Real options : managing strategic investment in an uncertain world

書誌事項

Real options : managing strategic investment in an uncertain world

Martha Amram and Nalin Kulatilaka

(Financial Management Association survey and synthesis series)

Harvard Business School Press, c1999

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注記

Includes bibliographical references and index

内容説明・目次

内容説明

Martha Amram and Nalin Kulatilaka suggest a smarter new way to think about strategic investments in terms of real options. By applying options thinking - the concept underlying the recent Nobel Prize-winning work on financial options - to the evaluation of nonfinancial assets, this innovative approach brings a financial market discipline to the evaluation of a company's opportunities. Using real options theory, managers can more effectively target crucial opportunities to redeploy, delay, modify, or even abandon capital-intensive projects as events unfold. Corporate executives in finance, investments, and project management should share this book with decision makers in information technology, strategic planning, corporate restructuring, venture capital, and law.

目次

Preface PART I: The Real Options Potential 1: Introduction 2: Uncertainty Creates Opportunities 3: Option Valuation: The Nobel Prize - Winning Breakthrough 4: From Wall Street to Main Street: Options on Real Assets 5: Disciplined Strategy 6: Quick Lessons Part II: The Real Options Solution Process 7: The Four-Step Solution Process 8: Calculating Option Values 9: Adjusting for Leakage in Value Part III: A Portfolio of Applications 10: Valuing a Start-up 11: Investing in a Start-up 12: Exploring for Oil 13: Developing a Drug 14: Investing in Infrastructure 15: Valuing Vacant Land 16: Buying Flexibility 17: Combining Real and Financial Flexibility 18: Investing to Preempt Competitors 19: Writing a License Part IV: Conclusion 20: Changing the Questions We Ask Appendix: A Quick Introduction to Discounted Cash Flow and the Estimation of Volatility Guide to Literature Notes References Index About the Authors

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