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Real Options in Capital Investment: Models, Strategies, and Applications [Hardcover]

by Lenos Trigeorgis
4.0 out of 5 stars  See all reviews (1 customer review)

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Book Description

January 24, 1995 0275946169 978-0275946166 n Third printing

This compilation integrates various new contributions to the growing real options literature. Recent developments in the valuation of capital investment opportunities seen as real options (e.g. to defer, expand, abandon, or switch) have provided the tools and unlocked the possibilities to revolutionize the field of capital budgeting. The resulting insights, strategies, and techniques enable quantifying the thus far elusive elements of managerial operating flexibility and strategic interactions. These are vital to successfully capitalize on favorable future investment opportunities or limit losses from adverse market developments. This book presents various models and operating strategies, and a variety of applications ranging from acquisitions and divestitures, to natural resource development and pollution compliance. It is intended for both the academic and the professional market.

The book's contributions are divided into five parts, covering sections on real options and alternative valuation paradigms for capital investment analysis; on the analysis of general exchange or switching options, and interdependencies among multiple such options; on strategic acquisitions, infrastructure, and foreign investment options; on mean reversion/ alternative formulations in natural resource investments, shipping, and start-up ventures; and on other applications in pollution compliance, land development, flexible manufacturing, and financial default options. Both academic and practitioner interest in these developments is unusually high. The book can serve as supplementary material for the academic market, e.g., in advanced finance courses in option pricing or capital budgeting, in doctoral seminars, and as a library resource. It may also be of interest to the professional market (e.g. corporate planners and finance executives in the oil, pharmaceutical, auto and a variety of other industries), academics from related areas (e.g. decision analysts or economists), as well as to international readers (academics, doctoral students, and professionals).


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Editorial Reviews

Book Description

A nation's culture and structure influence both the type and degree of innovation achievable within its society. Examines and discusses the latest developments in the valuation of capital investment opportunities.

About the Author

LENOS TRIGEORGIS is currently Associate Professor of Finance at the University of Cyprus.

Product Details

  • Hardcover: 384 pages
  • Publisher: Praeger; n Third printing edition (January 24, 1995)
  • Language: English
  • ISBN-10: 0275946169
  • ISBN-13: 978-0275946166
  • Product Dimensions: 9.6 x 6.4 x 1.2 inches
  • Shipping Weight: 1.4 pounds (View shipping rates and policies)
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (1 customer review)
  • Amazon Best Sellers Rank: #802,313 in Books (See Top 100 in Books)

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27 of 28 people found the following review helpful
4.0 out of 5 stars Advanced theoretical real options applications January 5, 1997
By A Customer
Format:Hardcover
The editor of this book, Lenos Trigeorgis, earned his Ph.D.
from Harvard University, and has since that published several
articles in distinguished journals on one of his favourite
research subjects - real options.
By using basic option pricing principles in capital investments,
a practicing manager as well as an academic can develop financial
models that handle stochastic information, for instance oil prices.
The capital investment theories explained in this book is the
greatest breakthrough in capital investments since the 60's.
The widely accepted DCF-method should partly be replaced by
Option Pricing Models, OPM, as this is the first method that
can handle volatility and uncertainty in a theoretically
consistent way. Several academics are finding this difficult
to accept - the old "truth" doesn't hold is a volatile environment!
If you believe in Discounted Cash Flow analysis - you MUST read this book!
If you want to stay ahead of your competitors, you SHOULD read
THIS comprehensive book on capital investments! It may require a lot more
maths that any other books on the subject, as the book is rather
theoretical with several real life examples. Most of the 20 authors
have a background in maths as well as economics, something
preferrable but not necessary for the reader of this excellent
book. The book could be recommended for MBA and PhD students.
Niklas Uddstrom (niklas.uddstrom@mandatum.fi)
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