Tesi: "Management option"

1

Wang, Guan Jun. "Essays on option-implied volatility". Related electronic resource:, 2007. http://proquest.umi.com/pqdweb?did=1407687881&sid=1&Fmt=2&clientId=3739&RQT=309&VName=PQD.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

2

Fischer, Andreas. "The real option process in strategic management /". Bamberg : Difo-Druck, 2002. http://www.gbv.de/dms/zbw/356760855.pdf.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

3

Bhargav, Shilpa Anandrao. "Impacts of project management on real option values". Thesis, Texas A&M University, 2004. http://hdl.handle.net/1969.1/1455.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Abstract (sommario):

The cost of construction projects depends on their size, complexity, and duration. Construction management applies effective management techniques to the planning, design, and construction of a project from conception to completion for the purpose of controlling time, cost and quality. A real options approach in construction projects, improves strategic thinking by helping planners recognize, design and use flexible alternatives to manage dynamic uncertainty. In order to manage uncertainty using this approach, it is necessary to value the real options. Real option models assume independence of option holder and the impacts of underlying uncertainties on performance and value. The current work proposes and initially tests whether project management reduces the value of real options. The example of resource allocation is used to test this hypothesis. Based on the results, it is concluded that project management reduces the value of real options by reducing variance of the exercise signal and the difference between exercise conditions and the mean exercise signal.

4

Agenbag, André. "Using real option analysis to manage project risk". Thesis, Stellenbosch : Stellenbosch University, 2003. http://hdl.handle.net/10019.1/53707.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Abstract (sommario):

Thesis (MBA)--Stellenbosch University, 2003.
ENGLISH ABSTRACT: This study project aims to use "Real Option Analysis" as a tool to translate financial hedging strategies into business strategies that can be used to hedge business projects against their associated risks. Financial investments are often hedged by means of further investment in financial option structures. These option structures give the investor the option (and sometimes the obligation) to change the constituents of his original investment, depending on changes in the external environment. A well engineered option structure will protect the investor against downside risk, while maximizing profits from upside risk. The objective of this study project is then to adapt some of the standard structures to such an extent that they can be used with similar success in the real business environment. This adaptation is done by means of Real Option Analysis - a relatively new theory whereby business uncertainty and managerial flexibility can be evaluated and quantified in a way similar to financial options. It will be seen that a careful application of Real Option Analysis allows one to take a certain business situation, identify the risks inherent to it, find a suitable option structure to hedge against those risks, and modify this option structure so that it can be implemented as a pure business strategy. This analysis is supported by a detailed derivation of a popular Real Option Analysis model, and an in depth discussion of the differences between Real- and financial options as well as difficulties associated with the implementation of Real Option-based strategies. Several examples of specific business situations are analyzed and it is concluded that Real Option Analysis can provide useful, practical and competitive strategies. Above all, the thought process leading to said strategies is deemed to provide powerful insight into the dynamics of the business/project under evaluation.
AFRIKAANSE OPSOMMING: Hierdie studie projek poog om "Real Option Analysis" te gebruik om finansiele immuniserings strategiee om te skakel in besigheids strategiee wat gebruik kan word om besigheids projekte te beskerm teen hul inherente risikos. Finansiele beleggings word dikwels geimmuniseer deur middel van verdere beleggings in finansiele opsie strukture. Hierdie strukture gee aan die belegger die opsie (en soms die verpligting) om die samestelling van sy oorspronklike belegging aan te pas na gelang van veranderinge in die omgewing. 'n Goed ontwerpte struktuur sal die belegger toelaat om sy winste te maksimeer terwyl verliese as gevolg van negatiewe risiko beperk word. Die doel van die studie projek is dan om sommige van hierdie standaard opsie strukture aan te pas sodat dit nie net in die beleggings wereld nie, maar ook in die besigheids wereld toegepas kan word. Hierdie aanpassing word gedoen met behulp van "Real Option Analysis" - 'n relatief nuwe teorie waarvolgens besigheids onsekerhede and bestuurs aanpasbaarhede geevalueer en gekwantifiseer kan word op 'n soortgelyke wyse as finansiele opsies. Dit sal gesien word dat 'n deeglike toepassing van "Real Option Analysis" die gebruiker toelaat om 'n besigheids situasie te evalueer, die risikos daaran verbonde te identifiseer, 'n toepaslike opsie struktuur te vind wat beskerming sal bied teen hierdie risikos, en dan hierdie struktuur aan te pas sodat dit as 'n besigheid strategie toegepas kan word. Hierdie analise word ondersteun deur die afleiding van 'n populere "Real Option Analysis" model, 'n bespreking van die verskille tussen Rieele- en finansiele opsies, sowel as komplikasies wat verwag kan word tydens die implimentasie van 'n strategie gebasseer op Rieele Opsies. Verskeie voorbeelde van spesifieke besigheids situasies word geanaliseer en dit gee aanleiding tot die gevolgtrekking dat "Real Option Analysis" wel sinvolle, bruikbare en kompeterende strategiee kan voorsien. Verder word daar aangedui dat die denk proses wat lei tot hierdie strategiee, 'n kragtige bron van insig in die besigheid/projek dinamika kan gee.

5

Christoforidou, Amalia. "Regime-switching option pricing models". Thesis, University of Glasgow, 2015. http://theses.gla.ac.uk/6684/.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Abstract (sommario):

Part I: This chapter develops a lattice method for option evaluation aiming to investigate whether the option prices reflect the shifts in the distributions of the underlying asset returns and the risk-free interest rate. More precisely we try to investigate whether the option prices reflect the switches in the correlation between the underlying and risk-free bond returns that characterise different states of the economy. For this reason we develop and test two models. In the first model we allow all the parameters to follow a regime-switching process while in the second model, in order to isolate the regime-switching correlation effect on the option prices, we allow only the correlation to follow a regime-switching process. The models developed use pentanomial lattices to represent the evolution of the regime-switching underlying assets. Our findings suggest that the option prices reflect the regime-switches and that a model which considers these switches could produce more accurate results than a single-regime model. Part II: This part develops a class of closed-form models for options on commodities evaluation under the assumptions of mean-reversion in the commodity prices and factors’ values and regime-switching in the volatilities and correlations. At first we develop novel closed-form solutions of the 1-, 2- and 3-factors models and later in the paper these three models are transformed into regime switching models. The six models (three with and three without regime-switching) are then tested and compared on real market data. Our findings suggest that the by increasing the stochastic factors and assuming regime-switching in the models their flexibility and thus their accuracy increases.

6

Espinosa, Omar Baqueiro. "Agent Risk Management in Electronic Markets Using Option Derivatives". Thesis, University of Liverpool, 2008. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.502160.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Abstract (sommario):

In this thesis I present a framework for intelligent software agents to manage risk in electronic marketplaces using Option Derivatives. To compare the perfonnance of agents that trade Option Derivatives with agents not using them, I create a simulation of a financial marketplace in which software agents are vested with decision rules for buying and selling assets and Options. The motivation of my work is the need of risk management mechanisms for those Multi-Agent Systems where resources are allocated according to a market mechanism. Autonomous agents participating in such markets need to consider the risks to which they are exposed when trading in them, and to take actions to manage those risks. This thesis considers the hypothesis that software agents can benefit from trading Option Derivatives, using them as a tool to manage their exposure to uncertainty in the market. The main contributions of this thesis are: First, an abstract framework of an Option trading market is developed. This framework serves as a foundation for the implementation of computational Option trading mechanisms in systems using Market-Based resource allocation. The framework can be incorporated into existing Market-Based systems using the traded resources as the underlying assets for the Option market. Within the framework, four basic Option trading strategies are introduced, some of which reason about the risks exposed by their actions. These strategies are provided as a foundation for the development of more complex strategies that maximise the utility of the trading agents by the use of Options. The second contribution of this thesis is the analysis of the results from simulation experiments perfonned with the implementation of a software Multi-Agent System based on the developed Option trading framework. The system was developed in Java using the Repast simulation platfonn. The experiments were used to test the perfonnance of the developed trading strategies. This research shows that agents which traded Options by choosing actions aiming to minimize their risk perfonned significantly better than agents using other trading strategies, in the majority of the experiments. Agents using this risk-minimizing strategy also observed a lower correlation between the asset price and their returns, for the majority of the experimented scenarios. Agents which traded Options aiming to maximize their returns perfonned better than their peers in the scenarios where the asset price volatility was high. Finally, it was also observed that the perfonnance differential of the strategies increased as the uncertainty about the future price of the asset was increased.

