Boyle, Glenn W.; Guthrie, Graeme A. - In: Journal of Financial Research 26 (2003) 4, pp. 553-570
In a model with stochastic interest rates, irreversible investment, and two investment dates, the value of investment delay has two components: the expected gain from committing now to investment at a future date and the potential gain from the ability to reverse this commitment. Holding net...