Playing at acquisitions: behavioral option games
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Princeton ; Oxford
Princeton University Press
2017
|
| Ausgabe: | First paperback printing |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | xix, 192 Seiten Illustrationen |
| ISBN: | 9780691176413 |
Internformat
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Datensatz im Suchindex
| _version_ | 1804178161694408704 |
|---|---|
| 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: Xstratas 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 Ones 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 | BV044695864 |
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| discipline | Wirtschaftswissenschaften |
| edition | First paperback printing |
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| illustrated | Illustrated |
| indexdate | 2024-07-10T07:59:35Z |
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| isbn | 9780691176413 |
| language | English |
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| publishDateSort | 2017 |
| publisher | Princeton University 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 behavioural First paperback printing Princeton ; Oxford Princeton University Press 2017 xix, 192 Seiten Illustrationen txt rdacontent n rdamedia nc rdacarrier Unternehmenskauf (DE-588)4078600-6 gnd rswk-swf Realoption (DE-588)4752163-6 gnd rswk-swf Spieltheorie (DE-588)4056243-8 gnd rswk-swf Investitionsplanung (DE-588)4114044-8 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 Äquivalent 2015 Gebundene Ausgabe 978-0-691-14000-1 (DE-604)BV042331977 Digitalisierung UB Bamberg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=030092718&sequence=000001&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 Unternehmenskauf (DE-588)4078600-6 gnd Realoption (DE-588)4752163-6 gnd Spieltheorie (DE-588)4056243-8 gnd Investitionsplanung (DE-588)4114044-8 gnd |
| subject_GND | (DE-588)4078600-6 (DE-588)4752163-6 (DE-588)4056243-8 (DE-588)4114044-8 |
| title | Playing at acquisitions behavioral option games |
| title_alt | behavioural |
| 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 | Unternehmenskauf (DE-588)4078600-6 gnd Realoption (DE-588)4752163-6 gnd Spieltheorie (DE-588)4056243-8 gnd Investitionsplanung (DE-588)4114044-8 gnd |
| topic_facet | Unternehmenskauf Realoption Spieltheorie Investitionsplanung |
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