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Real options with synergies / M. Nishihara in Journal of the operational research society (JORS), Vol. 63 N° 1 (Janvier 2012) 

Public ISBD [article]  in Journal of the operational research society (JORS) > Vol. 63 N° 1 (Janvier 2012) . - pp. 107–121 Titre : Real options with synergies : static versus dynamic policies Type de document : texte imprimé Auteurs : M. Nishihara, Auteur Année de publication : 2012 Article en page(s) : pp. 107–121 Note générale : Recherche opérationnelle Langues : Anglais (eng) Mots-clés : Multiple  real  options  Synergy  Static  versus  dynamic  Optimal  stopping  Exercise  region Index. décimale : 001.424 Résumé : We develop a model for determining whether a firm should exercise two real options individually or simultaneously. The simultaneous exercise of both options has synergy of cost savings, while the separate exercise of each option benefits from project flexibility. This trade-off determines the optimal exercise policy. We compare static and dynamic management of multiple real options. A firm under static management determines the type of exercise of real options ex ante; on the other hand, a firm under dynamic management makes the decision at the time of exercise. We show that highly correlated projects increase the option values under both styles of management because a firm is more likely to enjoy the synergy gains of joint investment. We also highlight the advantage of dynamic management over static management for weakly correlated projects. DEWEY : 001.424 ISSN : 0160-5682 En ligne : http://www.palgrave-journals.com/jors/journal/v63/n1/abs/jors20115a.html [article] Real options with synergies : static versus dynamic policies [texte imprimé] / M. Nishihara, Auteur . - 2012 . - pp. 107–121. Recherche opérationnelle Langues : Anglais (eng) in Journal of the operational research society (JORS) > Vol. 63 N° 1 (Janvier 2012) . - pp. 107–121 Mots-clés : Multiple  real  options  Synergy  Static  versus  dynamic  Optimal  stopping  Exercise  region Index. décimale : 001.424 Résumé : We develop a model for determining whether a firm should exercise two real options individually or simultaneously. The simultaneous exercise of both options has synergy of cost savings, while the separate exercise of each option benefits from project flexibility. This trade-off determines the optimal exercise policy. We compare static and dynamic management of multiple real options. A firm under static management determines the type of exercise of real options ex ante; on the other hand, a firm under dynamic management makes the decision at the time of exercise. We show that highly correlated projects increase the option values under both styles of management because a firm is more likely to enjoy the synergy gains of joint investment. We also highlight the advantage of dynamic management over static management for weakly correlated projects. DEWEY : 001.424 ISSN : 0160-5682 En ligne : http://www.palgrave-journals.com/jors/journal/v63/n1/abs/jors20115a.html