Sercu, Piet; Uppal, Raman - In: Managerial Finance 20 (1994) 8, pp. 3-21
Typically, international capital budgeting is carried out using the adjusted net present value (NPV) approach. In this article, we present an alternate method for valuing international investments; one that is based on the option pricing theory developed by Black and Scholes (1973). We show that...