Real Options: Managerial Flexibility and Strategy in Resource Allocation

Book Description

In the 1970s and the 1980s, developments in the valuation of capital-investment opportunities based on options pricing revolutionized capital budgeting. Managerial flexibility to adapt and revise future decisions in order to capitalize on favorable future opportunities or to limit losses has proven vital to long-term corporate success in an uncertain and changing marketplace.

In this book Lenos Trigeorgis, who has helped shape the field of real options, brings together a wealth of previously scattered knowledge and research on the new flexibility in corporate resource allocation and in the evaluation of investment alternatives brought about by the shift from static cash-flow approaches to the more dynamic paradigm of real options -- an approach that incorporates decisions on whether to defer, expand, contract, abandon, switch use, or otherwise alter a capital investment.

Comprehensive in scope, Real Options reviews current techniques of capital budgeting and details an approach (based on the pricing of options) that provides a means of quantifying the elusive elements of managerial flexibility in the face of unexpected changes in the market. Also discussed are the strategic value of new technology, project interdependence, and competitive interaction.

The ability to value real options has so dramatically altered the way in which corporate resources are allocated that future textbooks on capital budgeting will bear little resemblance to those of even the recent past. Real Options is a pioneer in this area, coupling a coherent picture of how option theory is used with practical insights in into real-world applications.

Customer Reviews:

Good insight with strong mathematical background.......2004-07-21

This is one of the first few books i reviewed during my recent research on real options. I would rate it as a more advanced text for those who are already familiar with real options and its ensuing mathematical formulation. Honestly it took me a while to figure out some of the maths ! Definitely not for the faint hearted.

By far the best RO book around.......2004-04-15

Trigeorgis provides a rigorous treatment of the concepts that are required to facilitate understanding of RO. In fact, a section in Chapter 2 can serve as a reference for a half-semester course in corporate financial theory. Amram's book is a disappointment. Copeland's book is a good alternative for those that seek a readable introductory RO book. However, the edition that I got had numerous errors (check the book's website for corrections). Once you familiarize yourself with the concepts, upgrade yourself to the level of Trigeorgis.

Good classic on Real Option Theory.......2002-06-23

A classic text on Real Option Theory. In comparison with Mr Copelands Text on Real Options, Trigeorgis has more depths, but Mr Copelands book is easier to read, as Copeland targets practitioners. The chapter on Real Options for the analysis of competetive strategies is worth reading, and much better than Mr Copelands remarks on that topic, but possibly not fully up to date. The future of real options seems to lie in their combination with game theory, CFROI and dynamic oligopolistic markets. Mr Trigeorgis describes that field of research in its baby stage, as the book is 6 years old, but his theories are still much better, than many other books on that topic.

Sound Analysis on Pricing Your Options.......2002-03-20

Real Options is the study of how to value potential business based on the real options they create rather than on discounting a simple stream of (erroneously) forecasted cash flows. Any business venture can be seen as a tangible corollary to a financial option, most commonly the Call or Put Option. For example, when Toyota and Honda build electric-fuel hybrid cars, they are not counting on an immediate stream of cash flows from hybrid car sales. Instead they are establishing a "Real" American Call Option on the ability to go to full hybrid car production ahead of the competition when the market for such vehicles manifests itself. How much they spend on their hybrid car programs is determined by finding the value of this option.

Lenos Trigeorgis shows how this is done. Conceptually, one can follow it well enough, but Lenos is merciless with the math. Still, one can grasp the basic concept by studying this book. A good read on the subject.

A really path-breaking work!.......2002-01-24

It's a very good book, which has changed my way of thinking in

some sense. Real options method is an exciting and challenging

subject in corporate finance.For sure, it deserves more

attention. Thanks for Mr.Trigeorgis'good job.

