Applicability of real option valuation for high-risk investments:
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Aachen
Shaker
2004
|
| Series: | IEWS-Schriftenreihe
23 |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Erscheint: Februar 2004 |
| Physical Description: | VIII, 79, XXIV S. |
| ISBN: | 3832223363 |
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MARC
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Record in the Search Index
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| adam_text | LEWS-SCHRIFTENREIHE HERAUSGEGEBEN VON PROF. DR. OTTMAR SCHNECK EUROPEAN
SCHOOL OF BUSINESS - REUTLINGEN BAND 23 JORG ADAMS APPLICABILITY OF REAL
OPTION VALUATION FOR HIGH-RISK INVESTMENTS SHAKER VERLAG AACHEN 2004
TABLE OF CONTENTS INDEX OF TABLES V INDEX OF EQUATIONS V INDEX OF
FIGURES VI ABBREVIATIONS AND GLOSSARY VII MATHEMATICAL SYMBOLS FOR
OPTION PRICING VIII 1 ABOUT THIS THESIS 1 2 INTRODUCTION TO REAL OPTIONS
2 2.1 WHAT ARE REAL OPTIONS? 2 2.2 HOW REAL OPTIONS INFLUENCE INVESTMENT
VALUATION 2 2.3 REAL OPTION EXAMPLES IN THE CORPORATE WORLD 5 2.3.1
AMAZON 5 2.3.2 ENRON 6 2.3.3 AIRBUS INDUSTRIES 7 3 REVIEW OF REAL OPTION
LITERATURE 8 4 REAL OPTIONS VS. FINANCIAL OPTIONS 10 5 TYPES OF REAL
OPTIONS 11 6 OPTION PRICING VS. TRADITIONAL VALUATION 17 6.1 OVERVIEW OF
TRADITIONAL VALUATION APPROACHES 17 6.2 DRAWBACKS OF STATIC DCF ANALYSIS
18 6.3 DECISION TREES AS A DYNAMIC DCF VARIANT 20 6.3.1 THE MODEL 20
6.3.2 DECISION TREE VALUATION EXAMPLE 21 6.3.3 EVALUATION OF DECISION
TREE ANALYSIS 23 6.4 INTRODUCTION TO OPTION PRICING 24 6.4.1 ARBITRAGE
PRICING 24 6.4.2 CHANGING RISK-STRUCTURE OF OPTIONS 27 6.4.3 ASSUMPTIONS
OF OPTION PRICING 28 7 REAL OPTION VALUATION METHODOLOGIES 29 7.1
OVERVIEW OF OPTION PRICING METHODOLOGIES 29 7.2 BINOMIAL LATTICE MODELS
29 7.2.1 THE RISK-NEUTRAL APPROACH 29 7.2.2 APPLICATION TO REAL OPTIONS
33 7.2.3 VALUATION EXAMPLE 35 7.2.4 APPLICABILITY IN THE REAL WORLD
(AMERICAN OPTIONS)38 7.3 CLOSED-FORM SOLUTIONS 39 7.3.1 THE
BLACK-SCHOLES MODEL 39 7.3.2 BLACK-SCHOLES VARIANTS 41 7.3.3 VALUATION
EXAMPLE WITH CLOSED-FORM FORMULA 42 8 ADVANCED REAL OPTION PRICING
ISSUES 43 8.1 DIVIDEND YIELD 43 8.2 COMPOUND OPTIONS 45 8.3 CHANGING
STRIKES PRICES AND VOLATILITY 48 8.4 RAINBOW OPTIONS AND SWITCHING
OPTIONS 50 9 REAL OPTION ANALYSIS AS A MULTI-STEP PROCESS 52 10
QUALITATIVE APPROACH TO REAL OPTIONS 53 11 CHALLENGES OF APPLYING REAL
OPTION ANALYSIS 56 11.1 PSYCHOLOGICAL, FINANCIAL AND POLITICAL CONFLICTS
56 11.2 DERIVATION OF INPUT PARAMETERS FOR OPTION PRICING 57 11.3 WHEN
IS REAL OPTION ANALYSIS APPROPRIATE? 59 11.4 MATHEMATICAL COMPLEXITY 60
11.5 MANAGERIAL IGNORANCE 62 12 MICROSOFT BUYS WEBTV, A STRATEGIC GROWTH
OPTION 63 12.1 INTRODUCTION 63 12.2 VALUE OF WEBTV AS AN ISP 66 12.3
VALUATION OF THE ACQUIRED REAL OPTION 68 12.3.1. VALUE OF THE UNDERLYING
ASSET 68 12.3.2 PRICE, TIME TO MATURITY AND VOLATILITY 69 12.3.3
