Power, Bernadette; Reid, Gavin C. - In: The European Journal of Finance 19 (2013) 7-8, pp. 791-809
This paper supports two key principles of real options reasoning: (a) the value of waiting and (b) the value of staging. It tests whether real options logic applies to small firms implementing significant changes (e.g. in technology) in a model of small firm performance, estimated on data...