""Strategic Investment: Real Options and Games" provides a powerful
synthesis of modern corporate finance and corporate strategy. Its
arrival could not be more timely for the practice of strategic
management. Cumulative developments in finance science and
innovations in financial technology over the past three decades
have had a profound impact on financial markets and financial
institutions globally. However, their influence on the practice of
strategic corporate finance has been far more limited. That is
changing and as a consequence one can anticipate significant
opportunities for innovation in strategic advice and its
implementation in the impending future. Who better to prepare us
for it than Han Smit and Lenos Trigeorgis, with their combined
experiences as serious academic researchers, skilled consultants,
and seasoned teachers? Their carefully constructed text uses actual
case settings and hypothetical situations to exemplify the power of
combining real options and game theory to clarify and quantify
strategic analysis of the firm. Whether MBA student or seasoned
professional, the reader is in for a treat: Bon Appetit!"--Robert
C. Merton, Harvard Business School and Nobel Laureate in Economic
Sciences
"This excellent book builds bridges across two dimensions.
First, it synthesizes the real options approach to capital
investment and game-theoretic analysis of strategic interactions.
Second, it spans sophisticated theory and business practice.
Academics as well as business managers can learn from it and enjoy
its wonderfully clear exposition."---Avinash Dixit, author of
"Lawlessness and Economics"
"A tour de force. This book unifies two major strands of
economic theory--realoptions and games--into a single, coherent
framework, and then shows how these ideas can be applied to the
formulation of corporate strategy. With deep knowledge, enlivened
by zest and humor, the authors take the reader to the forefront of
current thinking."--Carliss Y. Baldwin, William L. White Professor
of Business Administration, Harvard Business School, coauthor of
"Design Rules: The Power of Modularity"
"In the study of investment decisions, it has been common to
focus on either the financial or the strategic aspects of an
investment. This admirable book combines the two perspectives,
using the tools of real options and game theory. With its
wide-ranging and eclectic assortment of theoretical models and case
studies, the book will prove useful to students, practitioners, and
researchers."--Robert L. McDonald, Erwin P. Nemmers Distinguished
Professor of Finance, Kellogg School of Management, Northwestern
University, author of "Derivatives Markets"
"This book promises to have a very significant impact on the
field of strategic management. For years, the field has struggled
to find a way of reconciling two contradictory views: flexibility
is good vs. commitment is good. Smit and Trigeorgis provide the
framework and tools to evaluate when each strategy will create
shareholder value. Very well written, the book provides a wealth of
interesting examples. It will certainly be of interest to the
strategy/investment analyst and MBA student."--Karel Cool, BP
Chaired Professor of European Competitiveness, INSEAD
"This timely pioneering book by preeminent authorities in the
field provides a powerful introduction to the combination of two
important modern tools for investmentdecisions--real options and
game theory. These tools are being increasingly used by consultants
and firms. Smit and Trigeorgis show that it is possible to be
straightforward and clear when analyzing real investments and
framing business plans using sophisticated tools like real options
and games. They bypass complexity and focus on intuition and
applicability, providing a rich practical framework allowing the
reader to analyze investment strategy with eagle-eyed wisdom. Even
the most rigorous reader will recognize the power of simplicity in
analyzing complex business problems and the richness of the case
applications. It is the ideal text not only for undergraduate and
MBA students but also for consultants and managers, who will
finally get the first readable book on this topic."--Marco A.G.
Dias, Petrobras
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