In this paper we show the advantages of staged investments for venture capitalists. We develop an option-pricing model that enables to evaluate the flexibility acquired by a venture capitalist when he stages his investment process. Instead of investing a fixed amount at the beginning of the...

Certain types of industries benefit from a large flexibility in the choice of the location of their activities. This is particularly the case for banks. In this paper we show that a bank which has the possibility to locate its activities in two countries rather than in one can increase its...