Project Flexibility, Agency, and Competition: New Developments in the Theory and

商家名称	信用等级	购买信息	订购本书
		Project Flexibility, Agency, and Competition: New Developments in the Theory and
		Project Flexibility, Agency, and Competition: New Developments in the Theory and

基本信息·出版社：Oxford University Press, USA
·页码：368 页
·出版日期：1999年10月
·ISBN：0195112695
·International Standard Book Number：0195112695
·条形码：9780195112696
·EAN：9780195112696
·装帧：精装
·正文语种：英语

内容简介 Recent attention has been given to the valuation of "real options" to look at capital budgeting decisions and project management. Real options are a measure of the value of managerial flexibility and strategic value in capital investment. Because this topic is not yet covered adequately, this book fills a major gap in the market. It deals with issues of R&D and technology options; investments involving learning; infrastructure; competition; strategy; and growth options.
作者简介 Michael J. Brennan is at Anderson Graduate School of Management University of California at Los Angeles. Lenos Trigeorgis is at University of Cyprus.
媒体推荐 "One of the most novel and exciting applications of option theory has been the evaluation of production choices and flexibility as "options". As exemplified by this book, real options analysis has permeated nearly every aspect of decision-making. It could not have had better qualified editors to oversee the selection process and provide deep insight and perspective to this new field. Along with his many significant contributions to just about every branch of modern finance, Michael Brennan was also one of the pioneers in developing real options theory. Lenos Trigeorgis came in at an inflection point and has contributed widely and importantly to the subject, including his influential book, Real Options. Jointly they have put together an excellent collection of papers on the most recent developments.--"Robert C. Merton, Harvard Business School

"Scholars who have made fundamental contributions to the real options literature once again enhance our understanding through their joint efforts to produce an excellent, comprehensive, and innovative book on real options, edited brilliantly by Michael Brennan and Lenos Trigeorgis. The book is a must for academics and applied specialists interested in a rigorous framework to formulate corporate investment and financing decisions under uncertainty and market frictions."--Myron Scholes, Stanford University and Oak Hill Capital Management

"Drawing on the enormous success of the analytic techniques for pricing financial options, Brennan and Trigeorgis masterfully illuminate vast areas of real corporate activity. Real options lie at the heart of corporate strategy and this work will be a constant and essential reference for anyone who seriously deals with these important matters."--Stephen A. Ross, MIT and Roll and Ross Asset Management

"Project Flexibility, Agency, and Competition provides an excellent choice of readings by two leaders in the field. A good balance of theoretical and applied studies."--Franklin Allen, Wharton School, University of Pennsylvania

"A collection of insightful and original essays on the recent developments in the theory and application of real options in project management, thoroughly edited and prefaced by Michael Brennan and Lenos Trigeorgis, two acknowledged experts on real options. I strongly recommend it to the serious practitioner and student of project management."--George M. Constantinides, Graduate School of Business, University of Chicago

"Recently the principles of real options analysis have come of age, and currently they are being used by leading corporations worldwide and are very popular among academics and practitioners. Because of this, the Brennan-Trigeorgis book is very timely. It contains an excellent collection of representative papers covering a wide spectrum of real options from both theoretical and practical viewpoints. I recommend it to anyone who wants to learn more about this relatively new and very exciting field."--Alexander Lipton, Vice President, Deutsche Bank

"I believe that this book will further the development of the real options discipline as both an academic subject and a framework for real problem solving. The collection of papers cover a broad range of important issues and show how those issues can be rigorously addressed. The papers are lucid, relevant, and make significant contributions."--David G. Luenberger, Stanford University
目录

1. Real Options: Development and New Contributions, Michael J. Brennan and L. Trigeorgis
Part I: Optimal Contingent Policies and the Value of Flexibility
2. Real Options and Rules of Thumb in Capital Budgeting, Robert L. McDonald
3. Investment in Flexible Technologies under Uncertainty, Kjell Arne Brekke and Bjarne Schieldrop
4. Expandability, Reversibility, and Optimal Capacity Choice, Avinash K. Dixit and Robert S. Pindyck
5. Entry and Exit Strategies under Non-Gaussian Distributions, Svetlana I. Boyarchenko and Sergei Levendorskii
6. Evaluating Research and Development Investments, Eduardo S. Schwartz and Mark Moon
Part II: Agency, Contracts, and Incentives
7. A Self-Enforced Dynamic Contract for Processing of Natural Resources, Peter Bjerksund and Gunnar Stensland
8. Bidding for the Antamina Mine: Valuation and Incentives in a Real Options Context, Alberto Moel and Peter Tufano
9. Agency Costs, Underinvestment, and Optimal Capital Structure: The Effect of Growth Options to Expand, David C. Mauer and Steven H. Ott
Part III: Flexibility in Natural and Environmental Resource Investments
10. Valuation of Natural Resource Investments with Stochastic Convenience Yields and Interest Rates, Kristian R. Miltersen
11. A Compound Option Model for Evaluating Multistage Natural Resource Investments, Gonzalo Cortazar and Jaime Casassus
12. Optimal Extraction of Nonrenewable Resources When Costs Cumulate, Joseph A. Cherian, Jay Patel, and Ilya Khripko
13. Real Options and the Timing of Implementation of Emission Limits under Ecological Uncertainty, Jean-Daniel M. Saphores and Peter Carr
Part IV: Strategic Options and Product Market Competition
14. Equilibrium Time-To-Build: A Real Options Approach, Steven R. Grenadier
15. Strategic Sequential Investments and Sleeping Patents, Bart Lambrecht
16. Competitive Investment Decisions: A Synthesis, Domingo Castelo Joaquin and Kirt C. Butler
17. The Ship Lay-Up Option and Equilibrium Freight Rates, Jostein Tvedt

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