REAL OPTIONS: MANAGERIAL FLEXIBILITY AND STRATEGY IN RESOURCE ALLOCATION.(Review) (book review): An article from: Engineering Economist
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REAL OPTIONS: MANAGERIAL FLEXIBILITY AND STRATEGY IN RESOURCE ALLOCATION.(Review) (book review): An article from: Engineering Economist
Richard H. Bernhard
Manufacturer: Institute of Industrial Engineers, Inc. (IIE)
ProductGroup: Book
Binding: Digital
ASIN: B0008HCESQ
Release Date: 2005-07-28

Book Description

This digital document is an article from Engineering Economist, published by Institute of Industrial Engineers, Inc. (IIE) on June 22, 2000. The length of the article is 832 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: REAL OPTIONS: MANAGERIAL FLEXIBILITY AND STRATEGY IN RESOURCE ALLOCATION.(Review) (book review)
Author: Richard H. Bernhard
Publication: Engineering Economist (Refereed)
Date: June 22, 2000
Publisher: Institute of Industrial Engineers, Inc. (IIE)
Volume: 45 Issue: 2 Page: 182

Article Type: Book Review

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Book Description

The international system is largely governed by institutions established by the Bretton Woods Committee in 1945. The Financial System Under Stress puts forth an agenda for a new system of international economic institutions to fit the changes in international relations. Marc Uzan, Executive Director of the Reinventing Bretton Woods Committee, includes an analysis of the role of the Bretton Woods institutions and their relations with the newly created World Trade Organization as well as a discussion of the search for world economic governance.
LContributers: Marc Uzan, Harold James, Jurgen(place an umlot over the u) von Hagen, Reimut Jochimsen, Ronald I. McKinnon, David D. Hale, Paul De Grauwe, Roberto Mangabeira Unger, Zhiyuan Cui, Chris Stals, Jorge Braga de Macedo and Herve Carre )place an accent grave over the final e in both names)

Financial System under Stress: An Architecture for the New World Economy, Vol. 1

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Financial System under Stress: An Architecture for the New World Economy, Vol. 1
Marc Uzan
Manufacturer: Taylor & Francis, Inc.
ProductGroup: Book
Binding: Hardcover
ASIN: B000MBSYNW

Book Description

En esta publicación se analizan las reformas constitucionales de 2004, las cuales son producto del clamor y la presión de la ciudadanía para que el Estatuto Fundamental fuera revisado sustancialmente ante el evidente desgaste de las fuerzas políticas, el desprestigio de los que lideran los tres Órganos del Estado y la profunda crisis institucional por la cual atraviesa el país.

Soil survey of Whatcom County Area, Washington
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Soil survey of Whatcom County Area, Washington
Alan Goldin
Manufacturer: The Service
ProductGroup: Book
Binding: Unknown Binding

General | Agricultural Sciences | Science | Subjects | Books
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ASIN: B0006F193Q

Interim soil survey report, Whatcom County area, Washington
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Interim soil survey report, Whatcom County area, Washington
Alan Goldin
Manufacturer: Soil Conservation Service?]
ProductGroup: Book
Binding: Unknown Binding

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ASIN: B00073209Y

Soil survey of the Bellingham area, Washington
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Soil survey of the Bellingham area, Washington
A. W Mangum
Manufacturer: G.P.O
ProductGroup: Book
Binding: Unknown Binding

Soil Science | Agricultural Sciences | Science | Subjects | Books
ASIN: B00089X6EA

Book Description

Morphodynamics is the study of the evolution of landscape and seascape features, from small scale to large, in response to the erosion and deposition of sediment. Covering both large-scale and submarine morphodynamocs, this book reviews research results of quantitative modelling of the interaction of water and sediment and the shapes this interaction makes. Including a mix of basic and applied research, the chapters are highly interdisciplinary, covering such diverse areas as geomorphology open-channel hydraulics, sediment transport dynamics, fluid mechanics, ecohydraulics, sedimentology and stratigraphy.