7

Lehar, Alfred, Martin Scheicher e Christian Schittenkopf. "GARCH vs stochastic volatility. Option pricing and risk management". SFB Adaptive Information Systems and Modelling in Economics and Management Science, WU Vienna University of Economics and Business, 2001. http://epub.wu.ac.at/258/1/document.pdf.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Abstract (sommario):

This paper examines the out-of-sample performance of two common extensions of the Black-Scholes framework, namely a GARCH and a stochastic volatility option pricing model. The models are calibrated to intraday FTSE 100 option prices. We apply two sets of performance criteria, namely out-of-sample valuation errors and Value-at-Risk oriented measures. When we analyze the fit to observed prices, GARCH clearly dominates both stochastic volatility and the benchmark Black Scholes model. However, the predictions of the market risk from hypothetical derivative positions show sizable errors. The fit to the realized profits and losses is poor and there are no notable differences between the models. Overall we therefore observe that the more complex option pricing models can improve on the Black Scholes methodology only for the purpose of pricing, but not for the Value-at-Risk forecasts. (author's abstract)
Series: Report Series SFB "Adaptive Information Systems and Modelling in Economics and Management Science"

8

Ipsmiller, Edith, Keith D. Brouthers e Desislava Dikova. "25 Years of Real Option Empirical Research in Management". Wiley, 2019. http://dx.doi.org/10.1111/emre.12324.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Abstract (sommario):

For several decades, management scholars have extolled the virtues of using real option logic when making decisions under uncertainty. Real option logic suggests that in such situations, firms might be better off deferring or staging investments, reducing potential financial losses, while at the same time securing an option to grow (or abandon) the investment when uncertainty abates. Our analysis of the empirical research published in leading management journals over the past 25 years suggests that while some progress has been made, much more work needs to be done. We still do not have the answers to critical questions such as: Which entrepreneurial/managerial traits impact the identification or exploitation of real options? Do multiple types of uncertainties interact with each other and influence real option decisions? Addressing these and other issues identified in our study can help improve our understanding of the usefulness of real option logic in management.

9

Shang, Danjue. "Option Markets and Stock Return Predictability". Diss., The University of Arizona, 2016. http://hdl.handle.net/10150/613277.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Abstract (sommario):

I investigate the information content in the implied volatility spread, which is the spread in implied volatilities between a pair of call and put options with the same strike price and time-to-maturity. By constructing the implied volatility time series for each stock, I show that stocks with larger implied volatility spreads tend to have higher future returns during 2003-2013. I also find that even volatilities implied from untraded options contain such information about future stock performance. The trading strategy based on the information contained in the actively traded options does not necessarily outperform its counterpart derived from the untraded options. This is inconsistent with the previous research suggesting that the information contained in the implied volatility spread largely results from the price pressure induced by informed trading in option markets. Further analysis suggests that option illiquidity is associated with the implied volatility spread, and the magnitude of this spread contains information about the risk-neutral distribution of the underlying stock return. A larger spread is associated with smaller risk-neutral variance, more negative risk-neutral skewness, and seemingly larger risk-neutral kurtosis, and this association is primarily driven by the systematic components in risk-neutral higher moments. I design a calibration study which reveals that the non-normality of the underlying risk-neutral return distribution relative to the Brownian motion can give rise to the implied volatility spread through the channel of early exercise premium.

10

Muthanna, Tone Merete. "Bioretention as a Sustainable Stormwater Management Option in Cold Climates". Doctoral thesis, Norwegian University of Science and Technology, Department of Hydraulic and Environmental Engineering, 2007. http://urn.kb.se/resolve?urn=urn:nbn:no:ntnu:diva-1472.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Abstract (sommario):

Two pilot size bioretention boxes were constructed for field investigations at the Risvollan Urban Hydrological Research Station in Trondheim. The seasonal pollutant retention, hydraulic lag times, and rainfall runoff versus snowmelt chemo dynamics have been studied with respect to zinc, copper, and lead. The field investigations were divided into four parts; a long term continuous hydrologic performance, heavy metal retention of rainfall runoff during different seasons, and heavy metal retention from roadside snowmelt. The chemo dynamic pathways through the system were investigated for the warm versus the cold season, and rainfall runoff versus snowmelt. Overall the results showed consistent high retention of particles and total metals with respect to concentrations and mass removal, with more than 90% mass removal of total zinc and more than 85% mass retention of lead, while copper retention varied from 46% to 86% by mass. However increases in dissolved fractions through the system for all events in the case of copper and for the snowmelt events in the case of zinc could lead to an increase of bioavailable dissolved metals in the outflow which is not desirable. The top mulch layer was identified as the largest sink of metals and particles, which helped avoid clogging the soil due to high particle concentrations in the inflow. The plants did show some ability to retain and absorb metals in the roots and shoot, however this was less than 5% of the total metal retention. The plants had a more important function in improving root zone infiltration, and rejuvenating the system in the spring every year, making it a valuable green space in the urban landscape. Snow storage was also considered and it was found that snow storage, dependent on annual snow volume, quickly became a deciding design parameter with respect to sizing.

11

Carlsson, Gustav, e Robin Ericsson. "Layered Basket Option Hedging : Currency risk management for multinational corporations". Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-18338.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Abstract (sommario):

Background: In an increasingly globalized environment, corporations perform transactions across borders on a day-to-day basis. As multinational corporations expand their businesses the number of currencies in their operations increases. The consequence of operating with several currencies is the risk associated with currency fluctuations. Sandvik AB is a worldwide corporation where activities are conducted through representation in more than 130 countries. Currency exposures are controlled through risk management where financial derivatives are applied to protect the corporation from potential losses caused by fluctuations. Sandvik AB recently implemented a hedging strategy entitled Layered Basket Option hedging. The strategy is a combination of a layered- and a basket option approach to maximize the effect of the hedge. There is a limited amount of previous research regarding Layered Basket Option hedging and Sandvik AB is the first corporation to actively practice this strategy. Purpose: The purpose is to investigate and provide information about how currency risk most effectively is hedged for the multinational corporation Sandvik AB. Furthermore, we want to evaluate if Sandvik’s recently implemented hedging strategy, Layered Basket Option hedging, is the best-suited strategy for them and if there are any improvements to be made. This thesis will further investigate the importance of currency hedging for multinational corporations, which are dependent on reporting to their stakeholders. Hopefully, this thesis will also facilitate the communication of Sandvik’s currency strategies throughout the organization and make it more comprehensible. Method: Exchange rates on daily basis for the period 2002-2012 were collected from Bank of Canada and Reuters database. The collected data was thereafter used as a basis to perform calculations to determine if Layered Basket Option hedging is the optimal solution for Sandvik AB. Conclusion: The results of this study highlight the benefits from applying a Layered Basket Option hedging strategy and the strategy succeeds to reduce the volatility caused by currency fluctuation. The results indicate that the combination of a layered- and a basket option approach successfully creates a suitable strategy for Sandvik AB. Furthermore, this thesis has recognized that there exists room for improvement by actively allocating currencies according to their weights and correlations to fully exploit the effects from the strategy.

