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Optimal stopping made easy
Boyarchenko, Svetlana; Levendorskiy, Sergey - EconWPA - 2004
the standard problems in the real options theory is given in the binomial and trinomial models, and more generally, when …
Persistent link: https://www.econbiz.de/10005134695
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Risk Analysis in Investment Appraisal
Savvides, Savvakis C. - EconWPA - 2004
This paper was prepared for the purpose of presenting the methodology and uses of the Monte Carlo simulation technique …
Persistent link: https://www.econbiz.de/10005561672
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Buridan's Ass and a Menu of Options.
Boyarchenko, Svetlana - EconWPA - 2005
The goal of the paper is to study how a menu of options affects decisions of a rational agent facing uncertainty over future payoff streams. Using the real options approach, we demonstrate that multiple options not only increase the barrier which the underlying stochastic variable has to reach...
Persistent link: https://www.econbiz.de/10005550882
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On the Interaction of Financial Frictions and Fixed Capital Adjustment Costs: Evidence from a Panel of German Firms
Bayer, Christian - EconWPA - 2004
This paper analyzes the interaction of financial frictions and non- convex adjustment costs. With non-convex adjustment costs firms infrequently carry out discrete investment projects. Therefore, financial variables may influence investment in two ways. Theoretically, they can alter the...
Persistent link: https://www.econbiz.de/10005561248
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To what extent are investment bank-differentiating factors relevant for firms floating moderate-sized IPOs?
Kulkarni, Kedar S.; Sabarwal, Tarun - EconWPA - 2004
One explanation provided for the relatively high and increasingly stable spreads for moderate-sized IPOs ($20-$80 million) documented in Chen and Ritter (2000) is that issuing firms focus less on price and more on a combination of investment bank-differentiating factors (such as underwriter...
Persistent link: https://www.econbiz.de/10005561648
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Imperfect Market or Imperfect Theory: A Unified Analytical Theory of Production and Capital Structure of Firms
Chen, Jing - EconWPA - 2005
We present a unified analytical theory of production and capital structure of firms. It is extended from an analytical … theory of production, whose main result is an analytical formula of variable cost of production as a function of fixed cost … and uncertainty. Problems on capital structure can be naturally incorporated into the theory on production from a simple …
Persistent link: https://www.econbiz.de/10005561680
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What drives Venture Capital Syndication
Hopp, Christian; Rieder, Finn - EconWPA - 2004
This paper analyses the syndication behavior of VC organisations and the factors influencing their overall propensity to co-invest. We develop hypothesis concerning the investment behavior of Venture Capitalists in the German market and compare these hypothesis to the actual empirical evidence...
Persistent link: https://www.econbiz.de/10005561752
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Foreign Banks in Transition Economies: Small Business Lending and Internal Capital Markets
Haas, Ralph de; Naaborg, Ilko - EconWPA - 2005
On the basis of focused interviews with managers of foreign parent banks and their affiliates in Central Europe and the Baltics, we analyse foreign banks’ small business lending and internal capital markets. This allows us to complement the standard empirical literature, which has difficulty...
Persistent link: https://www.econbiz.de/10005125553
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Extreme Moves in Foreign Exchange Rates and Risk Limit Setting
Dacorogna, Michel; Blum, Peter - EconWPA - 2003
underestimates the actual extreme risks and, based on methods from the Extreme Value Theory (EVT), we propose and justify a more …
Persistent link: https://www.econbiz.de/10005126103
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The economic sense of royalty rates.
Malki, Elli - EconWPA - 1997
Academic institutions, involved in technology transfer to industry, are always concerned about the "fairness" of the royalty rate payable to them. The common method used by practitioners is the "Industry-Standard Approach" which is based mainly on past experience. However such approach is very...
Persistent link: https://www.econbiz.de/10005134686