Artykuły w czasopismach: „Real options”

1

Sick, Gordon A., i Lenos Trigeorgis. "Real Options." Journal of Finance 51, nr 5 (grudzień 1996): 1974. http://dx.doi.org/10.2307/2329548.

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Mills, Roger. "Real Options". Henley Manager Update 17, nr 2 (grudzień 2005): 1–12. http://dx.doi.org/10.1177/174578660501700201.

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Mills, Roger. "Real Options". Henley Manager Update 17, nr 3 (marzec 2006): 1–12. http://dx.doi.org/10.1177/174578660601700301.

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Kulcsár, Edina. "Managing risk using real options in company’s valuation". Acta Agraria Debreceniensis, nr 58 (8.04.2014): 125–32. http://dx.doi.org/10.34101/actaagrar/58/1984.

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The valuation of company is very important because provides information about the current value/situation of company, and through this, provide the opportunity of choosing the best company’s growth alternatives. The future strategic decisions are characterized by lack of knowledge, information, so all measures of company’s growth are closely linked with uncertainty and risk. The company’s valuation process is also related with uncertainty and risk. The risk may result both from the assessed assets and the technique used. In literature, we could find three approaches for risk management: capital budgeting based method, methods based on portfolio analysis and real options approach of risk management. Among them, the real options based methods is the most revolutionary approach for risk management. The advantages of the method, consists in the fact, that the process of establishing strategic decisions integrates the possibility of reversibility, delay and rejections, which isn’t it possible at two previous methods. The method also takes into account the total risk of company, so both the company-specific and systematic risk. In this study, I have used one of the best-known real option based method, the Black-Scholes model, for determining the option’s value. Determination of option value is based on the data of enterprise, which was tested Monte Carlo simulation. One of the basic assumptions of the Black-Scholes model is that the value of option is influenced by several factors. The sensitivity of option’s value could be carried out with so-called “Greeks”.. In the study the sensitivity analysis, was carried out with indicators Delta (Δ), Gamma (Γ) and Vega (ν). The real options based risk management determinations were performed in the R-statistics software system, and the used modules are 'fPortofio' and 'mc2d'. By using of real options method, I have calculated the average value of company capital equal with 38.79 million. By using simulation was carried out 1000 runs. The results of this show a relatively low standard deviation, small interquartile range and normal distribution. In the calculation of indicator Delta, could be concluded the value of company moves in 0.831 proportion to the price of options, the standard deviations of index is low, so the real option based method could be used with success in company’s value estimation. The Gamma index shows the enterprise value is sensitive just for large changes. The result of Vega reflects the value of option, so the company’s value volatility, which is small in this case, but this means a volatility of value. In summary, we can conclude that the call options pricing model, well suited for the determination of company’s value.

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Adner, Ron, i Daniel A. Levinthal. "Real Options and Real Tradeoffs". Academy of Management Review 29, nr 1 (styczeń 2004): 120–26. http://dx.doi.org/10.5465/amr.2004.11851738.

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Zarkos, Stefanos, Robert E. Morgan i Yiannis Kouropalatis. "Real options and real strategies". Strategic Change 16, nr 7 (listopad 2007): 315–25. http://dx.doi.org/10.1002/jsc.802.

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SO, LEH-CHYAN. "ARE REAL OPTIONS "REAL"? ISOLATING UNCERTAINTY FROM RISK IN REAL OPTIONS ANALYSIS". Annals of Financial Economics 09, nr 01 (czerwiec 2014): 1450001. http://dx.doi.org/10.1142/s2010495214500018.

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This paper derives an adjusted Black–Scholes pricing formula. In separating risk and uncertainty using the robust control technique, we find that both uncertainty and risk raise management's subjective evaluation of real options. We suggest a simple method to filter the risk of the project and to acquire a more reliable value of real options without the influence of uncertainty. In addition, we propose that an investment opportunity may be postponed inappropriately, as under uncertainty the exercise of investment may be delayed by the project manager. To our knowledge, any similar quantitative methods have not hitherto been mentioned in terms of isolating uncertainty from risk in real options analysis that we consider here.

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Copeland, Thomas E. "From Expected Cash Flows to Real Options". Multinational Finance Journal 14, nr 1/2 (1.06.2010): 1–27. http://dx.doi.org/10.17578/14-1/2-1.

