Playing at acquisitions: behavioral option games
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Princeton [u.a.]
Princeton Univ. Press
2015
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Includes bibliographical references and index |
| Physical Description: | XIX, 192 S. Ill., graph. Darst. |
| ISBN: | 9780691140001 0691140006 |
Staff View
MARC
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| 245 | 1 | 0 | |a Playing at acquisitions |b behavioral option games |c Han Smit and Thras Moraitis |
| 264 | 1 | |a Princeton [u.a.] |b Princeton Univ. Press |c 2015 | |
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| 650 | 7 | |a BUSINESS & ECONOMICS / Finance |2 bisacsh | |
| 650 | 4 | |a Wirtschaft | |
| 650 | 4 | |a Consolidation and merger of corporations | |
| 650 | 4 | |a Corporations |x Valuation | |
| 650 | 4 | |a BUSINESS & ECONOMICS / Mergers & Acquisitions | |
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Record in the Search Index
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| adam_text | CONTENTS
LIST OF FIGURES vii
LIST OF TABLES ix
PREFACE xi
About This Book xi
Who Should Read This Book? xii
A New Strategic Valuation Approach as a Bridge between
Theory and Practice xiv
Academic Contribution and Features xvi
A Guide through the Book xviii
CHAPTER 1. LEARNING TO SEE, TO ADAPT TO,
AND TO VALUE UNCERTAINTY 1
Learning to See Uncertainty 3
Learning to Adapt to Uncertainty 8
Learning to Value Uncertainty 11
Summary 15
PART I. LEARNING TO SEE UNCERTAINTY 17
CHAPTER 2. HOW TO DE-BIAS VALUATION
OVER THE CYCLE 19
Problem Diagnosis: Why Acquisitions Occur in
Go/No-Go Waves 20
Avoiding Irrational Infection of the Valuation Analysis 22
A Remedy for Uncertainty Neglect: Broaden Your Narrow View 25
Examples of Appropriate Real Options Thinking in Hot
and Cold Deal Markets 32
Conclusions 41
CHAPTER 3. PLAYING AT SERIAL ACQUISITIONS:
THE CASE OF VODAFONE 43
Six Potential Pitfalls in the Execution of a Serial
Acquisition Strategy 44
Can Rational Analysis Discipline Strategy? 57
Dual Valuation of Growth Option Value to Avoid
Irrational Infection 61
How to Use Option Games to Overcome Bidding Pitfalls 65
Conclusions 68
vi · Contents
PART II. LEARNING TO ADAPT TO UNCERTAINTY 73
CHAPTER 4. STRATEGY AS OPTIONS GAMES 75
Classifying Acquisition Options under Competition 78
Expressing a Buy-and-Build Strategy as an Option Portfolio 81
Competition in the Bidding Game 87
Play Poker against Rivals Who Overshoot or Fall Asleep 93
Conclusions 95
CHAPTER 5. DUAL REAL OPTIONS VALUATION:
THE XSTRATA CASE 101
Illustrative Example of the Dual Approach: Xstrata’s Journey 103
Bottom-Up Framework: Xstrata’s Serial Acquisitions 106
Top-Down Framework for Listed Companies: How Finance Can
Enlighten Strategy 112
General Implications and Limitations 117
Conclusions 118
PART III. LEARNING TO VALUE UNCERTAINTY 121
CHAPTER 6. OPTION GAMES VALUATION 123
Designing and Solving an Option Bidding Game 124
Quantifying the Optionality of the Falconbridge Episode 133
Conclusions: How Option Games Can Deliver Their Potential 147
CHAPTER 7. CONCLUSION AND IMPLICATIONS 151
Biases and Options Are Everywhere 152
The Problem: Selected Pitfalls in Acquisition Decision Making 154
The Solution: How Executives Can De-bias Their Acquisition
Decisions 158
Selected Implications to Deal Rationally with One’s Own Biases,
Financial Markets, and Irrational” Rivals 163
Empirical Evidence 166
Promising Future Research Directions 169
Broaden Your View with Option Games 171
BIBLIOGRAPHY 173
INDEX 185
|
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| author | Smit, Han T. J. 1967 Moraitis, Thras 1963- |
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| bvnumber | BV042331977 |
