The Real Options Solution : Finding Total Value in a High-risk World
F. Peter. Boer
Bok Engelsk 2002 · Electronic books.
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| Utgitt | New York : : Wiley, , 2002.
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| Omfang | 1 online resource (434 p.)
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| Opplysninger | Description based upon print version of record.. - The Real Options Solution; Preface; Contents; 1 Introduction; From Knowledge to Value; Columbus's Business Plan; Risks in the Plan; Part One A New Perspective on Value; 2 The Crisis in Valuation; The Nature of the Crisis in Brief; The First Crisis in Valuation; The Intellectual Capital "Solution"; Exploiting Strategic Capital: The Japanese Attack on the U.S. Auto Market; The Second Crisis in Valuation; The Three Levels of Valuation: Book, Economic, and Total; The Missing Piece: Strategic Capital; Comparing the Three Approaches to Valuation; When Market Value Does Not Follow Economic Value. - Diminishing Returns from Plunder. - Objections to the Random Walk ApproachOptions in Ordinary Business; Real Options; Drilling for Oil: Combining Unique Risk and Market Risk; The Abandonment Option; The Mark I MicroComputer Case and the Option to Make Follow-On Investments; The Downside of Turbocharged Valuations; The Amazon Case; The eToys Case; Competitive Power; Changing Volatility; 6 Why Plans Are Options; Plans as Costs; Plans as Assets; Plans: The Spectrum of Value; Plans as Forecasts: No Value; Plans for Capital Investments: Moderate Value; Plans for New-to-the-World Products and Services: High Value. - The Cost of Capital and Discounted Cash FlowThe Magic of Growth Multipliers; Defining Economic Assets; Value Processes; The Issue of Time Horizons; 4 The Total Value Model; Inside the Model; Are Idle Assets Options?; Six Steps to Total Value; What We Can Learn from Peggy Sue; Total Value and the Real Investor; Real Options Apply to "Real Life"; 5 Enter the Options Dragon; The Revenge of the Quants; Options, Time, and Information; Options on Common Stock; Random Walk Theory, the Normal Distribution, and Black-Scholes; The Behavior of Options; Incentive Options. - The Value of Management FlexibilityPlans versus Dreams: The Importance of Position; Exploiting Position; Real Options and Fatal Flaws; Real Options and Mergers and Acquisitions; Summary; Part Two The Source of Wealth: Mastering Risk, Innovation, and the Law of Diminishing Returns; 7 Diminishing Returns: The Dusty Road to Devolution; Down on the Farm: Diminishing Returns in a Primitive Operating System; Devolution Does Happen: Ancient Mexico, Ancient Zimbabwe, and Modern Russia; Devolution in Business Organizations: Automobiles; Diminishing Returns from Technology. - Transaction Accounting: Marking Economic and Strategic Capital to MarketThe LBO Option; Strategic Buyers versus Financial Buyers; Investment Styles: Growth versus Value; Why Total Value Is Not Market Value; The Twin Causes of Invisibility: Darkness and Fog; Genentech: A Dress Rehearsal for the New Economy; The Agracetus Case; 3 Economic Value: The DCF "Gold Standard" and Its Limitations; Economic Value; The Relationship of Economic Profit to Economic Value; Linking Growth and Value: The Peggy Sue Scenario, Part I; The Value Mind-Set; Value-Creating Investment Strategies. - Harness the power of real optionsReal options theory is based on the Nobel Prize--winning work on financial options, and has captured the interest of executives, managers, and investors who need to understand the future profitability of an asset. Originally developed to value technology initiatives and companies, the method is now being applied broadly across various businesses and industries. The Real Options Solution offers comprehensive coverage of the real options approach with a five-step framework and examples for applying the author's unique total value model based on real options a
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| ISBN | 0471209988
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