The Real Options Solution: Finding Total Value in a High-Risk World (Wiley Finance) - Hardcover

Boer, F. Peter

 
9780471209980: The Real Options Solution: Finding Total Value in a High-Risk World (Wiley Finance)
Hardcover
ISBN 10: 0471209988 ISBN 13: 9780471209980
Verlag: John Wiley & Sons, 2002

Inhaltsangabe

Realoptionen werden definiert als zukünftige geschäftspolitische Chancen des Managements, die dieses wahrnehmen oder verfallen lassen kann. Sie sind ein Bewertungsmodell zur Ermittlung der Flexibilität des unternehmerischen Entscheidungsverhaltens. "The Real Options Solution" ist ein verständlich geschriebener Leitfaden zum Thema Realoptionen. Er basiert auf einem praxisorientierten Ansatz und beschreibt die Anwendung dieses Bewertungsmodells auf der Basis einer grundlegenden Erkenntnis, nämlich, dass alle Geschäftspläne Optionen sind. Anhand von aussagekräftigen Beispielen erläutert der Autor ein praktisches Fünf-Stufen-Programm für die Analyse von Realoptionen. Der vorgegebene Rahmen ist dabei so flexibel, das er sich auf Geschäftsinitiativen von Unternehmen aller Branchen - ob Schlüssel- oder High-Tech Industrien - anwenden lässt. Manager und Investoren lernen hier, wie sie quantitative Tools und Realoptionen zur Risikominimierung neuer Geschäftsinitiativen nutzen können. "The Real Options Solution" - ein unverzichtbarer Ratgeber für die Praxis!

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Über die Autorin bzw. den Autor

F. PETER BOER is President and CEO of Tiger Scientific, Inc., a firm specializing in science and technology consulting and investments. He is the author of The Valuation of Technology (Wiley), and is an Adjunct Professor of Business and Engineering at Yale University, where he teaches valuation and other subjects. Dr. Boer speaks and lectures frequently for the Industrial Research Institute and is actively engaged with companies that are using options-based methods to evaluate their R&D portfolios.

Von der hinteren Coverseite

A New Approach to the Valuation of Businesses and Technologies Based on Options Theory
 
The Real Options Solution presents a practical approach to applying real options analysis that is based on one core insight: all business plans are options. Whether you're a manager or an investor, this straightforward guide offers a proven new approach to the valuation of businesses and technologies based on options theory-the "total value" model. The Real Options Solution outlines a six-step method for applying this model in a high-risk environment, whether you want to evaluate . . .
* Start-ups
* R&D-intensive companies
* Bellwether companies
* Capital investments
* Hypothetical business problems
 
. . . and describes how diminishing returns, risk, and innovation can affect this model.
 
Filled with real-world examples and insights from F. Peter Boer-an expert on valuation and risk-The Real Options Solution provides comprehensive coverage of the real options approach to valuation and will help you pinpoint opportunities which emerge from high-growth and high-volatility situations.
 
Drawing on the concepts of his earlier book, Valuation of Technology, and on his extensive experience as a senior executive in R&D intensive industries, Peter Boer, in his new book The Real Options Solution, has provided vital and quantitative new insight for those investing in an increasingly risk-dominated and volatile marketplace. In The Real Options Solution the author combines traditional economic evaluation with strategic evaluation based on option theory-on the possible courses of action (options) that transcend the purely economic evaluations in both time and very frequently economic and other returns. This excellent book should be required reading for venture capitalists and indeed both those in, and those contemplating entry into today's and tomorrow's markets. The basic ideas here are both simple-like all really good ideas-and potentially very powerful as exemplified in Boer's charming presentation of Queen Isabella's investment in Columbus's first voyage. -D. Allan Bromley, Yale University
 
Dr. Boer's ideas about the economics and management of industrial R&D have had a significant impact. This novel and wonderfully written book provides a modern framework for the analysis of high-risk, high-reward endeavors, which include research and development. The methodology has great intellectual appeal: it integrates real options analysis and net present value analysis, thus capturing the traits of the "new" and "old" economies in the same analytical framework. This it does in a practical, pragmatic manner, suitable to real-life problems in opportunity (and risk) management. -L. Louis Hegedus, Senior Vice President, Research & Development, ATOFINA Chemicals, Inc.
 
The Real Options Solution should be read by CEOs, investors, and anyone else interested in making sense of our markets and our economy.-Jeffrey E. Garten, Dean, Yale School of Management
 
This book is exciting...[Boer has] taken an intellectually challenging subject and made it very interesting. -Jeffrey M. Lipton, President & CEO, NOVA Chemicals

Aus dem Klappentext

The Real Options Solution
 
The Real Options Solution: Finding Total Value in a High-Risk World offers a proven new approach to the valuation of businesses and technologies based on options theory. This straightforward, practical guide presents an innovative approach-the "total value" model-to applying real options analysis that is based on one core insight: all business plans are options.
 
Valuation and risk expert F. Peter Boer provides a solid foundation to the total value approach by examining the differences among book, eco-nomic, and strategic capital, and by using recent business cases to illustrate the point. A review of the methods and limitations of conventional discounted cash flow (DCF) economic valuation sets the stage for the total value approach-a model which bridges the gap between traditional quantitative tools, such as DCF, and the intuitive nature of futures options. Boer outlines a six-step method for applying this model in a high-risk environment, whether you want to evaluate:
* Start-ups
* R&D-intensive companies
* Bellwether companies
* Capital investments
* Hypothetical business problems
 
After detailed discussions of how options may be used to manage risk and why all business plans really are options, The Real Options Solution explores how changes in total value are driven by three major factors: risk, diminishing returns, and innovation. You'll learn how to recognize the signs of value destruction and use innovation to overcome the law of diminishing returns. You'll also understand how the management of systematic (market) risk requires different techniques-and provides different opportunities-than the management of unique (private) risk. Most importantly, you'll see how human and intellectual capital are the keys to value creation in a modern economy.
 
Through a mix of contemporary and historic examples, The Real Options Solution provides a quantifiable approach to the problem of the strategic premium-the gap between apparent economic value and actual value as determined by the marketplace. In outlining how and why the total value model works, this comprehensive guide will help you identify the opportunities of extraordinary strategic value that emerge from circumstances of high growth and high volatility.

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Verlag
John Wiley & Sons
Erscheinungsdatum
2002
Sprache
Englisch
ISBN 10 
0471209988
ISBN 13 
9780471209980
Einband
Gebundene Ausgabe
Auflage
1
Anzahl der Seiten
432
Kontakt zum Hersteller
Nicht verfügbar
Verantwortliche Person
Nicht verfügbar