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Real Options and Corporate Strategy - Aligning Strategic Decision Making and Resource Allocation with the Markets (Paperback)
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Real Options and Corporate Strategy - Aligning Strategic Decision Making and Resource Allocation with the Markets (Paperback)
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Diploma Thesis from the year 2000 in the subject Business economics
- Business Management, Corporate Governance, grade: 1,0, University
of Applied Sciences Essen (Internationales Management), language:
English, abstract: Inhaltsangabe: Abstract: Every investment, for
example new facilities, new products, or strategic partnerships is
driven by the pursuit of creating values. Major changes are going
on in the valuation of investments. Although the classic
shareholder value concept is still a valuable source for
identification of value drivers of strategic management, it needs
to be extended in terms of its ability to evaluate long-term
investment choices. Far too long capital budgeting has only been
considered under aspects of its contribution to an overall added
economic value rather than focusing on a firm's resources. Recent
research emphasized the strategic value of resources leading to
formulate the approach of a resource-based view of a firm's
activities. Usually management tries to capture future development
with static methods of capital budgeting, i.e. future cash-flows
are discounted with a fixed risk-adjusted discount rate. However,
the finding of present values and capitalized values could produce
pitfalls in investment decisions. Strategic investment decisions
are often characterized by a wide range of possibilities to react
flexibly to the changing business environment. This area of
tolerance in investment decisions could not be captured with
traditional instruments of investment evaluation. In the 1970s, the
discounted-cash-flow analysis (DCF) emerged and proved its
practicability. This method assumes a now or never approach in
undertaking a project. Some authors suggest adding the theory of
option prices to investment decisions, as in the 1970s and the
1980s developments in the valuation of capital-investment
opportunities based on option pricing revolutionized capital
budgeting. Option pricing allows adaptation and revision of future
decisi
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