金融学英文版课件Chapter17RealOptions.PPT.pptxVIP

Chapter17:RealOptionsObjectiveRealOptionsDeferralOptionBlack-ScholesFormulaRealOptions1Copyright?2009PearsonEducation,Inc.PublishingasPrenticeHall

Chapter17Contents17.1InvestinginRealOptions17.2DeferralOptions:TheCaseofUncertaintyandIrreversibility17.3ApplyingtheBlack-ScholesFormulatoValueRealOptions2Copyright?2009PearsonEducation,Inc.PublishingasPrenticeHall

IntroductionWeshowhowtoapplyfinancialeconomictheorytostrategicdecisionmaking.Weshowhowoptiontheorymaybeappliedtoevaluatemanagement’sabilitytotimethestartofaninvestmentproject,toexpandit,ortoabandonit,afterithasbegun3Copyright?2009PearsonEducation,Inc.PublishingasPrenticeHall

17.1InvestinginRealOptionsTodatewehaveignoredmanagement’sabilitytodelaythestartofaprojectexpandaprojectabandontheprojectFailuretotaketheseoptionsintoaccountwillresultinanunderstatedNPV4Copyright?2009PearsonEducation,Inc.PublishingasPrenticeHall

TheMovieIndustry(Example)WewillexamineadecisioninthemovieindustryinordertounderstandtheimportanceofoptionsinevaluatingprojectsWeaddsomehypotheticalnumbers,andtokeepthecentralideasclearlyinfocus,theexamplewillthesimplestpossible5Copyright?2009PearsonEducation,Inc.PublishingasPrenticeHall

DerwynProductions: TimeA,RightsPurchaseDecisionDerwynProductions,isconsideringpurchasingtheexclusivemovierightsto“UnfinishedBusiness.” (Anunpublishedbook,authoredbyLouGrymshewwhohasseveralmovie‘hits’,andacoupleof‘bombs’)Cost$1MillionifpurchasedCost$0Millionifnotpurchased6Copyright?2009PearsonEducation,Inc.PublishingasPrenticeHall

DerwynProductions:TimeB,Book’sDebut(Event)CriticsandthepublicprovideinformationvaluableindeterminingtheultimatesuccessofthemovieManagementhasnoinfluenceoverthisnode7Copyright?2009PearsonEducation,Inc.PublishingasPrenticeHall

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