Strategy, Value and Risk - The Real Options Approach: Reconciling Innovation, Strategy and Value Management - Rilegato

Rogers, Jamie

Rilegato

ISBN 10: 0333973461 ISBN 13: 9780333973462

Casa editrice: Palgrave Macmillan, 2002

Riassunto

In the 1990s shareholder value was applied to all aspects of corporate strategy and management decisions as a result of intense competition, globalization, advances in technology, deregulation and the financial markets. As we enter the 21st Century the business environment is one of increasing creative destruction, where competitive advantage is much harder to sustain. Real Options, a type of advanced financial analysis, applies financial option theory to real assets and offers a strategic framework that recognizes the need for management flexibility and to leverage risk in this corporate environment.

Su questo libro

L'autore:

JAMIE ROGERS is an Executive Director at The Weston Group, a merchant bank based in New York, USA. He has extensive experience in a range of areas that include valuation and risk management in the financial, energy and commodity markets, corporate finance and derivatives.

Contenuti:

List of Figures and Tables
Preface
Acknowledgements

Introduction 1
The business environment and strategy
Value and risk
Strategy and real options
References

PART I THE EVOLUTION OF STRATEGY, VALUE AND MEASURING RISK

1 Strategy: From Corporate Planning to Shareholder Value

2 Valuation

 
2.1 DCF valuation
2.2 Management and valuation
2.3 Investors and valuation

3 Investment Risk

References

4 Three Strategic DCF Case Studies
4.1 Introduction
4.2 Software DCF example
4.3 Energy
4.4 The pharmaceutical industry
References

PART II DEVELOPMENTS IN STRATEGY, VALUE AND RISK MANAGEMENT

5 Developments in Strategy
5.1 Creative destruction
5.2 Innovation
5.3 Resources and capabilities
5.4 Game theory
5.5 Strategy and real options
References

6 Real Options
6.1 Discounted cash flows
6.2 Real options
6.3 Valuing real options
6.4 Types of real options
References

7 Risk Management
7.1 Why manage risk?
7.2 The risk drivers
7.3 Value and risk management
7.4 The metrics
References

PART III QUANTIFYING REAL OPTIONS 59

The solution methods

8 Derivatives
8.1 Futures, forwards and options
8.2 The replicating portfolio and risk-neutral valuation

9 Data Analysis
9.1 Data and information
9.2 Time series analysis
9.3 Volatility
9.4 Which volatility?

10 Option Pricing Methods
10.1 Analytical models
10.2 The Black–Scholes formula
10.3 Numerical techniques

11 Implementing Real Options
11.1 Spot price models
11.2 Geometric brownian motion models
11.3 Mean reversion
11.4 Jumps and seasonal patterns
11.5 Forward curve models
11.6 A single factor model for the forward curve
11.7 The dynamics of the forward curve
11.8 A general multifactor model of the forward curve
11.9 Relationship between forward curve and spot price models
11.10 Alternative real options methods
11.11 Dynamic programming
11.12 Decision analysis
11.13 Model risk
11.14 Real option portfolios and interdependencies
References

PART IV REAL OPTIONS CASE STUDIES AND PRACTICAL
IMPLICATIONS

12 Three Strategic Real Options Case Studies
12.1 Introduction
12.2 Software real option example
12.3 Energy valuation case
12.4 Pharmaceutical

References

13 Conclusion and Practical Implications
References
Index

Su questa edizione

• Editore: Palgrave Macmillan
• Data di pubblicazione: 2002
• ISBN 10: 0333973461
• ISBN 13: 9780333973462
• Rilegatura: Copertina rigida
• Numero di pagine: 141