12

Zanger, Michael S. "Current federal identity management and the dynamic signature biometrics option". Thesis, Monterey, Calif. : Naval Postgraduate School, 2009. http://edocs.nps.edu/npspubs/scholarly/theses/2009/March/09Mar%5FZanger.pdf.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Abstract (sommario):

Thesis (M.S. in Information Technology Management)--Naval Postgraduate School, March 2009.
Thesis Advisor(s): Sankar, Pat. "March 2009." Description based on title screen as viewed on April 24, 2009. Author(s) subject terms: Biometrics, Biometrics Task Force, Dynamic Signature Biometrics, Identity Management, IdM Enterprise. Includes bibliographical references (p. 117-118). Also available in print.

13

Mozumder, Md Sharif Ullah. "Option pricing and risk management : analytic approaches with GARCH-Lévy dynamics". Thesis, University of Nottingham, 2011. http://eprints.nottingham.ac.uk/13065/.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Abstract (sommario):

This Ph.D. thesis considers making some contributions to the asset pricing and financial risk management literature. First of all it offers some dynamics in the area of asset pricing which are practically implement able for pricing European style options. More precisely it considers blending GARCH type non-Markovian dynamics with Levy type Markovian innovations to offer analytic valuation of European style derivatives (at this initial stage). Revealing the mathematical underpinnings- required to replace conditional Gaussian innovations in G ARCH option pricing models by innovations coming from some Levy processes( with one sided and both sided jumps)-is the main focus. The necessity for this arises from the fact that the non-normal (Levy) innovations are crucial as heteroskedasticity alone doesn't suffice to capture the option smirk and the analytic valuation is highly expected because it makes the model practically implementable. Thus besides incorporating non-normality particular attention is paid to analytic valuation as well; though the Monte Carlo techniques can be readily applied for the proposed dynamics. However an approximation is required to uphold the analytic pricing, especially for innovations coming from Levy processes which are not Subordinator. These dynamics are capable of overcoming many deficiencies of benchmark Black-Scholes model and can be used to price other derivatives such as Credit, Interest rate, Commodity, Weather etc. The approach is built on a discrete time continuous state space and upholds the no-arbitrage principle of derivative pricing through the use of conditional Esscher transform to configure Equivalent :tviartingale Measure(EMl'vI). Similar to the existing literature, established for GARCH with normal innovations, existence of EMM provides de-facto evidence in support of no-arbitrage argument. Besides the main focus this research has made some complementary contributions to the option pricing literature. Since J.P.Morgan introduced RiskMetrics in 1994, the normal quantile based VaR has been considered as industry standard for risk management. However VaR itself has inherent inconsistencies which are exacerbated under the assumption of normality. The second part of this thesis considers two frequently referred approaches to non-normality in risk management : extreme value(EV) approach and Levy approach. The idea is to reveal the relative performance of various risk measures under full density based Levy approach and solely tail observation based EV approach. We provide empirical evidence which confirms that though purely tail based risk measures value-at-risk (VaR) and its coherent version expected shortfall (ES) are well comparable under both approaches, entire spectrum based spectral risk measure (SRM) is misleading for EV approach. Backtesting risk measure VaR is considered under both approaches. We plan to improve the computational efficiency of estimation of Levy coherent risk measures through application of characteristic function based FRFT. Our ultimate goal is to see whether the conditional moment generating functions -developed for GARCH-Levy models in the first part of this thesis- can be adapted to the characteristic function based FRFT technique in order to estimate the risk measures in analytic fashion.

14

Lundqvist, Andreas. "The superior option for stormwater management : A case study of Årstafältet". Thesis, KTH, Urbana och regionala studier, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-298526.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Abstract (sommario):

Dagens dagvattenhantering i urbana områden är inte hållbar vilket resulterar i översvämningar, förfallav naturen och hälsoproblem. Fortsatt urbanisering och klimatförändringar påverkar systemet negativtoch kräver en brådskande förändring. Ett alternativ till traditionell dagvattenhantering är naturligalösningar, NBS, definierat som inspiration och användandet av naturen för att hanterasamhällsproblem. Det kan ge resilienta och adaptiva lösningar som främjar biologisk mångfald,människors välbefinnande, ett lovande alternativ för att tackla de här problemen. NBS är dock förenatmed osäkerheter såsom kunskapsbrister kring prestanda, underhåll och möjliga negativakonsekvenser. Även om NBS kan anses vara en hållbar lösning är den inte frekvent implementerad iurbana områden. Den här uppsatsen använder fallstudien Årstafältet för att samla och analysera föroch nackdelar av NBS och traditionella dagvattenlösningar. Med hjälp av intervjuer med inblandadeaktörer, plandokument, regleringar och en litteraturstudie visar resultatet att NBS kan ge ett resilient,flexibelt och kostnads-effektivt system med multipla fördelar vilket kan uppfylla t.ex. vattendirektivet(WFD), hållbarhetsmålen (SDGs) och miljömålen. Det traditionella systemet är en oelastisk lösninginkapabel att förebygga miljöförändringarna och med frekvent breddning av smutsigt dag- ochavloppsvatten. Systemet är sett som oförmögen att uppfylla mål kring biologisk mångfald, miljömåloch reningskrav och därav en ohållbar lösning. Existerande infrastruktur och ett välarbetat arbetssättgör att det traditionella systemet dock fortfarande förlitas på. Problem som identifierades med NBSvar kunskapsbrister, en ny process för att hantera dagvatten som inkluderar en omfattande inblandningav aktörer, övergångsbarriärer, oklarheter gällande ansvarsfördelning, brist på deltagande frånallmänheten, avsaknad av tekniskt vägledning, bristen och behovet av att kontrollera och mätalösningar samt beroendet av entusiastiska aktörer.
The current stormwater management in urban areas is not sustainable, resulting in frequent floodingevents, degeneration of the environment and human health issues. Increased urbanization and climatechange negatively impact the outcome and calls for an urgent change. An alternative to traditionalstormwater management is nature-based solution, NBS, broadly defined as the usage or inspiration ofnature to address societal challenges. It can provide resilient, adaptive solutions which promotebiodiversity and human well-being, a solution to address these challenges. NBS is however unitedwith uncertainties such as knowledge gaps of performance, maintenance, efficiency and potentialtradeoffs. Although NBS can be considered a sustainable solution, it is not widely adopted andimplemented in urban areas. This thesis uses the case study of Årstafältet project to identify andanalyze opportunities and challenges of NBS and conventional drainage system. Based on interviewswith involved actors, plans, regulation and a conceptual framework, the result shows that NBS canprovide a resilient, flexible and cost-effective system with multiple benefits which addresses allaspects of sustainability. It is widely supported by laws and policies, addressing the EU WaterFramework Directive (WFD), the Sustainable Development Goals (SDGs) and the EnvironmentalObjectives for example. The conventional drainage system is an inflexible system unable to mitigateclimate change, with frequent overflows (CSOs) of dirty storm and sewage water. It is unable toachieve biodiversity goals, environmental objectives and water quality targets and thus recognized asan unsustainable solution. With an existing infrastructure and an established way of managing theconventional drainage system, it is however still relied on. Identified challenges of NBS areknowledge gaps, a new management process with extensive stakeholder involvement, transitionbarriers, unclear division of responsibilities, lack of public participation and technical guidance, lackof and the need to monitor solutions and the dependence on enthusiastic actors.

