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Real options

Langue : Anglais

Auteurs :

What is the correct price to pay for a brand?
When should you cease operating an asset?
What should the maximum investment in a research project be?
How much should you buy or sell technology or a licence for ?
Real option analysis enables us to integrate our decisions on investment, operations and disinvestment, and is altering economics, strategy, psychology and other disciplines. It follows the understanding that at least one of the value-determining variables is evolving unforecastably, following a random walk, but there will be flexibility in how we respond as that uncertainty unfolds.
Real option analysis is a development from the methods by which financial markets value an option on a stock or share. It helps us decide how much money we should spend to acquire an economic opportunity and when we should commit ourselves to one of the available decisions. Real option analysis is increasingly being used by companies to value intangible assets. However, due to the mathematical complexity of analyzing real options, they are only now becoming essential to corporate strategy.
Real Options will provide the reader with a comprehensive understanding of the concepts behind real option analysis and how to use them. It demystifies the scientific aura surrounding the subject, giving the reader the understanding necessary to direct or apply real options analysis in any organizational setting.
Real Options will:
  • introduce real options, what they are, why they are important and when to use them
  • explain the essential concepts of real and financial options analysis
  • illustrate how to apply financial option concepts to real options
  • explain how to build and solve real option models
  • highlight the limitations and pitfalls of real option analysis
  • provide foresight into the future of real option analysis
  • provide worked practical examples and case studies from the world of real estate, sport management, power generation and operations.
Written by a team of authors from (and linked) to Manchester Business School who have experience in teaching practitioners and students alike in the field of real options, this book will guide the reader from a basic level through to more advanced analysis.
Real Options will prove essential reading for finance practitioners, finance consultants, MBA and finance students, and general managers.


1. Introduction to real options and analysis
2. Essential option concepts
3. Applying financial option concepts to real options
4. Some modelling techniques for tackling and solving real options problems
5. Real football options in Manchester
6. Valuing a power plant under uncertainty
7. Two case studies on real estate development
8. DixPin Biotech Plc - a simple example of a binary option
9. Real urban development options at Canary Wharf10. Options embedded in house mortgages: A valuation with two random walk factors
10. Options embedded in house mortgages: A valuation with two random walk factors
11. Some further real options topics
12. The pitfalls of real options analysis and how to avoid them
13.The future of real options analysis.
14. Summary
Appendices
  • The mathematical complexity of real options analysis means it has only recently begun to emerge from academia. An understanding of the concepts is now essential on MBA courses and is fast becoming an essential technique for all finance executives
  • Demystifies the mathematical complexity surrounding the subject, giving the reader the understanding necessary to direct or apply real options analysis in an organisational setting
  • Authors are senior academics from a leading business school, who have worked at real options analysis at every level - from the examination of Real Option's PhDs through to teaching real options theory to accountants at Arthur Andersen and TSB
  • Includes worked practical examples of real options applications, including outlines of spreadsheet solu

Date de parution :

Ouvrage de 320 p.

24.1x16.5 cm

Sous réserve de disponibilité chez l'éditeur.

Prix indicatif 78,38 €

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