River, Coastal and Estuarine Morphodynamics

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River, Coastal and Estuarine Morphodynamics

Manufacturer: Springer
ProductGroup: Book
Binding: Hardcover

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Rivers | Earth Sciences | Science | Subjects | Books

Soil Science | Agricultural Sciences | Science | Subjects | Books

General | Science | Subjects | Books

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ASIN: 3540418393

Book Description

This book provides a comprehensive overview of the recent developments in river, coastal and estuarine morphodynamics through a collection of review papers written by well-recognized experts in the field. Apart from geoscientists, it is also of special interest to people involved in fluid mechanics who want to understand near wall turbulence and the effects of coherent structures on the mechanisms of sediment transports. Though aimed at geomorphologists and sedimentologists, the terminology employed in the book makes it generally accessible to engineers, physicists and applied mathematicians at the postgraduate level. The contributions are well-illustrated with splendid pictures of various morphodynamic natural patterns.

River, Coastal and Estuarine Morphodynamics: RCEM 2007Proceedings of the 5th IAHR Symposium on River, Coastal and Estuarine Morphodynamics, Enschede, NL, 17-21 September 2007

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River, Coastal and Estuarine Morphodynamics: RCEM 2007Proceedings of the 5th IAHR Symposium on River, Coastal and Estuarine Morphodynamics, Enschede, NL, 17-21 September 2007

Manufacturer: CRC
ProductGroup: Book
Binding: Hardcover

Environmental Science | Earth Sciences | Science | Subjects | Books

Book Description

This volume focuses on recent advances in the investigation of the interaction of intense electromagnetic fields with free electrons, a rapidly developing field following the advent of sufficiently powerful lasers in the last twenty years. Topics covered include multiphoton stimulated bremsstrahlung; stimulated Compton scattering and in particular the Kapitza-Dirac Effect; free electron lasers and laser acceleration of electrons; above the threshold ionization; Electron wave packets in the continuum and in the region of Tydberg levels, their production, features and resulting coherent effects; and finally, coherent phenomena arising during photoionization of Rydberg atoms in the limit of strongly ionizing fields.

Book Description

Charlotte ('Charlie') Rhymer's husband wants a divorce. Charlie isn't sure what she wants, but after the incident with the frying pan, even she has to concede 'irreconcilable' is the operative word. Returning to her family home seemed like a good idea at the time, but Charlie soon finds that the atmosphere there is less than serene-a definite case of jumping from the frying pan into the fire. Then she meets brooding actor Mace North....and from here, the good times roll for female readers everywhere.

Customer Reviews:

Wonderful Fun.......2005-10-12

Ashley uses language beautifully. Her characters are fun and enrich the reader's life just for the brief visit of reading about them. This is very much a win/win book and wonderful fun to read.

Entertaining little Piece.......2005-03-17

I didn't like this book when I first picked it up. I found that the writing style seemed forced somehow. It's as if the author was trying -too- hard to make us laugh. I should have put it down. It would have been just like me to put it down--but I didn't. I can't explain why, exactly, but something hooked me and reeled me in. I think, in part, it has to do with the fact that these characters are just very amusing. For what the story lacks in parts, these people make up for it in full. I particularly like Charlie's sisters Em and Anne. They're a couple of rowdy no nonsense types. THey are (like nearly everyone in that family with Charlie being the notable exception) big and imposing, but just as gentle and fiercely loyal. Jessica, the dreadful new mistress, was actually another of my favorite characters. For all of her flamboyance and saucy airs, she really was a good sport in enduring everyone's constant harrassment...especially Em's. Oddly, I did not care as much for Charlie and _especially_ not Mace. I felt annoyed with the two of them and I couldn't quite understand where their romance came from but that may have more to do with my personal taste than any problem in the writing. I simply didn't care for Mace an felt annoyed that Charlie would fall for him--smoldering good looks or not. The fact that he was dishy did not, in my opinion, make up for his behaving like a spoiled child much of the time. That and his overconfidence irritated me. On the other hand, he inspired SOMETHING in me so obviously he's not completely forgettable. That is why I say it is probably more of a question of taste than anything having to do with the actual composition of the novel. I _do_ think the book is very good. There is plenty there that will hold a reader's interest. The quirky characters and pacing really help to keep the reader's interest for just one more page....and another and another. Even if I didn't really WANT to know as much about Charlie an Mace...I did. I recommend this book.

absolutely wonderful.......2004-11-09

This is the kind of book that makes you want to faithfully read everything else an author will ever write. While the ending was perhaps a bit pat and cheerful compared to the rest of the book, Ashley is worth the read just for the colorful characters and the articles the women create. Just beautiful.

