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Real Options Valuation - The Importance of Interest Rate Modelling in Theory and Practice (Hardcover, 2nd ed. 2010)
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Real Options Valuation - The Importance of Interest Rate Modelling in Theory and Practice (Hardcover, 2nd ed. 2010)
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Total price: R3,287
Discovery Miles: 32 870
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After the ?rst edition of this book was published in early 2005,
the world has changed dramatically and at a pace never seen before.
The changes that - curred in 2008 and 2009 were completely
unthinkable two years before. These changes took place not only in
the Finance sector, the origin of the crisis, but also, as a
result, in other economic sectors like the automotive sector.
Governments now own substantial parts, if not majorities, in banks
or other companies which recorded losses of double digit billions
of USD in 2008. 2008 saw the collapse of leading stand-alone U. S.
investment banks. In many co- tries interest rates fell close to
zero. What has happend? While the economy showed strong growth in
2004 to 2006, the Subprime or Credit Crisis changed the picture
completely. What started in the U. S. ho- ing market in late 2006
became a full-?edged global ?nancial crisis and has a?ected
?nancial markets around the world. A decline in U. S. house prices
and increasing interest rates caused a higher rate of subprime
mortgage delinqu- cies in the U. S. and, due to the wide
distribution of securitized assets, had a negative e?ect on other
markets. As a result, markets realized that risks had been
underestimated and volatility increased. This development
culminated in the bankruptcy of the investment bank Lehman Brothers
in mid September 2008.
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