頁籤選單縮合
題 名 | A Valuation of Managerial Flexibility Embedded Real Options: Evidence from the Taiwan Mobile Telecommunication Industry |
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作 者 | Wu, Ming-cheng; Lin, Liang-jie; | 書刊名 | International Journal of Information and Management Sciences |
卷 期 | 18:3 2007.09[民96.09] |
頁 次 | 頁253-269 |
分類號 | 494.5 |
關鍵詞 | Real options; Managerial flexibility; Log-transformed binomial model with exogenous jumps; Telecommunication industry; |
語 文 | 英文(English) |
英文摘要 | A lot of previous studies have shown that the managerial flexibility can be evaluated using real options approaches. But few studies have focused on the valuation of telecommunication industries. This paper applies the approach of multiple real options to the valuation of various types of managerial flexibility in the mobile telecommunication industry. The study also incorporates the competitive characteristics found in the telecommunication industry by using the Log-Transformed Binomial Model with Exogenous Jumps (LBEJ) of Trigeorgis (1996) that take into account the competitive conditions of the industry as a basis for valuation. In addition, the present paper carries out an empirical analysis that aims at establishing the valuation of investment projects for all six mobile telecommunication firms in Taiwan. Empirical results show that expanded NPV is positive only if multiple types of managerial flexibility are taken into consideration. This indicates that it is possible to undervalue investment projects and lose a number of good investment opportunities if multiple types of managerial flexibility are not considered. Further, this study shows that every time a different type of managerial flexibility is added, it makes positively contributes to the overall valuation. However, interactions do exist between the options for these types of managerial flexibilities that have different characteristics. This result demonstrates that the values of different managerial flexibilities do not the quality of “additivity”. |
本系統中英文摘要資訊取自各篇刊載內容。