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Munoz Cabanes, Alberto, Alfonso Herrero de Egana i Arturo Romero. "Real option analysis. The viability of real estate projects". Investment Management and Financial Innovations 17, nr 4 (8.12.2020): 271–84. http://dx.doi.org/10.21511/imfi.17(4).2020.24.

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Traditional methods used for real estate project valuation, such as the static Net Present Value, have some limitations, as these methods do not consider the possibility of a change in the initial conditions of the project or during its development. On the other hand, the real options approach allows for flexibility in evaluating a real estate project, improving the decision-making process as it helps identify the optimal strategy and timing for the construction phases. The paper deals with evaluating an actual real estate project in La Rioja (Spain) using different options to estimate its final Net Present Value. The results show that the real estate project would be profitable under several scenarios, although the valuations can vary significantly among the different types of options. This is because some options add more value to the project than others, depending on their cost and the uncertainty they eliminate. In contrast, the results obtained using the traditional static method would have led a real estate developer to discard the project completely, as its Net Present Value would have been negative. This confirms that the introduction of flexibility in real estate developments creates additional value by allowing developers and investors to dynamically react to changes in the market, thus making better investment decisions and finding real estate investment opportunities that otherwise would not be considered at all.

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Krüger, Niclas A. "To kill a real option – Incomplete contracts, real options and PPP". Transportation Research Part A: Policy and Practice 46, nr 8 (październik 2012): 1359–71. http://dx.doi.org/10.1016/j.tra.2012.04.009.

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HATTORI, Toru. "Real Options Analysis". Journal of The Institute of Electrical Engineers of Japan 126, nr 7 (2006): 439–42. http://dx.doi.org/10.1541/ieejjournal.126.439.

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Kolb, Aaron M. "Strategic real options". Journal of Economic Theory 183 (wrzesień 2019): 344–83. http://dx.doi.org/10.1016/j.jet.2019.05.008.

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Li, Songsong, Yinglong Zhang i Xuefeng Wang. "The Sunk Cost and the Real Option Pricing Model". Complexity 2021 (30.09.2021): 1–12. http://dx.doi.org/10.1155/2021/3626000.

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Although the academic literature on real options has grown enormously over the past three decades, hitherto an accurate real option pricing model has not been developed for investment decision analyses. In this paper, we propose a real option pricing model based on sunk cost characteristics, which can estimate the value of real options more accurately. First, we explore the distinctive features that distinguish real options from financial options. The study shows that the distinguishing feature of the real options is the sunk cost, which does not exist in the financial options. Based on the sunk cost characteristic of real options, we find that the exercise conditions of real and financial options are different. Second, we introduce the sunk cost into the intrinsic value function of real options and establish a new real option pricing model. Finally, this paper also discusses the properties of the intrinsic value function and pricing model of real options. We find that the application of the Black–Scholes option pricing model will overestimate the value of real options.

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14

Adner, Ron, i Daniel A. Levinthal. "Reply: Real Options and Real Tradeoffs". Academy of Management Review 29, nr 1 (1.01.2004): 120. http://dx.doi.org/10.2307/20159014.

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Lucius, Dominik I. "Real options in real estate development". Journal of Property Investment & Finance 19, nr 1 (luty 2001): 73–78. http://dx.doi.org/10.1108/14635780110365370.

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Eschenbach, Ted, Neal Lewis, Morgan Henrie, Elisha Baker i Joseph C. Hartman. "Real Options and Real Engineering Projects". Engineering Management Journal 19, nr 4 (grudzień 2007): 11–19. http://dx.doi.org/10.1080/10429247.2007.11431744.

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Hui, Eddie Chi‐Man, i Hankel Hon‐Kwok Fung. "Real estate development as real options". Construction Management and Economics 27, nr 3 (marzec 2009): 221–27. http://dx.doi.org/10.1080/01446190902759017.

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Adetunji, Olubanjo Michael, i Akintola Amos Owolabi. "Valuation of Interacting Time-to-Build and Growth Real Options in Infrastructure Investments". International Journal of Economics and Finance 8, nr 12 (17.11.2016): 202. http://dx.doi.org/10.5539/ijef.v8n12p202.

