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Strategy, Value and Risk: The Real Options Approach

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Author: Jamie Rogers
ISBN: 9780230577374
Original Region: United Kingdom
Original Language: English
Publication Date: 2009
Publisher:
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The surge of innovation in information technology at the end of the twentieth century reduced the cost of communications, which facilitated the globalization of the production and capital markets. Globalization has in turn spurred competition and consequently innovation. Sustainable competitive advantage is an increasingly difficult proposition in this environment, a fact which raises a number of issues for organizations: how to create and manage value, how to improve an organization's capabilities to respond and adapt, how to manage the effect of competition on industry structures and how to foster and manage innovation.

In response to these issues one concept is having an impact and influence on organizations. Real options, a form of advanced financial analysis, apply financial options theory to real assets. The concept offers a framework that can link value to risk and uncertainty, and the ability to manage the strategic opportunities that lie in an increasingly dynamic environment. Updated and revised, this second edition illustrates the issues with detailed case studies.

About the Author:

JAMIE ROGERSis an Executive Director at The Weston Group, a merchant bank based in New York, USA. He has extensive experience in a range of areas that include valuation and risk management in the financial, energy and commodity markets, corporate finance and derivatives.

Reviews:

"Jamie Rogers' compact treatment of real options invites managers to learn the field by studying its stories and successes, with just enough theory to demonstrate the rigor of thought beyond the case studies. No manager can fully understand modern strategy and valuation without some knowledge of real options, and this book provides a strong starting point."

— David C. Shimko, Chief Risk Officer, NewOak Capital, New York, USA

'For the reader looking for a clear and concise introduction to real options, this book hits the spot. While the focus is on real options analysis, Rogers provides a pleasing blend of financial engineering, modern finance, and accounting-based valuation, all with the view of understanding the value from strategies and all under the eye of an informed, experienced practitioner'

— Stephen H. Penman, George O. May Professor of Accounting, Columbia Business School, New York, USA

Hardcover:224 pages

Product Dimensions: 1.8 x 15.8 x 23 cm

Excerpt from the origin:

Contents:

List of Figures and Tables

Preface

Acknowledgements

Introduction

PART I THE EVOLUTION OF STRATEGY, VALUE AND MEASURING RISK

Strategy: From Corporate Planning to Shareholder Value

Valuation

Investment Risk

Five Shareholder Value Case Studies

PART II DEVELOPMENTS IN STRATEGY, VALUE AND RISK MANAGEMENT

Developments in Strategy

Real Options

Firm Value

Risk Management

PART III QUANTIFYING REAL OPTIONS 59

Derivatives

Data Analysis

Option Pricing Methods

Implementing Real Options

PART IV REAL OPTIONS CASE STUDIES AND PRACTICAL IMPLICATIONS

Seven Strategic Real Options Case Studies

Conclusion and Practical Implications

References

Index

......
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