15

Essono, Fabrice Assoumou. "Using real option analysis to value financial strategies". Thesis, Stellenbosch : Stellenbosch University, 2005. http://hdl.handle.net/10019.1/50540.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Abstract (sommario):

Thesis (MBA)--Stellenbosch University, 2005.
ENGLISH ABSTRACT: This study project focuses on the use of real options valuation in a tactical financing setting. The objective is to identify real option values in financial restructuring situations. These options are generated by the use of hybrid financial instruments such as warrants, preferred stocks and convertibles. In the analysis, it will be demonstrated that the binomial approach, a method commonly used in real options analysis, can be applied to draw a monetary value from specific financial transactions (e.g., leverage buyouts). When used optimally, the binomial approach provides a forceful insight into the dynamics of the transaction. The study recognises the possible impact of capital structure decisions in the analysis, but understates it to avoid complexity. The real options perspective encourages a conscious search for monetary benefits and thus improves the decision-making of managers involved in financial restructuring operations.
AFRIKAANSE OPSOMMING: Hierde werkstuk fokus op die gebruik van rieëIe opsie teorie om taktiese finansieringsbesluitneming te evalueer. Opsies word gegenereer deur die gebruik van hibridiese finansiele instrumente soos bestuursopsie-orders, voorkeuraandele en omskepbare instrumente. In hierdie studie word 'n oorsig oor die teorie soos dit in literatuur verskyn gegee, asook voorbeelde van finansiele herstrukturering om die waarde van die toepassing daarvan te illustreer. In hierdie studie word erkenning gegee aan die moontlike impak wat kapitaalstruktuur-besluitneming op die ontleding mag hê. Die impak hiervan word egter weens die kompleksiteit daarvan ignoreer. Nieteenstaande hierdie beperking, word besluitneming rakende finansiele herstrukturering verbeter deur die perspektief wat deur die rieëIe opsie-benadering verkry word, soos in hierdie werkstuk uitgewys word.

16

Leung, Kwai Sun. "Essays on exotic option pricing and credit risk modeling /". View abstract or full-text, 2006. http://library.ust.hk/cgi/db/thesis.pl?MATH%202006%20LEUNG.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

17

Kane, Hayden. "Price Discovery Across Option and Equity Prices". Diss., The University of Arizona, 2014. http://hdl.handle.net/10150/325212.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Abstract (sommario):

This paper measures the channels by which private information is incorporated in prices in the equity and option markets. Using a mispricing events approach and conditioning on the option market being the cause of the mispricing event, I analyse the subsequent behaviour of both the options and equity markets and I find that options markets play an important role in the price discovery process. When conditioning on option caused mispricing events, the equity price adjusts towards the options price to reconcile the prices. I find that around 40% of the option caused mispricing events contain information, and the equity prices adjust 35-40%, depending on the exchange, of the maximum discrepancy before prices reconcile. When the equity market causes the mispricing, the option market follows due to the autoquote mechanism. Additionally, I use Monte Carlo to assess the suitability of the Hasbrouck (1995) Information Share and Gonzalo-Granger (1995) Component Share measures in the option-equity context. I find that neither metric is suitable, however the Putnins (2013) Information Leadership metric is and the options market has on average a 35% information leadership share.

18

Lint, Leendert Johan Onno. "Measuring and managing R&D option value = Waardebepaling en management van reële opties in R&D /". Rotterdam, 2001. http://aleph.unisg.ch/hsgscan/hm00033312.pdf.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

19

Casault, Sebastien. "Real Option Pricing Model Applied to Industrial and Regional Benefits Policy". Thesis, University of Ottawa (Canada), 2010. http://hdl.handle.net/10393/28760.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Abstract (sommario):

This research intends to inform policy discussion on the subject of Aerospace and Defence sector procurement strategies at Industry Canada (IC). Specifically, this research explores procurement strategies in terms of a real option pricing model that move toward a novel use of Industrial and Regional Benefits (IRB) policies in promoting sector-specific, innovation-driven growth. It is further hypothesized that IRB obligations can be better tailored to encourage value adding activities within prime contractors' supply chains (typically small and medium enterprises in this sector). This research focusses on the novel development of a decision support tool using a theory of option pricing for derivatives whose returns fluctuate according to a power law distribution. This tool is shown to provide guidance to assist in adequately rewarding prime contractors who invest in innovative activities while fulfilling their IRB obligations.

20

Potter, Richard Ellis 1954. "Decision behavior under circumstances of preferred option unavailability: An empirical investigation". Thesis, The University of Arizona, 1992. http://hdl.handle.net/10150/278079.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Abstract (sommario):

Research examined what decision makers do when, after screening out unacceptable options in preparation for making a choice from among the acceptable survivors, they find that all of the survivors have become unavailable. Subjects were presented options in the form of rooms to rent and required to screen them to prepare a 'short list' from which a choice could be made. They also rated the importance of the room's characteristics. Then they were told that the rooms on the short list all had been rented, and that no new rooms had become available so they would have to create a new short list from among the previously rejected rooms. Then they re-screened the rejected options and re-rated the importance of the characteristics of the rooms. It was found that nearly 90% of the subjects would prefer to begin again with new options rather than re-screen rejected options. It also was found that when forced to re-screen rejected options, subjects reduced their ratings of the importance of the options' characteristics.

21

Benson, Robert D. "Market models and exposure management in foreign exchange". Thesis, Imperial College London, 1991. http://hdl.handle.net/10044/1/8659.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

22

Saunders, Robert J. "Artificial Recharge of Groundwater as a Water Management Option for Eastern Maine". Fogler Library, University of Maine, 2001. http://www.library.umaine.edu/theses/pdf/SaundersRJ2001.pdf.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

23

Zhang, Yang. "Essays in risk management and asset pricing with high frequency option panels". Thesis, Durham University, 2018. http://etheses.dur.ac.uk/12601/.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Abstract (sommario):

The thesis investigates the information gains from high frequency equity option data with applications in risk management and empirical asset pricing. Chapter 1 provides the background and motivation of the thesis and outlines the key contributions. Chapter 2 describes the high frequency equity option data in detail. Chapter 3 reviews the theoretical treatments for Recovery Theorem. I derive the formulas for extracting risk neutral central moments from option prices in Chapter 4. In Chapter 5, I specify a perturbation theory on the recovered discount factor, pricing kernel, and the physical probability density. In Chapter 6, a fast and fully-identified sequential programming algorithm is built to apply the Recovery Theorem in practice with noisy market data. I document new empirical evidence on the recovered physical probability distributions and empirical pricing kernels extracted from both index and single-name equity options. Finally, I build a left tail index from the recovered physical probability densities for the S&P 500 index options and show that the left tail index can be used as an indicator of market downside risk. In Chapter 7, I uniquely introduce the higher dimensional option-implied average correlations and provide the procedures for estimating the higher dimensional option-implied average correlations from high frequency option data. In Chapter 8, I construct a market average correlation factor by sorting stocks according to their risk exposures to the option-implied average correlations. I find that (a) the market average correlation factor largely enhances the model-fitting of existing risk-adjusted asset pricing models. (b) the market average correlation factor yields persistent positive risk premiums in cross-sectional stock returns that cannot be explained by other existing risk factors and firm characteristic variables. Chapter 9 concludes the thesis.

24

Sadeq, Sayeed. "LDC borrowing : growth oppurtunities, the option to repudiate and debt reschedulings". Thesis, Massachusetts Institute of Technology, 1985. http://hdl.handle.net/1721.1/15323.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

25

Poole, Keith I. "Investigation of storm water management professionals' perceptions of permeable interlocking concrete pavers as a stormwater management option". Connect to this title online, 2009.