Entertaining, enjoyable.......2003-06-30

Charlie Rhymer is the atypical hero of this fun and compact novel. Childless, divorced, and in poor financial condition, Charlie is forced to move back to her childhood home. Returning home is all, and more, than Charlie expected. Her father's latest mistress is sleeping in Charlie's old room. Charlie's sister Em is considering focusing on her black magic talents, and losing her virginity to help her do so. Charlie's other sister, Anne, is living at home while recovering from breast cancer treatment, and her brother Bran has been sent home from his university position to finish his book.

Shortly before Charlie moves home, she accidentally kills her ex-husband's best friend Greg with a heavy frying pan. Greg's widow, Angie, livid at the accidental death verdict, decides to stalk Charlie and try to ruin Charlie's reputation, following Charlie to the family home in Upvale. Add into this mix the two daughters of the father's mistress, a handsome famous actor and his daughter, a parson infatuated with Em, and some witchcraft and you end up with a delightful story.

"Every Woman for Herself" is warm and entertaining. Charlie is a delightful character, and her budding romance with the famous actor is both funny and touching. Although some of the situations are a far-fetched, they fit so well with the overall madcap storyline the reader will not mind a bit. Definitely recommended for anyone that enjoys a romantic story or is looking to read something cheering!

Leadership Series: Becoming a Promotable Woman, a Powerful Training Package for Every Woman Who Wants to Move Herself Up, Her Company Forward (6 Audio Cassette Tape, Booklet, and Book Set in Clam Shell Case)
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Leadership Series: Becoming a Promotable Woman, a Powerful Training Package for Every Woman Who Wants to Move Herself Up, Her Company Forward (6 Audio Cassette Tape, Booklet, and Book Set in Clam Shell Case)
Sally Briggs Jenkins
Manufacturer: National Press Publications, Inc.
ProductGroup: Book
Binding: Paperback
ASIN: B000QA02TS

Feminism still worth talking about: New Ensler play 'The Good Body' makes every woman look at herself.(Best Of NCROnline.org): An article from: National Catholic Reporter
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Feminism still worth talking about: New Ensler play 'The Good Body' makes every woman look at herself.(Best Of NCROnline.org): An article from: National Catholic Reporter
Joan Chittister
Manufacturer: National Catholic Reporter
ProductGroup: Book
Binding: Digital

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ASIN: B0007URGDM
Release Date: 2005-07-13

Book Description

This digital document is an article from National Catholic Reporter, published by National Catholic Reporter on November 26, 2004. The length of the article is 1198 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Feminism still worth talking about: New Ensler play 'The Good Body' makes every woman look at herself.(Best Of NCROnline.org)
Author: Joan Chittister
Publication: National Catholic Reporter (Magazine/Journal)
Date: November 26, 2004
Publisher: National Catholic Reporter
Volume: 41 Issue: 6 Page: 12(1)

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Every Woman for Herself
Trisha Ashley
Manufacturer: Thomas Dunne Books
ProductGroup: Book
Binding: Paperback
ASIN: B000OTNS1A

Top-hat cookery and simple talks on every-day kitchen matters: A woman's invention explained by the woman herself

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Top-hat cookery and simple talks on every-day kitchen matters: A woman's invention explained by the woman herself
Ada J Dancy
Manufacturer: Bissley & Co
ProductGroup: Book
Binding: Unknown Binding
ASIN: B0008C0SGQ

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