We illustrate the impact that real options generally available to firms can have on the value of corporate equity, and in particular the valuation errors that are likely to arise from ignoring them. Moreover, we develop real option values in terms of the profitability and balance sheet...

Following privatisations in the 1980's, the UK financial industry embarked on a series of demutualisations, which developed into a global trend in the late 1990's. This structural shift has generated numerous debates in academic circles concerning various managerial issues of mutual versus stock...

The mutual versus plc debate has now branched out to include discussion of the potential benefits to consumers from alternative organisational forms. This paper investigates whether performance, risk and fee levels differ across mutual and plc ownership groups in the UK unit trust industry. To...