Cerca il testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

26

Zheng, Fuling. "An examination of potential backdating of executive share option grants in South Africa". Master's thesis, University of Cape Town, 2007. http://hdl.handle.net/11427/19385.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Abstract (sommario):

Includes bibliographical references (pages 72-77).
This study investigates whether executives backdate share option grants to their advantage in South Africa. Using data of 175 option grants to executives among the 41 top companies in South Africa between 2001 and 2006, a pattern of negative cumulative abnormal stock returns before the grant dates but positive and increasing returns thereafter is observed. This pattern is much more pronounced for unscheduled grants. Statistical testing shows the mean cumulative abnormal returns are significantly different from zero after the grant date, but are not significantly different from zero before the grant date. The mean differences in average cumulative abnormal stock returns between pre- and post- grant periods are significantly different. The results suggest that some opportunistic behavior might have taken place around the executive option grants, including backdating.

27

Babajide, Abisoye (Abisoye E. ). "Real option analysis as a decision tool in oil field developments". Thesis, Massachusetts Institute of Technology, 2007. http://hdl.handle.net/1721.1/43101.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Abstract (sommario):

Thesis (S.M.)--Massachusetts Institute of Technology, System Design and Management Program, 2007.
Includes bibliographical references (p. 58-59).
This thesis shows the applicability and value of real options analysis in developing an oil field, and how its use along with decision analysis can maximize the returns on a given project and minimize the losses. It focuses on how capacity flexibility, the option to change the scale of a project, can significantly add value to a project especially in situations where technical uncertainties exist in a field development. This thesis first analyzes the Sample and Rother field case study, looking at the original project team's assumptions and expectations, the key uncertainties and the final outcomes. It then offers up an alternate approach to the problem using real options analysis that would have added more value to the project. It shows that for the given case study, it would have been beneficial to obtain the option to add capacity to the field development. It also recommends the level of capacity flexibility to include that adds the most expected value to maximize gains and minimize losses for various development scenarios.
by Abisoye Babajide.
S.M.

28

Hays, Sally Renee Easley. "Eco-labeling as a viable option to protect groundwater quality /". view abstract or download file of text, 1999. http://wwwlib.umi.com/cr/uoregon/fullcit?p9948020.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Abstract (sommario):

Thesis (Ph. D.)--University of Oregon, 1999.
Typescript. Includes vita and abstract. Includes bibliographical references (leaves 141-147). Also available for download via the World Wide Web; free to University of Oregon users. Address: http://wwwlib.umi.com/cr/uoregon/fullcit?p9948020.

29

Yoo, Woosang. "Valuation of metal reserves under price uncertainty by using option pricing model". Thesis, Massachusetts Institute of Technology, 1996. http://hdl.handle.net/1721.1/10979.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

30

Meyer, York-Peter. "Hybride Optionen zum kombinierten Management finanzieller und versicherungstechnischer Risiken /". Bamberg : Difo-Druck, 1996. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=007202098&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

31

Wingfield-Hayes, Crispin. "The controlled landfill bioreactor : a sustainable waste management option for the 21st century?" Thesis, University of Strathclyde, 1997. http://oleg.lib.strath.ac.uk:80/R/?func=dbin-jump-full&object_id=23485.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

32

Hanan, Deirdre. "The best practicable environmental option for paper waste management in geographically isolated communities". Thesis, Open University, 2011. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.552799.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Abstract (sommario):

Waste management generally, and paper waste specifically, are important issues. The problems finding suitable landfill sites and the legislative and environmental needs for alternatives to landfill make research into this field important. Isolated communities have specific issues related to the treatment of waste. Available sites for landfill are limited, the community is often economically dependent on tourism and local alternatives to landfill are limited, whilst transport across the barrier is expensive. The aims of the research were to find the Best Practicable Environmental Option (BPEO) for paper waste management in isolated communities and to produce a tool that could be used by other areas to assess their own paper waste management practices. During this research, three geographically isolated areas were chosen as study areas and the financial, environmental and legislative aspects of the current household waste management systems were examined. A financial model was produced and used in the case study areas. The environmental emissions were modelled by the use of WRA TE, a Life Cycle Analysis programme developed by the Environment Agency for England and Wales. The financial, legislative and environmental impacts social factors of the six scenarios were examined by a Multi-Criteria Decision Analysis workshop consisting of residents from one of the case study areas. The conclusions of the research were that: • MCDA can be used to combine LCA, financial, legislative and social information to assist in determining BPEO for managing waste in isolated communities, • The use of the MCDA panel allowed the local community to be involved in the decision-making process, • Isolated communities have specific issues in regard to waste management, • The research tool was valuable in finding the most sustainable paper waste management solution for the area, • Local solutions are to be preferred financially, environmentally and socially although local or national taxes can distort the financial position.

33

Sangsnit, Nalik Atibhag. "Political risk management and its implications in the presence of a buyout option". Thesis, Massachusetts Institute of Technology, 1994. http://hdl.handle.net/1721.1/12256.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

34

Smillie, Alan. "New copula models in quantitative finance : applications to risk management and option pricing". Thesis, Imperial College London, 2008. http://hdl.handle.net/10044/1/11326.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

35

Fite, Amalie Ruth. "The Military Health Service System beneficiary satisfaction and an option for change /". Thesis, Monterey, California : Naval Postgraduate School, 1990. http://handle.dtic.mil/100.2/ADA241784.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Abstract (sommario):

Thesis (M.S. in Management)--Naval Postgraduate School, December 1990.
Thesis Advisor(s): Crawford, Alice M. Second Reader: Fann, Gail L. "December 1990." Description based on title screen as viewed on March 30, 2010. DTIC Identifier(s): Military Health Care. Author(s) subject terms: Military Health Care. Includes bibliographical references (p. 79-82). Also available in print.

36

Taudes, Alfred, Markus Feurstein e Andreas Mild. "How option thinking can improve software platform decisions". SFB Adaptive Information Systems and Modelling in Economics and Management Science, WU Vienna University of Economics and Business, 1999. http://epub.wu.ac.at/1134/1/document.pdf.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Abstract (sommario):

In recent years, the use of option pricing models to support IT investment decisions has been proposed in the MIS literature. In this paper, we discuss the practical advantages of such techniques for the selection of a software platform. First, we argue that traditional quantitative approaches to a cost-benefit analysis give only a partial picture of such decision situations: due to the long planning horizon required because of the time-consuming and resource-intensive implementation process, it is not possible to exactly predict which applications will, in fact, run on the system over time. Thus, the investor is faced with the problem of valuing "implementation opportunities". We then compare different valuation techniques for this task and discuss their respective advantages and drawbacks. The practical advantages of employing such models are demonstrated by describing a real-life case study where option pricing models were used for deciding whether to continue employing SAP R/2 or to switch to SAP R/3. (author's abstract)
Series: Working Papers SFB "Adaptive Information Systems and Modelling in Economics and Management Science"

37

Pandey, Sheela. "M&A Non-Consummation - A Strategic Option?" Diss., Temple University Libraries, 2009. http://cdm16002.contentdm.oclc.org/cdm/ref/collection/p245801coll10/id/25896.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Abstract (sommario):