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This paper argues that real options approach presents a better valuation approach for valuing infrastructure investments when compared to traditional discounted cash flow approach. Managerial flexibilities, in various forms of real options, can be incorporated into infrastructure projects to expand the projects’ values. The paper identifies two key types of real options present in infrastructure investments as time-to-build and growth options and extends an earlier developed closed-form option valuation formula to value these options. The paper uses a numerical case of investment in railroad infrastructure project and shows that both types of real options, when embedded in infrastructure projects, add values to the projects. It however shows that the value of growth option is far more than the value of time-to-build option as growth options create opportunities for follow-on investments. It also shows that when the two options are present in an infrastructure investment, the time-to-build real option interacts with the growth option to reduce the latter’s value.

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Del Viva, Luca, Eero Kasanen i Lenos Trigeorgis. "Real Options, Idiosyncratic Skewness, and Diversification". Journal of Financial and Quantitative Analysis 52, nr 1 (luty 2017): 215–41. http://dx.doi.org/10.1017/s0022109016000703.

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We show how firm-level real options lead to idiosyncratic skewness in stock returns. We then document empirically that growth option variables are positive and significant determinants of idiosyncratic skewness. The real option impact on skewness is more significant in firms with lottery-type features, small size, high volatility, distressed, low return on assets, and low book-to-market ratio. We also find that expectation on idiosyncratic skewness is associated with lower Sharpe ratios. This suggests investors are willing to sacrifice mean-variance portfolio efficiency for greater skewness deriving from real options. Furthermore, financial flexibility has a positive incremental effect, enhancing the beneficial role of asset flexibility on idiosyncratic skewness.

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20

Mintah, Kwabena, David Higgins, Judith Callanan i Ron Wakefield. "Staging option application to residential development: real options approach". International Journal of Housing Markets and Analysis 11, nr 1 (5.02.2018): 101–16. http://dx.doi.org/10.1108/ijhma-02-2017-0022.

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Purpose Real option valuation is capable of accounting for uncertainties in residential development projects but still lacks practical adoption due to limited evidence to support application of the theory in practice. The purpose of this paper is to use option valuation to value staging option embedded in residential projects and compare with results from DCF to determine which of the two methods delivers superior results. Design/methodology/approach The fuzzy payoff method (FPOM), a real options model that uses scenario planning approach to generate a range of figures, from which a single-numerical value is computed for decision-making. Findings The results showed that the use of a range of figures was able to represent uncertainties to a higher degree of accuracy than the static DCF. As a result, the FPOM was able to capture about 3 per cent of the value of the project that was missed by the DCF. The staging option offers an opportunity to abandon unprofitable phases of a project, thereby limiting downside losses. Thus, real option models are practically applicable to cases in property sector. Practical implications Residential property developers must consider flexibility in financial feasibility evaluation of development because of the embedded value in uncertain property projects. It is important to account for optionality in financial evaluation of property projects for value maximisation. Originality/value The FPOM has been used for the first time to evaluate a horizontal phasing of a residential development project.

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21

Wang, Qian, Keith W. Hipel i D. Marc Kilgour. "Fuzzy Real Options in Brownfield Redevelopment Evaluation". Journal of Applied Mathematics and Decision Sciences 2009 (24.06.2009): 1–16. http://dx.doi.org/10.1155/2009/817137.

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Real options modeling, which extends the ability of option pricing models to evaluate real assets, can be used to evaluate risky projects because of its capacity to handle uncertainties. This research utilizes possibility theory to represent private risks of a project, which are not reflected in the market and hence are not fully evaluated by standard option pricing models. Using a transformation method, these private risks can be represented as fuzzy variables and then priced with a fuzzy real options model. This principle is demonstrated by valuing a brownfield redevelopment project using a prototype decision support system based on fuzzy real options. Because they generalize the original model and enable it to deal with additional uncertainties, fuzzy real options are entirely suitable for the evaluation of such projects.

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Zeng, Shihong, i Shuai Zhang. "Real Options Literature Review". iBusiness 03, nr 01 (2011): 43–48. http://dx.doi.org/10.4236/ib.2011.31007.

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Rychłowska-Musiał, Elżbieta. "Real options bargaining games". Quantitative Finance and Economics 3, nr 4 (2019): 624–44. http://dx.doi.org/10.3934/qfe.2019.4.624.

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Patrick, Steven C. "BANKING ON REAL OPTIONS". Journal of Applied Corporate Finance 13, nr 2 (czerwiec 2000): 108–11. http://dx.doi.org/10.1111/j.1745-6622.2000.tb00058.x.

