Real options apim

Real Option(RO) ,[object Object],[object Object],[object Object]

Peculiar Features of RO ,[object Object]

Peculiar Features of RO ,[object Object],[object Object]

Value of RO ,[object Object],[object Object],[object Object]

Value of RO ,[object Object],[object Object],[object Object],[object Object]

Binomial Model ,[object Object]

Types of Real Options ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Abandonment or Termination Options

A/T Options ,[object Object],[object Object],[object Object]

A/T Options Illustration ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],Option to Wait Option Price Stock Price

[object Object],[object Object],Option to Wait Option Price Stock Price

Temporary-Stop or Shutdown Options ,[object Object],[object Object]

Intensity or Operating Scale Options (Varying output or production)

I/OS Options ,[object Object],[object Object]

Option to Expand ,[object Object],[object Object]

Option to Contract ,[object Object],[object Object]

Option to Expand or Contract (Switching Option) ,[object Object]

Initiation or Deferment Options

Initiation or Deferment Option ,[object Object],[object Object],[object Object]

Initiation or Deferment Option ,[object Object],[object Object]

Intra-project vs. Inter-project Options

Intra-project vs. Inter-project Options ,[object Object]

Growth Options ,[object Object],[object Object],[object Object]

Compound Options ,[object Object]

Compound Options ,[object Object],[object Object],[object Object]

Comparison of RO with traditional approaches

Comparison of the approaches Not Valued Year 0 Expected Cash Flows discounted at WACC NPV/DCF Synthetically recreate cash flows with a portfolio of traded assets with change in cost of capital at every node. Expected Cash Flows discounted at arbitrary rate(WACC/risk free rate) Valuation Valued correctly Valued with error Flexibility Deferred until time period t Deferred until time period t Decision RO DTA Criteria

Problems with DCF ,[object Object],[object Object],[object Object],[object Object]

Other Bias in DCF ,[object Object],[object Object],[object Object]

Illustration ,[object Object],[object Object],[object Object],[object Object]

Illustration contd.. ,[object Object]

Use of Real Options ,[object Object],[object Object]

Ander & Daniel A. Levinthal(2004) ,[object Object]

Option Creation ,[object Object],[object Object]

Giuseppe Alesii(2003) ,[object Object],[object Object],[object Object]

Andrew Wong Lip Soon et. Al. ,[object Object],[object Object],[object Object],[object Object],[object Object]

Andrew Wong Lip Soon et. Al. contd.. ,[object Object],[object Object]

Helen Weeds ,[object Object],[object Object]

Helen Weeds contd.. ,[object Object],[object Object]

Han Smit and Pim van Vliet ,[object Object],[object Object]

Han Smit and Pim van Vliet contd.. ,[object Object]

Tom Arnold & R. L. Shockley, Jr. ,[object Object]

Rochman(2002) ,[object Object]

Rochman(2002) contd.. ,[object Object],[object Object]

Marcus Dimpfel(2002) ,[object Object]

Real options apim

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