We study a buyer's optimal investment strategy for new technologies when costs evolve stochastically and are private … leads to delays in investment compared to the real option benchmark. We also suggest a payment structure that implements the … buyer's optimal investment timing as a Vickrey-type auction …

uncertainty alters investment decisions by affecting firms or projects. We find approximately 4% fewer acquirer announcements in … affects investment through both fi rm and project channels. Smaller deals and deals by fi nancially constrained firms are most …