Business Administration
Ph.D.
This study examines the viability of treating M&A non-consummation decisions (NCDs) as strategic options. A review of published research in strategic management journals reveals that this topic has yet to undergo rigorous academic examination. Putting the M&A non-consummation phenomenon under a strategic management lens, this study asks the following research questions about the acquiring firm: 1) How does an M&A NCD affect the market value of firms? 2) Under what conditions does an M&A non-consummation enhance firms' value? 3) How can an NCD be executed so that it favorably affects the value of the firm? Study data were collected from numerous secondary sources such as CRSP, Ward's Business Directory, Lexis-Nexis Academic Database etc. The study sample size was 158 and for each NCD event, several variables were computed. With cumulative abnormal returns for a (-30, -1) pre-event period -- as a measure of firm performance -- as the dependent variable, multiple regression estimation used the following independent variables: strategic fit, relatedness, cultural fit, timing of NCD and coverage of NCDs. In estimating the regression models, confounding events were identified and controlled for. Several of the study hypotheses are supported, notably the hypotheses pertaining to cultural fit and timing of the NCD. Findings and implications are discussed. Taken as a whole, the study highlights the value of treating M&A NCDs as part of the repertoire of strategic options of acquiring firms.
Temple University--Theses

38

Schmitt, Alexander. "4PL-Providing als strategische Option für Kontraktlogistikdienstleister : eine konzeptionell-empirische Betrachtung /". Wiesbaden : Dt. Univ.-Verl, 2006. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=015477753&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

39

Jung, Jaewook. "Analysis on the KOSPI200 option from the time-series and cross- sectional perspectives". Thesis, Massachusetts Institute of Technology, 2013. http://hdl.handle.net/1721.1/81085.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Abstract (sommario):

Thesis (S.M. in Management Studies)--Massachusetts Institute of Technology, Sloan School of Management, 2013.
Cataloged from PDF version of thesis.
Includes bibliographical references (p. 64-65).
The Korean derivatives market is one of the most active markets in the world. The KOSPI200 options accounted for 43.4% of the global trading volume in equity index futures and options in 2011. It also accounted for 93.5% of the total trading volume in the Korean derivatives market in 2011. In this thesis, I examine why investors have traded KOSPI200 options so much among various equity index options in many global exchanges, and which factors have caused the change of the trading volume of the KOSPI200 options. From the cross-sectional perspective, I find that no-tax, low transaction fee and low margin requirement are the crucial factors explaining the high trading volume of the KOSPI200 options. High volatility of underlying index and high proportion of individual investors are also contributing factors that have differentiated the Korean derivatives market from other competing exchanges. From the time-series perspective, I conclude that contract size and margin requirement have clear causal effect on the trading volume of KOSPI200 options, while the proportion of individual investors has less clear effect on volume. In fact, the trading volume of KOSPI200 options shows an increasing pattern as these three factors decrease, and a decreasing pattern as three factors increase.
by Jaewook Jung.
S.M.in Management Studies

40

Archambeault, Louis. "Application of Markov decision processes to mine optimisation : a real option approach". Thesis, McGill University, 2006. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=99750.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Abstract (sommario):

This thesis describes preliminary research on the application of Markov Decision Processes (MDPs) to the optimisation of mine scheduling in an uncertain environment. The MDP framework is a novel approach to scheduling in a mining operation and option valuation. The task of scheduling in mining operations is dependent on the availability of models that permit the representation of some of the key stochastic properties of the environment, such as grade and price uncertainty. The tools used to model these processes are respectively sequential Gaussian simulation and Geometric Brownian motion. Three cases of increasing size are used to illustrate the results of the model and demonstrate its suitability to mine scheduling and option valuation. The computational efficiencies of solving an MDP formulation by Policy Iteration and Value Iteration are compared. The impact of the discount rate on the optimal policy is assessed. To determine the value of one or several options, an optimal policy without options is generated and valued. Then, the exercise is repeated with the relevant options to value (e.g., production rate, cut-off grade and time of mine closure). By comparing the values obtained in both cases, the financial benefit of having operational flexibility is determined, thus yielding the option value. A full size case study is conducted to validate the applicability of MDPs to real mining projects.

41

Maxter, Melissa. "Sustainable Urban Development : Development Option Using Nature-based Solutions". Thesis, Mittuniversitetet, Avdelningen för ekoteknik och hållbart byggande, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:miun:diva-33925.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Abstract (sommario):

The paper evaluates nature-based solutions for a retrofitting proposal for the combined regeneration, climate adaptation, and green space management of the industrial area Gåsebäck in Helsingborg, Sweden. The objective of this study was to evaluate options for how Gåsebäck could be sustainably regenerated and developed, while providing additional security against future negative effects of climate change, through the implementation of nature-based solutions. The methods used were unstructured interviews, literature study, thematic data analysis, and scoping review. Some urban societal challenges the area is facing were identified as Urban regeneration, Climate adaptation, and Green space management. The suggested NBSs to address these challenges are phytoremediation, mycoremediation, street trees and bushes, green walls, green roofs, flower beds, permeable surfaces, roadside greenery, rain gardens, de-culvertation and pocket parks. Examples of how the identified nature-based solutions can be retrofitted to block Italien are installing green walls on the old fire station for noise and pollution abatement, biodiversity increase, climate regulation, and enhancement of green elements; green roofs on various buildings for e.g. water management, increased biodiversity and green elements; street trees and bushes along the streets Södergatan and Malmöleden/Gåsebäcksvägen for noise and pollution abatement, water management, biodiversity increase, and enhancement of green elements; site specific installation or pocket park with phyto- or mycoremediation; flower beds and roadside traffic to increase attractiveness; and rain gardens and permeable surfaces for water management.

20180620

42

Munoz, Cesar. "A REAL OPTION STRATEGIC SCORECARD DECISION FRAMEWORK FOR IT PROJECT SELECTION". Doctoral diss., University of Central Florida, 2006. http://digital.library.ucf.edu/cdm/ref/collection/ETD/id/2413.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Abstract (sommario):

ABSTRACT The problem of project selection is of significant importance in management of information systems. Almost $2 trillion is spent worldwide every year on IT projects, with over $600 billion spent in the US alone. Traditionally, managers have being using the classical net present value (NPV) method in conjunction with multicriteria scoring models for ROI analysis and selection of IT project investments The multicriteria models use ad-hoc evaluation criteria to assign priority weights and then rate the alternatives against each criterion. These models have two limitations. First, the criteria and weights are based on subjective judgments, allowing the introduction of politics in the information management decision process and the generation of arbitrary results. Second, the classical approach uses deterministic estimations of the cost, benefits and the returns of the projects, without considering the impact of uncertainty and risk in the business decisions. This research proposed a better alternative for ROI analysis and selection of IT projects using a real option strategic scorecard (ROSS) approach. In contrast with traditional methodologies and previous research work, the ROSS decision framework uses a more comprehensive, axiomatic approach for systematically measuring both the business value and the strategic implications of IT project investments. The ROSS approach integrates in a unified IT project management decision framework the best elements of real option theory, strategic balanced scorecards, Monte Carlo simulations and analytical network processes to fully analyzes the effect of uncertainty and risk in the IT investment decisions. In addition, the ROSS approach complies with the critical success factors that have being identified in the literature for validation of IT decision frameworks. The main benefit of the ROSS approach is to enable managers to better compare and rank projects in the IT portfolio, optimizing the ROI analysis and selection of information system projects.
Ph.D.
Department of Industrial Engineering and Management Systems
Engineering and Computer Science
Industrial Engineering and Management Systems

43

Nilsson, Cristian. "A Framework for Continuous Design Reuse Management Supported by an Option-Based Reuse Approach". Doctoral thesis, Norwegian University of Science and Technology, Department of Engineering Design and Materials, 2007. http://urn.kb.se/resolve?urn=urn:nbn:no:ntnu:diva-1684.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Abstract (sommario):

This PhD thesis aims to address the problem of missed design reuse opportunities across consecutive products in industry. The research specifically targets the perceived knowledge gap regarding conceptual tools for reuse-related decision-making under different levels of uncertainty about the future. The research progressed according to the following method: first, we performed qualitative interviews in industry to identify and delimit the above chosen area of improvement potential. Second, we did an extensive analysis of literature, studying the dynamics of design reuse from six viewpoints: the process –, market –, costs –, artefact –, knowledge –, and organisational views. Also, two of the most important product development strategy trends (platform-based and lean product development) were investigated from the perspective of design reuse. Third, we did synthesis of conceptual tools, using abductive reasoning and combining elements from different knowledge fields, to provide our main contributions as presented below. Fourth, we evaluated the results by discussing their internal consistency and relevance to the research community and to industry.

