Using the real options and game theory, the paper studies the timing and pricing for IPOs. The motivation of IPOs can be divided into three categories: Financing, Merger and Acquisitions, and Investment from financial viewpoint. Four kinds of closed solutions of optimal timings and equilibrium...

Generally, players have different beliefs about a project. We propose a two-stage decision model with multiple heterogeneous beliefs using real options game theory. Based on this model, we analyze the optimal timing and invested capital for venture capital in stage 1, investing, and in stage 2,...