Real Options in Capital Investment: Models, Strategies, and Applications

Abstract

Preface Real Options: An Overview by Lenos Trigeorgis Real Options and Alternative Valuation Paradigms Methods for Evaluating Capital Investment Decisions under Uncertainty by Elizabeth Olmsted Teisberg Merging Finance Theory and Decision Analysis by Eero Kasanen and Lenos Trigeorgis The Strategic Capital Budgeting Process: A Review of Theories and Practice by Van Son Lai and Lenos Trigeorgis General Exchange or Switching Options and Option Interdependencies The Value of Flexibility: A General Model of Real Options by Nalin Kulatilaka The Valuation of American Exchange Options with Application to Real Options by Peter Carr Operating Flexibilities in Capital Budgeting: Substitutability and Complementarity in Real Options by Nalin Kulatilaka Strategy, Infrastructure, and Foreign Investment Options The Value of Options in Strategic Acquisitions by Kenneth W. Smith and Alexander J. Triantis Corporate Governance, Long-term Investment Orientation, and Real Options in Japan by Takato Hiraki Volatile Exchange Rates and the Multinational Firm: Entry, Exit, and Capacity Options by Gregory K. Bell Mean Reversion/Alternative Formulations in Natural Resources, Shipping, and Start-Up Ventures The Effects of Reversion on Commodity Projects of Different Length by David G. Laughton and Henry D. Jacoby Contingent Claims Evaluation of Mean-Reverting Cash Flows in Shipping by Petter Bjerksund and Steinar Ekern Valuing Start-up Venture Growth Options by Ram Willner Other Applications in Pollution Compliance, Land Development, Flexible Manufacturing, and Financial Default Investment in Pollution Compliance Options: The Case of Georgia Power by Michael E. Edleson and Forest L. Reinhardt Optimal Land Development by Laura Quigg Multiproduct Manufacturing with Stochastic Input Prices and Output Yield Uncertainty by Bardia Kamrad and Ricardo Ernst Default Risk in the Contingent Claims Model of Debt by Anne Fremault Vila and Martha Amram Schary

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