The first of the main results is the continuous reuse management framework, which highlights how reuse-related decisions at micro-level (individual design solutions) translate to a macrolevel flow of design solutions across product generations, driving the evolution of the product portfolio. The continuous reuse management framework is intended as a conceptual decisionsupport tool encouraging pragmatic, proactive, and uncertainty-aware handling of reuse. We classify the micro-level reuse approaches into three types, according to 1) whether preparation for reuse takes place and 2) whether future reuse is predetermined. These types are: ad-hoc reuse (no preparation for reuse), option-based reuse (preparation for future option to reuse) and predetermined reuse. The option-based reuse approach is the second main result of this PhD study. It can be described as a novel formalisation of the way companies reason when they invest in the reusability of a solution to provide future projects the option to reuse it. The option-based reuse approach borrows real-options thinking from financial theory to value future reusability of design solutions.

44

Zeytun, Serkan. "Risk Measurement, Management And Option Pricing Via A New Log-normal Sum Approximation Method". Phd thesis, METU, 2012. http://etd.lib.metu.edu.tr/upload/12615148/index.pdf.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Abstract (sommario):

In this thesis we mainly focused on the usage of the Conditional Value-at-Risk (CVaR) in risk management and on the pricing of the arithmetic average basket and Asian options in the Black-Scholes framework via a new log-normal sum approximation method. Firstly, we worked on the linearization procedure of the CVaR proposed by Rockafellar and Uryasev. We constructed an optimization problem with the objective of maximizing the expected return under a CVaR constraint. Due to possible intermediate payments we assumed, we had to deal with a re-investment problem which turned the originally one-period problem into a multiperiod one. For solving this multi-period problem, we used the linearization procedure of CVaR and developed an iterative scheme based on linear optimization. Our numerical results obtained from the solution of this problem uncovered some surprising weaknesses of the use of Value-at-Risk (VaR) and CVaR as a risk measure. In the next step, we extended the problem by including the liabilities and the quantile hedging to obtain a reasonable problem construction for managing the liquidity risk. In this problem construction the objective of the investor was assumed to be the maximization of the probability of liquid assets minus liabilities bigger than a threshold level, which is a type of quantile hedging. Since the quantile hedging is not a perfect hedge, a non-zero probability of having a liability value higher than the asset value exists. To control the amount of the probable deficient amount we used a CVaR constraint. In the Black-Scholes framework, the solution of this problem necessitates to deal with the sum of the log-normal distributions. It is known that sum of the log-normal distributions has no closed-form representation. We introduced a new, simple and highly efficient method to approximate the sum of the log-normal distributions using shifted log-normal distributions. The method is based on a limiting approximation of the arithmetic mean by the geometric mean. Using our new approximation method we reduced the quantile hedging problem to a simpler optimization problem. Our new log-normal sum approximation method could also be used to price some options in the Black-Scholes model. With the help of our approximation method we derived closed-form approximation formulas for the prices of the basket and Asian options based on the arithmetic averages. Using our approximation methodology combined with the new analytical pricing formulas for the arithmetic average options, we obtained a very efficient performance for Monte Carlo pricing in a control variate setting. Our numerical results show that our control variate method outperforms the well-known methods from the literature in some cases.

45

Ordu, Umut [Verfasser], Lutz [Gutachter] Johanning e Markus [Gutachter] Rudolf. "Option implied information for quantitative asset management / Umut Ordu. Gutachter: Lutz Johanning ; Markus Rudolf". Vallendar : WHU - Otto Beisheim School of Management, 2016. http://d-nb.info/1113538473/34.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

46

Jordaan, Adrian. "The development of guidelines for the evaluation of franchising as a business option". Thesis, Stellenbosch : Stellenbosch University, 2006. http://hdl.handle.net/10019.1/20891.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Abstract (sommario):