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Dockendorf, Jörg, i Dean A. Paxson. "Sequential real rainbow options". European Journal of Finance 21, nr 10-11 (8.10.2012): 867–92. http://dx.doi.org/10.1080/1351847x.2012.719531.

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Kogut, Bruce, i Nalin Kulatilaka. "Capabilities as Real Options". Organization Science 12, nr 6 (grudzień 2001): 744–58. http://dx.doi.org/10.1287/orsc.12.6.744.10082.

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Smit, Han, Enrico Pennings i Sjoerd van Bekkum. "Real options and institutions". Journal of International Business Studies 48, nr 5 (3.01.2017): 620–44. http://dx.doi.org/10.1057/s41267-016-0055-7.

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Yavas, Abdullah, i C. F. Sirmans. "Real Options: Experimental Evidence". Journal of Real Estate Finance and Economics 31, nr 1 (sierpień 2005): 27–52. http://dx.doi.org/10.1007/s11146-005-0992-6.

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Pennings, Enrico. "Privatization of real options". Journal of Comparative Economics 36, nr 3 (wrzesień 2008): 489–97. http://dx.doi.org/10.1016/j.jce.2008.05.003.

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Lambrecht, Bart M. "Real options in finance". Journal of Banking & Finance 81 (sierpień 2017): 166–71. http://dx.doi.org/10.1016/j.jbankfin.2017.03.006.

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Steffens, Paul R., i Evan J. Douglas. "Valuing technology investments: use real options thinking but forget real options valuation". International Journal of Technoentrepreneurship 1, nr 1 (2007): 58. http://dx.doi.org/10.1504/ijte.2007.013270.

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Brandão, Luiz E., i James S. Dyer. "Decision Analysis and Real Options: A Discrete Time Approach to Real Option Valuation". Annals of Operations Research 135, nr 1 (marzec 2005): 21–39. http://dx.doi.org/10.1007/s10479-005-6233-9.

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Leppard, S., i P. Morawitz. "Real options give insights into real value". Quantitative Finance 1, nr 1 (styczeń 2001): 12–14. http://dx.doi.org/10.1080/713665548.

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Klepáč, Václav, Petr Kříž i David Hampel. "Real options analysis in the engineering company practice". Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 61, nr 7 (2013): 2303–9. http://dx.doi.org/10.11118/actaun201361072303.

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In this paper, we deal with the real options analysis of selected investment projects. This approach is supplemented and compared to calculations of the net present value (NPV). Two research problems are analyzed: acquisition of the simulation software for the foundry industry in the sense of the expansive options and options on leaving the project in the case of acquisition of the spectrometer. For the option valuation, there were used analytical and numerical methods like the Black-Scholes model, binomial model and Monte Carlo simulations. In the case of binomial pricing model we used modification describing the behavior of the project’s cash-flow (CF) due to capacity of the company, path-dependent addiction and embedded option barrier. To extend the application of the real options analysis, we propose procedures for sensitivity analysis and option pricing based on Monte Carlo simulations for particular case of stochastic volatility.

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Lanchakov, A. B., S. A. Filin i A. Zh Yakushev. "Project portfolio valuation using real options". Financial Analytics: Science and Experience 13, nr 2 (28.05.2020): 126–46. http://dx.doi.org/10.24891/fa.13.2.126.

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Subject. The article analyzes the expected effect of a portfolio of projects in the face of risk and uncertainty, when using real options. Objectives. The purpose is to offer a more objective formula to assess the expected impact of a portfolio of projects for real investment objects under risk and uncertainty, using real options, and provide recommendations for improving the portfolio efficiency. Methods. The study draws on methods of real options and evaluation of investment projects through the real option value, the cash flow discounting method, synthesis, and mathematical modeling. Results. We systematized the main types of real options and developed a formula for calculating the expected effect of project portfolio implementation. The said formula shows that considering the additional long-term costs embedded in a portfolio of real options, which are associated with the use of these real options, and, therefore, reducing the overall risk of projects and the entire portfolio, permit to improve the objectivity of such calculations. Conclusions. When analyzing real options that have real assets as underlying instruments, it is often impossible to apply the computational formulae for financial options, as they differ significantly. The systematization of the main types of real options helps expand the range of application of management solutions. The offered formula enables to improve the efficiency of project insurance under risk and uncertainty and to use additional opportunities for effective development of the company.

