Purpose – The purpose of this paper is to illustrate the use of a multi‐factor competitive real option model. Design/methodology/approach – The model is described, context of Google‐Yahoo! is developed, market share and other parameter values are estimated, sensitivities and alternative...

The national objectives of forward exchange controls are to restrain speculation in foreign exchange, to limit international capital flows and to affect the forward exchange rates. Restrictions on forward transactions are economic welfare costs for enterprises and banks, which are analysed in...