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| discipline | Wirtschaftswissenschaften |
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| id | DE-604.BV042331977 |
| illustrated | Illustrated |
| indexdate | 2024-07-10T01:18:39Z |
| institution | BVB |
| isbn | 9780691140001 0691140006 |
| language | English |
| lccn | 014019088 |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-027768702 |
| oclc_num | 906086774 |
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| physical | XIX, 192 S. Ill., graph. Darst. |
| publishDate | 2015 |
| publishDateSearch | 2015 |
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| publisher | Princeton Univ. Press |
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| spelling | Smit, Han T. J. 1967 Verfasser (DE-588)136742645 aut Playing at acquisitions behavioral option games Han Smit and Thras Moraitis Princeton [u.a.] Princeton Univ. Press 2015 XIX, 192 S. Ill., graph. Darst. txt rdacontent n rdamedia nc rdacarrier Includes bibliographical references and index BUSINESS & ECONOMICS / Mergers & Acquisitions bisacsh BUSINESS & ECONOMICS / Finance bisacsh Wirtschaft Consolidation and merger of corporations Corporations Valuation BUSINESS & ECONOMICS / Mergers & Acquisitions BUSINESS & ECONOMICS / Finance Investitionsplanung (DE-588)4114044-8 gnd rswk-swf Spieltheorie (DE-588)4056243-8 gnd rswk-swf Unternehmenskauf (DE-588)4078600-6 gnd rswk-swf Realoption (DE-588)4752163-6 gnd rswk-swf Unternehmenskauf (DE-588)4078600-6 s Investitionsplanung (DE-588)4114044-8 s Realoption (DE-588)4752163-6 s Spieltheorie (DE-588)4056243-8 s DE-604 Moraitis, Thras 1963- Verfasser (DE-588)1070607169 aut Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027768702&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Smit, Han T. J. 1967 Moraitis, Thras 1963- Playing at acquisitions behavioral option games BUSINESS & ECONOMICS / Mergers & Acquisitions bisacsh BUSINESS & ECONOMICS / Finance bisacsh Wirtschaft Consolidation and merger of corporations Corporations Valuation BUSINESS & ECONOMICS / Mergers & Acquisitions BUSINESS & ECONOMICS / Finance Investitionsplanung (DE-588)4114044-8 gnd Spieltheorie (DE-588)4056243-8 gnd Unternehmenskauf (DE-588)4078600-6 gnd Realoption (DE-588)4752163-6 gnd |
| subject_GND | (DE-588)4114044-8 (DE-588)4056243-8 (DE-588)4078600-6 (DE-588)4752163-6 |
| title | Playing at acquisitions behavioral option games |
| title_auth | Playing at acquisitions behavioral option games |
| title_exact_search | Playing at acquisitions behavioral option games |
| title_full | Playing at acquisitions behavioral option games Han Smit and Thras Moraitis |
| title_fullStr | Playing at acquisitions behavioral option games Han Smit and Thras Moraitis |
| title_full_unstemmed | Playing at acquisitions behavioral option games Han Smit and Thras Moraitis |
| title_short | Playing at acquisitions |
| title_sort | playing at acquisitions behavioral option games |
| title_sub | behavioral option games |
| topic | BUSINESS & ECONOMICS / Mergers & Acquisitions bisacsh BUSINESS & ECONOMICS / Finance bisacsh Wirtschaft Consolidation and merger of corporations Corporations Valuation BUSINESS & ECONOMICS / Mergers & Acquisitions BUSINESS & ECONOMICS / Finance Investitionsplanung (DE-588)4114044-8 gnd Spieltheorie (DE-588)4056243-8 gnd Unternehmenskauf (DE-588)4078600-6 gnd Realoption (DE-588)4752163-6 gnd |
| topic_facet | BUSINESS & ECONOMICS / Mergers & Acquisitions BUSINESS & ECONOMICS / Finance Wirtschaft Consolidation and merger of corporations Corporations Valuation Investitionsplanung Spieltheorie Unternehmenskauf Realoption |
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