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van Reedt Dortland, Maartje, Hans Voordijk i Geert Dewulf. "Towards phronetic knowledge for strategic planning in corporate real estate management". Journal of Corporate Real Estate 16, nr 3 (2.09.2014): 203–19. http://dx.doi.org/10.1108/jcre-11-2013-0032.

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Purpose – The objective of this paper is to provide insights about the potential of real option thinking for corporate real estate management (CREM) from the owner-user perspective. A promising approach to classifying and evaluating flexibility in real estate is the real options approach. Most literature on real options look from an investor perspective. Design/methodology/approach – First, a review on real option thinking in the real estate and large engineering projects literature is provided using Flyvbjerg’s (2001) typology of knowledge systems. Next, the effects of exercising real options for various stakeholders in CREM is analysed in two case studies. Findings – The literature review shows that little research has been done on conditions and values needed to make real options applicable in the CREM practice of the owner-user of real estate. The case studies show that real options are more valuable to one stakeholder than to another. Practical implications – Based on the knowledge on conditions for and the consequences of exercising real options for various stakeholders, insight can be gained into the applicability of real options to the owner-user of real estate and how real options reasoning fits within this practice. A phronetic type of knowledge is needed that incorporates stakeholders’ interests. Originality/value – Creating phronetic knowledge would allow understanding why and how real options are used, or could be used in the future, and heuristics could be developed. In this way, real estate management should become more resilient to changes.

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Cong, Lin William. "Timing of Auctions of Real Options". Management Science 66, nr 9 (wrzesień 2020): 3956–76. http://dx.doi.org/10.1287/mnsc.2019.3374.

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This paper endogenizes auction timing and initiation in auctions of real options. Because bidders have information rent, a seller faces a “virtual strike price” higher than the actual exercise cost. The seller inefficiently delays the auction to encourage bidder participation and uses the irreversible nature of time to gain partial control over option exercises. The seller’s private benefit at option exercise may restore efficient auction timing, but option exercises are always inefficiently late. When the seller lacks commitment to auction timing, bidders always initiate in equilibrium, resulting in earlier option exercise and higher welfare than auctions proscribing bidder initiation. Overall, auction timing modifies the distribution of the bidder valuations and has important implications for bidding strategies, auction design, and real outcomes. This paper was accepted by Gustavo Manso, finance.

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Гераськина i A. Geraskina. "The Method of Real Options in the Evaluation of Strategic and Investment Decisions". Economics 5, nr 3 (15.06.2017): 41–45. http://dx.doi.org/10.12737/article_59393a6b428b54.77069649.

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The method of real options is one of the new approaches to estimate investment projects’ cost and it is an important addition to discounted cash flow method. Real option significantly increases the efficiency of the project due to the possibility of decision-making during its implementation. This aspect is especially important in unstable environmental conditions. The main differences between the financial and real options are presented. The differences of valuation of investment projects by the real options method and net present value are examined. The article presents the types of real options, as well as the methods of calculating the option price.

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LIU, YU-HONG. "VALUATION OF COMPOUND OPTION WHEN THE UNDERLYING ASSET IS NON-TRADABLE". International Journal of Theoretical and Applied Finance 13, nr 03 (maj 2010): 441–58. http://dx.doi.org/10.1142/s021902491000584x.

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After Geske (1979), compound options — options on options — have been employed in many fields in which real options are applied. The formula for a compound option is convenient to use in real project investment, but it has one drawback — the assets that underlie the compound options are usually non-tradable. This article addresses this issue and proposes two new compound option pricing formulae to overcome this drawback.

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Morreale, Azzurra, Luigi Mittone, Thi-Thanh-Tam Vu i Mikael Collan. "To Wait or Not to Wait? Use of the Flexibility to Postpone Investment Decisions in Theory and in Practice". Sustainability 12, nr 8 (23.04.2020): 3451. http://dx.doi.org/10.3390/su12083451.

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Business sustainability and real options are closely connected, as real options are managerial flexibility that allows organizations to adapt to changes in their environment, thus making the organization more robust and economically sustainable. Studies in real options theory abound, yet there is still a lack of evidence on whether people make decisions consistently with the predictions made by real options models. We run a laboratory experiment to study the role of option value and the laboratory time required to resolve uncertainty in individuals’ decision to price and adopt an option to wait. Specifically, we compare decision makers’ choices in two investment scenarios: One with a short time to maturity (implying a low option value), and another with a longer time to maturity (implying a high option value). In the lab, both scenarios are implemented with the waiting time of twenty and sixty minutes. Our results show that decision makers deviate from the theoretical predictions, recognizing the benefit of waiting, when the value of the option is higher, or when the waiting time is shorter. Our study does not only bring more insights into real options adoption at the individual level, but also emphasizes the great potential of behavioral and experimental approach to bridge the gap between theory and practice in the real options literature.

