In this article, we attempt to extend their effort to narrow the gap between real options theory and practice by applying our own modification of Copeland and Antikarov’s approach to an actual company in the e-commerce industry. In a book published in 2001,1 Tom Copeland and Vladimir Antikarov presented a real options approach that attempts to expand the range of potential applications beyond the few areas where real options appear to have had the most success-namely, corporate investments involving commodities such as minerals and oil and gas. Lthough both academics and practitioners have accepted the basic insight of the real options valuation method-that many corporate investment opportunities contain valuable sources of flexibility-progress in applying the method has been disappointing. Real Options Valuation: A Case Study of an E-commerce Company by Rocío Sáenz-Diez, Universidad Pontificia Comillas de Madrid, Ricardo Gimeno, Banco de España, and Carlos de Abajo, Morgan Stanley* Rocío Sáenz-Diez, Universidad Pontificia Comillas de Madrid, Ricardo Gimeno, Banco de España, and Carlos de Abajo, Morgan Stanley Real Options Valuation: A Case Study of an E-commerce Company Stock Option Expensing: The Role of Corporate Governance Curtis, Ernst & Young Luc Soenen,Universidad Catolica del Peru, and Robert Johnson, University of San Diego John Martin, Baylor University, and Sheridan Titman, University of Texas at Austin Marc Zenner, Matt Matthews, Jeff Marks, and Nishant Mago, J.P. The Equity Market Risk Premium and Valuation of Overseas Investments Transfer Pricing for Corporate Treasury in the Multinational Enterprise The Era of Cross-Border M&A: How Current Market Dynamics are Changing the M&A Landscape #Real options valuation risk case study how toMultiple Discount Rates: How to Limit “Influence Costs” in the Capital Allocation Process Michael Bradley, Duke University, and Gregg Jarrell, University of Rochester Real Asset Valuation: A Back-to-Basics Approachĭavid Laughton, University of Alberta Raul Guerrero, Asymmetric Strategy LLC and Donald Lessard, MIT Sloan School of ManagementĮxpected Inflation and the Constant-Growth Valuation Model Yakov Amihud, New York University, and Haim Mendelson, Stanford University Liquidity, the Value of the Firm, and Corporate Finance Panelists: Robert Bruner, University of Virginia Robert Pozen, MFS Investment Management Anne Madden, Honeywell International Aileen Stockburger, Johnson & Johnson Forbes Alexander, Jabil Circuit Steve Munger and Don Chew, Morgan Stanley. In This Issue: Valuation and Corporate Portfolio Management Corporate Portfolio Management Roundtable Presented by Ernst & Young V O LU M E 2 0 | N U M B E R 2 | s p ring 2 0 0 8ĪPPLIED CORPORATE FINANCE A MO RG A N S TA N L E Y P U B L I C AT I O N
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