It is widely accepted that a large proportion of acquisition
strategies fail to deliver the expected value. Globalizing markets
characterized by growing uncertainty, together with the advent of
new competitors, are further complicating the task of valuing
acquisitions. Too often, managers rely on flawed valuation models
or their intuition and experience when making risky investment
decisions, exposing their companies to potentially costly pitfalls.
"Playing at Acquisitions" provides managers with a powerful
methodology for designing and executing successful acquisition
strategies. The book tackles the myriad executive biases that
infect decision making at every stage of the acquisition process,
and the inadequacy of current valuation approaches to help mitigate
these biases and more realistically represent value in uncertain
environments.
Bringing together the latest advances in behavioral finance,
real option valuation, and game theory, this unique playbook
explains how to express acquisition strategies as sets of real
options, explicitly introducing uncertainty and future optionality
into acquisition strategy design. It shows how to incorporate the
competitive dynamics that exist in different acquisition contexts;
acknowledge and even embrace uncertainty; identify the value of the
real options embedded in targets; and more.
Rooted in economic theory and featuring numerous real-world case
studies, "Playing at Acquisitions" will enhance the ability of CEOs
and their teams to derive value from their acquisition strategies,
and is also an ideal resource for researchers and MBAs.
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