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Rakic, Biljana, i Tamara Radjenovic. "Real options methodology in public-private partnership projects valuation". Ekonomski anali 59, nr 200 (2014): 91–113. http://dx.doi.org/10.2298/eka1400091r.

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PPP offers numerous benefits to both public and private partners in delivery of infrastructure projects. However this partnership also involves great risks which have to be adequately managed and mitigated. Private partners are especially sensitive to revenue risk, since they are mostly interested in the financial viability of the project. Thus they often expect public partners to provide some kind of risk-sharing mechanism in the form of Minimum Revenue Guarantees or abandonment options. The objective of this paper is to investigate whether the real option of abandoning the project increases its value. Therefore the binominal option pricing model and risk-neutral probability approach have been implemented to price the European and American abandonment options for the Build-Operate-Transfer (BOT) toll road investment. The obtained results suggest that the project value with the American abandonment option is greater than with the European abandonment option, hence implying that American options offer greater flexibility and are more valuable for private partners.

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Juan, Carmen, Fernando Olmos i Rahim Ashkeboussi. "Compensation Options in Joint Ventures. A Real Options Approach". Engineering Economist 52, nr 1 (marzec 2007): 67–94. http://dx.doi.org/10.1080/00137910601159839.

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Rocha, Katia, Luciana Salles, Francisco Augusto Alcaraz Garcia, José A. Sardinha i José P. Teixeira. "Real estate and real options — A case study". Emerging Markets Review 8, nr 1 (marzec 2007): 67–79. http://dx.doi.org/10.1016/j.ememar.2006.09.008.

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Lambrecht, Bart M., i Grzegorz Pawlina. "Corporate Finance and the (In)efficient Exercise of Real Options". Multinational Finance Journal 14, nr 3/4 (1.12.2010): 189–217. http://dx.doi.org/10.17578/14-3/4-2.

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Magaev, Nikolay A., Gagik M. Mkrtchyan i Larisa V. Skopina. "Real Options Valuation of Deposits". World of Economics and Management 19, nr 2 (2019): 31–48. http://dx.doi.org/10.25205/2542-0429-2019-19-2-31-48.

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Income approach based on the method of discounted cash flows (DCF) seems to be the main instrument to evaluate economic efficiency of investment projects when developing oil and gas fields. However, at early stages of exploration and exploitation of hydrocarbon resources, uncertainty and risks of investors are very high, which limits the use of traditional methods. It is necessary to develop valuation tools accounting high uncertainty of input data on the exploitation of oil and natural gas resources, flexibility of their development by formation of rational production strategy with volatility of the operating parameters such as the world oil prices and the size and value of oil and gas reserves. In this article presents the real options approach which accounts the potential of flexible and adaptive project management providing advantages in assessing development projects as compared to the traditional income methods. Implementation of this method is exemplified by the case of oil and gas fields in the east of the Siberian platform.

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Mezey, Esther W., i Jon M. Conrad. "Real Options in Resource Economics". Annual Review of Resource Economics 2, nr 1 (październik 2010): 33–52. http://dx.doi.org/10.1146/annurev-resource-040709-135122.

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Damodaran, Aswath. "THE PROMISE OF REAL OPTIONS". Journal of Applied Corporate Finance 13, nr 2 (czerwiec 2000): 29–44. http://dx.doi.org/10.1111/j.1745-6622.2000.tb00052.x.

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Eapen, Gill. "THE ACCIDENTAL REAL OPTIONS PRACTITIONER". Journal of Applied Corporate Finance 15, nr 2 (grudzień 2002): 102–7. http://dx.doi.org/10.1111/j.1745-6622.2002.tb00700.x.

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Magiera, Frank T. "Real Options and Investment Valuation". CFA Digest 32, nr 3 (sierpień 2002): 40–43. http://dx.doi.org/10.2469/dig.v32.n3.1116.

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Fredberg, Tobias. "Real options for innovation management". International Journal of Technology Management 39, nr 1/2 (2007): 72. http://dx.doi.org/10.1504/ijtm.2007.013441.

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