BINOMIAL MODEL 70 12.4 ACCURACY OF THE OPTION VALUATION 72 12.5 IMPACT
OF REAL OPTION ANALYSIS ON VALUATION RESULTS 75 IV 12.6 A RETROSPECTIVE
VIEW ON THE WEBTV ACQUISITION 75 13 CONCLUSION 78 APPENDIX IX A EFFECT
OF PARAMETER CHANGES ON OPTION VALUE IX B ALTERNATIVE APPLICATIONS FOR
OPTION PRICING IX C SENSITIVITY ANALYSIS XI D SIMULATION XI E
GRANULARITY OF BINOMIAL LATTICES XII F CALCULATION OF EARTHLINK S
HISTORICAL BETA XIV STATUTORY DECLARATION XV REFERENCES XVI PERSONAL
COMMUNICATION XXIV
|
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| illustrated | Not Illustrated |
| indexdate | 2024-07-09T19:23:17Z |
| institution | BVB |
| isbn | 3832223363 |
| language | English |
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| physical | VIII, 79, XXIV S. |
| publishDate | 2004 |
| publishDateSearch | 2004 |
| publishDateSort | 2004 |
| publisher | Shaker |
| record_format | marc |
| series | IEWS-Schriftenreihe |
| series2 | IEWS-Schriftenreihe |
| spelling | Adams, Joerg Michael Verfasser aut Applicability of real option valuation for high-risk investments Joerg Michael Adams Aachen Shaker 2004 VIII, 79, XXIV S. txt rdacontent n rdamedia nc rdacarrier IEWS-Schriftenreihe 23 Erscheint: Februar 2004 Investitionsentscheidung (DE-588)4162244-3 gnd rswk-swf Realoption (DE-588)4752163-6 gnd rswk-swf Realoption (DE-588)4752163-6 s Investitionsentscheidung (DE-588)4162244-3 s DE-604 IEWS-Schriftenreihe 23 (DE-604)BV013449964 23 GBV Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=010747514&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Adams, Joerg Michael Applicability of real option valuation for high-risk investments IEWS-Schriftenreihe Investitionsentscheidung (DE-588)4162244-3 gnd Realoption (DE-588)4752163-6 gnd |
| subject_GND | (DE-588)4162244-3 (DE-588)4752163-6 |
| title | Applicability of real option valuation for high-risk investments |
| title_auth | Applicability of real option valuation for high-risk investments |
| title_exact_search | Applicability of real option valuation for high-risk investments |
| title_full | Applicability of real option valuation for high-risk investments Joerg Michael Adams |
| title_fullStr | Applicability of real option valuation for high-risk investments Joerg Michael Adams |
| title_full_unstemmed | Applicability of real option valuation for high-risk investments Joerg Michael Adams |
| title_short | Applicability of real option valuation for high-risk investments |
| title_sort | applicability of real option valuation for high risk investments |
| topic | Investitionsentscheidung (DE-588)4162244-3 gnd Realoption (DE-588)4752163-6 gnd |
| topic_facet | Investitionsentscheidung Realoption |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=010747514&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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