Thesis (MBA)--Stellenbosch University, 2006.
ENGLISH ABSTRACT: New economic activity is essential to create jobs that can absorb the surplus~ abour being created by, amongst other things, the increase in population rate, particular1y in developing countries like South Africa, and rationalisation and increased productivity characterising larger organisations nowadays. Entrepreneurship has been identified as one of the key sources and driving forces behind job creation and long-term economic growth, yet South Africa performs well below average in terms of entrepreneurial activity, particularly when compared to other developing countries. The weaknesses in the training and education system, lack of financial support, lack of research and development transfer and poor access to physical infrastructure were consistently identified in the various Global Entrepreneurship Monitor studies as accounting for the low entrepreneurial activity in South Africa. v-- The franchising business model has be/ldescribed in terms of Porter's value-chain analysis and shows that the franchisor prescribes to the franchisee a business model by providing procedures, guidelines, sharing, training and support for the execution of the primary and secondary activities within the franchisee's value chain. This is achieved through the tangible interrelationships that exist between franchisor and franchisee, which are characterised by the sharing and support of activities that are related within the two value chains and the intangible interrelationships involving the transfer of management know-how through training and mentoring. Considering the nature and the advantages of the franchise business model as described in terms of Porter's value-chain analysis, franchising can go a long way towards overcoming the lack of training and education and access to finance many entrepreneurs in South Africa are faced with. There is therefore evidence to suggest that franchising as a business model can reduce many of the risks associated with starting up a new business and contribute towards the improvement of the entrepreneurial status of South Africa. One of the main rationales behind purchasing a particular franchise is the confidence that the franchise will contribute to making the individual's business success more predictable. For this to become a reality requires that the franchisor provides an individual with a tried and test concept linked to a respectable and well-known brand within a structure that provides extensive initial and continuous support. However, although there are clear guidelines for the structure and conduct within the franchise business model, there are no all-encompassing rules regarding the extent to which all the aspects of a franchise business model have to be present for a particular franchise system to be considered good or bad. One franchise system may allow franchisees more leeway in some aspects of the business and have less formalised interrelationships within its value chain compared to another franchise system yet they may be equally successful systems depending on the extent to which their structure and the personal profile of the prospective franchisee complement each other. Therefore there are different management styles applied within different franchise systems and whether a particular franchise system will be successful for a particular franchisee depends upon the fit between the individual's personal profile, which encompasses the individual's skills, personality, entrepreneurial profile, risk profile, control profile, independence profile, work habits, ambitions, dreams, strengths and weaknesses and the franchise culture, functionality, structure, dynamic inter-relationships and regulation that prevails in the franchise network being considered. These factors, combined with others such as the current franchisor recruitment practices; abuse of the franchise concept and the balance of power considerations between franchisor and franchisee, emphasise the necessity for a prospective franchisee to take responsibility by performing his/her own thorough evaluation. The aim of this study was therefore the development of an analytical framework, which can be used by a prospective franchisee as a guideline for evaluating and deciding whether he/she is suited for franchising, whether a particular franchise opportunity is a sound and legitimate option and whether there is a fit between the personal profile of the individual and the profile of a particular franchise investment option being considered. By following the proposed analytical framework a prospective franchisee is able to develop a personal profile according to recommended guidelines and evaluate each potential franchise being considered
AFRIKAANSE OPSOMMING: Nuwe ekonomiese aktiwiteit is noodsaaklik om werk te skep wat die ooraanbod van arbeid kan absorbeer wat onder andere veroorsaak word deur die bevolkingsaanwas, veral in ontwikkelende lande soos Suid-Afrika, en rasionalisering en groter produktiwiteit wat deesdae groter organisasies kenmerk. Entrepreneurskap is ge'identifiseer as een van die sleutelbronne en dryfvere agter werkskepping en langtermyn ekonomiese groei. Tog presteer Suid-Afrika ver onder die gemiddelde in terme van entrepreneurskapsaktiwiteit, veral as dit vergelyk word met ander ontwikkelende lande. Die tekortkominge in die onderwys- en opleidingstelsel, gebrek aan finansiele ondersteuning, gebrek aan oordrag van navorsing- en ontwikkelingskundigheid en swak toegang tot fisiese infrastruktuur is konsekwent deur die Global Entrepreneurship Monitor ge'identifiseer as redes vir die lae vlak van entrepreneursaktiwiteit in Suid-Afrika. Die konsessie-sakemodel is in terme van Porter se waardekettinganalise beskryf en toon dat die konsessiegewer aan die konsessiehouer 'n sake model voorskryf deur prosedures, riglyne, deelname, opleiding en ondersteuning te voorsien vir die uitvoering van die primere en sekondere aktiwiteite binne die konsessiehouer se waardeketting. Dit word bereik deur die tasbare interverhoudings wat tussen die konsessiegewer en konsessiehouer bestaan, wat gekenmerk word deur die deelname aan en ondersteuning van aktiwiteite wat verwant is binne die twee waardekettings en die ontasbare interverhoudings wat betref die oordrag van bestuurskennis deur opleiding en mentorskap. As die aard en die voordele van die konsessie-sakemodel oorweeg word, soos beskryf in terme van Porter se waardeketting, kan die konsessiebedryf baie doen om die gebrek aan onderwys en opleiding en toegang tot finansiering wat baie entrepreneurs in Suid-Afrika ondervind, teen te werk. Daar is dus aanduiding dat konsessies as sakemodel baie van die risiko's kan verlaag wat verband hou met die totstandbring van 'n nuwe onderneming en kan bydra tot die verbetering van die entrepreneurstatus van Suid-Afrika. Een van die hoofbeweegredes agter die aankoop van 'n spesifieke konsessie is die vertroue dat die konsessie daartoe sal bydra om die individu se besigheid meer voorspelbaar te maak. Ten einde dit moontlik te maak, moet die konsessiegewer 'n individu voorsien van 'n beproefde konsep gekoppel aan 'n gerespekteerde en bekende handelsmerk binne 'n struktuur wat omvattende aanvanklike en deurlopende ondersteuning bied. Alhoewel daar duidelike riglyne is vir die struktuur en bedryf binne die konsessie-sakemodel, is daar geen allesomvattende re~ls betreffende die omvang waartoe al die aspekte van 'n konsessie-sakemodel teenwoordig moet wees ten einde te bepaal of 'n spesifieke konsessiestelsel goed of sleg is nie. Een konsessiestelsel mag konsessiehouers meer vryheid bied in terme van sekere aspekte van die besigheid en minder formele interverhoudings he binne sy waardeketting vergeleke met 'n ander konsessiestelsel, maar hulle mag ewe suksesvolle stelsels wees afhangend van die mate waarin hulle struktuur en die persoonlike profiel van die voomemende konsessiehouer mekaar komplementeer. Daar word dus verskillende bestuurstyle toegepas binne verskillende konsessiestelsels en of 'n spesifieke konsessiestelsel suksesvol sal wees vir 'n spesifieke konsessiehouer hang grootliks af van die passing tussen die individu se persoonlike profiel, wat insluit die individu se vaardighede, persoonlikheid, entrepreneursprofiel, risiko-profiel, kontrole-profiel, onafhanklikheidsprofiel, werkstyl, ambisies, drome, sterkpunte en swakpunte en die konsessie se kultuur, funksionaliteit, struktuur, dinamiese interverhoudings en regulering wat bestaan in die konsessienetwerk wat oorweeg word. Hierdie faktore, tesame met ander soos die huidige konsessiegewer se aanstellingspraktyke, misbruik van die konsessiekonsep en die magsbalans-oorwegings tussen die konsessiegewer en konsessiehouer, beklemtoon die noodsaaklikheid vir 'n voornemende konsessiehouer om verantwoordelikheid te neem deur sylhaar eie deeglike evaluering te doen. Die doel van hierdie studie is daarom die ontwikkeling van 'n analitiese raamwerk wat deur 'n voornemende konsessiehouer gebruik kan word as 'n riglyn vir die evaluering en besluitneming ten opsigte van sy/haar eie gepastheid vir die konsessiebedryf, of 'n spesifieke konsessiegeleentheid 'n grondige en wettige opsie is en of daar 'n passing is tussen die persoonlike profiel van die individu en die profiel van 'n spesifieke konsessiebelegging wat oorweeg word. Deur die voorgestelde analitiese raamwerk te volg, sal die voornemende konsessiehouer in staat wees om 'n persoonlike profiel te ontwikkel volgens aanbevole riglyn en elke potensiele konsessie wat oorweeg word, te evalueer.

47

Chen, Xiaoying. "Risk alignment or reward to effort? option compensation in practice /". [Kent, Ohio] : Kent State University, 2006. http://www.ohiolink.edu/etd/view.cgi?acc_num=kent1154972501.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Abstract (sommario):

Thesis (Ph.D.)--Kent State University, 2006.
Title from PDF t.p. (viewed June 11, 2009). Advisor: Mark E. Holder. Keywords: corporate governance, executive compensation, employee stock options. Includes bibliographical references (p. 80-84).

48

Maseda, Luis J. "Real option analysis of flexibility in a hospital emergency department expansion project : a systems approach". Thesis, Massachusetts Institute of Technology, 2008. http://hdl.handle.net/1721.1/44704.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Abstract (sommario):

Thesis (S.M.)--Massachusetts Institute of Technology, System Design and Management Program, 2008.
Includes bibliographical references (leaves 57-58).
Hospital Emergency Departments across the United States have been experiencing demand in excess of their capacity to treat patients for the last two decades. This research considers a hypothetical case inspired by a hospital in the Greater Boston undergoing an ED expansion to meet existing and projected demand. A traditional infrastructure expansion project approach to plan, design and immediately build for expected demand 10 to 15 years into the future is compared to a flexible design able to meet short term demands and then adapt to future demand realization. It is the overall objective of this research to identify, characterize and quantify the parameters that should be considered in ED expansion projects and provide useful modeling techniques to drive investment decisions that best allow hospital administrators to provide expected level of service to their patient population.
by Luis J. Maseda.
S.M.

49

Thomas, Simon [Verfasser], Thorsten [Akademischer Betreuer] Raabe e Thomas [Akademischer Betreuer] Breisig. "Die Positionierung von Markenallianzen in Szenen als Option der strategischen Markenführung / Simon Thomas. Betreuer: Thorsten Raabe ; Thomas Breisig". Oldenburg : BIS der Universität Oldenburg, 2016. http://d-nb.info/1113179600/34.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

50

Thomas, Simon Verfasser], Thorsten [Akademischer Betreuer] [Raabe e Thomas [Akademischer Betreuer] Breisig. "Die Positionierung von Markenallianzen in Szenen als Option der strategischen Markenführung / Simon Thomas. Betreuer: Thorsten Raabe ; Thomas Breisig". Oldenburg : BIS der Universität Oldenburg, 2016. http://nbn-resolving.de/urn:nbn:de:gbv:715-oops-29208.

Testo completo

Gli stili APA, Harvard, Vancouver, ISO e altri

Tesi sul tema "Management option"

Cita una fonte nei formati APA, MLA, Chicago, Harvard e in molti altri stili