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Competitive Strategy
A new paradigm for balancing flexibility and commitment in management strategy through the amalgamation of real options and game theory. Corporate managers who face both strategic uncertainty and market uncertainty confront a classic trade-off between commitment and flexibility. They can stake a claim by making a large capital investment today, influencing their rivals' behavior, or they can take a “wait and see” approach to avoid adverse market consequences tomorrow. In Competitive Strategy, Benoît Chevalier-Roignant and Lenos Trigeorgis describe an emerging paradigm that can quantify and balance commitment and flexibility, “option games,” by which the decision-making approaches of...
Real Options in Practice
Explores real option theory applied in practice Real options are quickly becoming the valuation and decision-making method of choice for many companies, including oil and gas companies, utilities and natural resource companies, pharmaceutical and biotech companies, Internet companies, and many others. Real Options in Practice allows readers to view the world of real options from the vantage point of a corporate practitioner applying real option valuation techniques on a regular basis. Expert Marion Brach describes the challenges of implementing a real option framework in practice within a corporate setting. Touching on the real options most firms care about, Real Options in Practice identifi...
Opportunity: The Hidden Side of Wealth
Opportunity is the hidden factor that explains why so many solutions proposed for today’s problems will fall far wide off the mark. Conventional and expensive proposals to solve many of the critical issues of our times, including ENERGY, CLIMATE CHANGE, COMMODITIZATION, THE DEMOGRAPHIC INVERSION (POPULATION), and CONFLICT will almost certainly go far astray if the element of OPPORTUNITY is disregarded. Conventional forecasts still take no account of what we know about opportunity, uncertainty, and risk. Changing circumstances inevitably create unforeseen opportunities. The error is compounded when policies lock societies into large commitments that fail to respect intrinsic uncertainty or ...
New Research in Financial Markets
This text reflects research by European scholars into financial economics. Topics include asset pricing in perfect markets, take-over bids, and the interplay between banks and financial markets.
The Chinese Capital Markets
In the past China’s capital market featured prevalent state ownership and a weak legal environment. It has, however, achieved very substantial development in the past two decades. China has surpassed Japan as the world’s second-largest stock market and has also emerged as a leading player in green bonds and Fintech markets. The chapters in this book provide insights on Chinese listed firms and advance the understanding of China’s unique institutions. Some important questions are covered including the governance role of foreign investors in partially privatized firms, the financial implications of political connections, the "Chinese model" of commercial banks and regulatory reforms that...
New Directions in Real Estate Finance and Investment
Research in real estate finance and economics has developed in an exciting way in the past twenty-five years or so. The resulting theoretical and empirical findings are shining a new light on some of the classic mysteries of the real estate markets. It is good to see that a growing proportion of this research output is concerned with contemporary problems and issues regarding the European and Far Eastern property markets. To stimulate a creative exchange of new ideas and a debate of the latest research findings regarding the global property markets, the Maastricht-Cambridge Real Estate Finance and Investment Symposium was established. This initiative aims at bringing together a number of leading researchers in the field for a short, intensive conference. The 2000 Symposium, which was hosted by Maastricht University in the Netherlands in June of that year, is the first in an annual series of such conferences, which will alternate between Maastricht University and Cambridge University. This book is a compilation of the papers originally presented at the first Maastricht-Cambridge Symposium in 2000.
Guess Again
FBI Special Agent Hunter McCrary hasn't appreciated anything Russian since a legendary KGB assassin known as Dark Swan killed his dad during the Cold War and left a black cloisonn swan pin at the crime scene. But when a hacker breaches the security of a government communications line, Hunter needs the computer expertise of the Dark Swan's American daughter, Lynzee Beryl, an MIT professor whose fascination with all things Russian stems from her lost childhood. He suspects the hacker is Lynzee's Russian ex-lover and hopes to use her as bait, but the spunky prof makes it hard to keep his mind on the job when she manages so effortlessly to slip past his defenses. Lynzee doesn't know she's the Da...
Investment in Energy Assets Under Uncertainty
This book aims to provide a rigorous yet pragmatic approach to the valuation and management of investments in the energy sector. Time and uncertainty pervade most if not all issues relevant to energy assets. They run from the early stage of prototype and demonstration to the ultimate abandonment and decommissioning. Risk in particular appears in several areas; thus, one can distinguish technical risk from financial risk. Furthermore, the extent to which one can react to them is different (just think of price risk and regulation risk). Markets in general, and financial markets in particular, regularly put a price on a number of assets which differ in their return/risk characteristics. And aca...
