46,5 Mb
Release : 2002-06-25
Category : Business & Economics
ISBN : 9780230513051

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Strategy, Value and Risk - The Real Options Approach by J. Rogers Pdf

In the 1990s shareholder value was applied to all aspects of corporate strategy and management decisions as a result of intense competition, globalization, advances in technology, deregulation and the financial markets. As we enter the twentyfirst century the business environment is one of increasing creative destruction, where competitive advantage is much harder to sustain. Real Options , a type of advanced financial analysis, applies financial option theory to real assets and offers a strategic framework that recognizes the need for management flexibility and to leverage risk in this corporate environment.

Real Options Valuation

Marcus Schulmerich
Real Options Valuation Book PDF

Author : Marcus Schulmerich
Publisher : Springer Science & Business Media
Page : 400 pages
File Size : 40,8 Mb
Release : 2010-08-03
Category : Business & Economics
ISBN : 9783642126628

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Real Options Valuation by Marcus Schulmerich Pdf

After the ?rst edition of this book was published in early 2005, the world has changed dramatically and at a pace never seen before. The changes that - curred in 2008 and 2009 were completely unthinkable two years before. These changes took place not only in the Finance sector, the origin of the crisis, but also, as a result, in other economic sectors like the automotive sector. Governments now own substantial parts, if not majorities, in banks or other companies which recorded losses of double digit billions of USD in 2008. 2008 saw the collapse of leading stand-alone U. S. investment banks. In many co- tries interest rates fell close to zero. What has happend? While the economy showed strong growth in 2004 to 2006, the Subprime or Credit Crisis changed the picture completely. What started in the U. S. ho- ing market in late 2006 became a full-?edged global ?nancial crisis and has a?ected ?nancial markets around the world. A decline in U. S. house prices and increasing interest rates caused a higher rate of subprime mortgage delinqu- cies in the U. S. and, due to the wide distribution of securitized assets, had a negative e?ect on other markets. As a result, markets realized that risks had been underestimated and volatility increased. This development culminated in the bankruptcy of the investment bank Lehman Brothers in mid September 2008.

A Stochastic Control Framework for Real Options in Strategic Evaluation

Alexander Vollert
A Stochastic Control Framework for Real Options in Strategic Evaluation Book PDF

Author : Alexander Vollert
Publisher : Springer Science & Business Media
Page : 275 pages
File Size : 47,8 Mb
Release : 2012-12-06
Category : Mathematics
ISBN : 9781461220688

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A Stochastic Control Framework for Real Options in Strategic Evaluation by Alexander Vollert Pdf

The theoretical foundation for real options goes back to the mid 1980s and the development of a model that forms the basis for many current applications of real option theory. Over the last decade the theory has rapidly expanded and become enriched thanks to increasing research activity. Modern real option theory may be used for the valuation of entire companies as well as for particular investment projects in the presence of uncertainty. As such, the theory of real options can serve as a tool for more practically oriented decision making, providing management with strategies maximizing its capital market value. This book is devoted to examining a new framework for classifying real options from a management and a valuation perspective, giving the advantages and disadvantages of the real option approach. Impulse control theory and the theory of optimal stopping combined with methods of mathematical finance are used to construct arbitrarily complex real option models which can be solved numerically and which yield optimal capital market strategies and values. Various examples are given to demonstrate the potential of this framework. This work will benefit the financial community, companies, as well as academics in mathematical finance by providing an important extension of real option research from both a theoretical and practical point of view.

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 : 51,7 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.

Real Options and Investment Under Uncertainty

Eduardo S. Schwartz,Lenos Trigeorgis
Real Options and Investment Under Uncertainty Book PDF

Author : Eduardo S. Schwartz,Lenos Trigeorgis
Publisher : MIT Press
Page : 890 pages
File Size : 52,9 Mb
Release : 2004
Category : Business & Economics
ISBN : 0262693186

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Real Options and Investment Under Uncertainty by Eduardo S. Schwartz,Lenos Trigeorgis Pdf

The study of investment under uncertainty was stagnant for several decades until developments in real options revitalized the field. The topics covered in this book include the reasons behind the under-investment programme.