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The options approach to capital investment.(includes related article on applying the options view to personal decisions)

Dixit, Avinash K ; Pindyck, Robert S

Harvard business review, 1995-05, Vol.73 (3), p.105-118

Boston: Harvard Business School Press

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  • Título:
    The options approach to capital investment.(includes related article on applying the options view to personal decisions)
  • Autor: Dixit, Avinash K ; Pindyck, Robert S
  • Assuntos: Capital expenditures ; Capital investments ; Corporations ; Decision making models ; Finance ; Investment ; Investment decision ; Investment plans ; Investments ; Planning ; Present value ; Purchase options ; Put & call options ; Strategic planning ; Uncertainty
  • É parte de: Harvard business review, 1995-05, Vol.73 (3), p.105-118
  • Notas: content type line 24
    ObjectType-Feature-1
    SourceType-Magazines-1
    ObjectType-Article-2
    SourceType-Scholarly Journals-1
    content type line 23
  • Descrição: Companies make capital investments to create and exploit profit opportunities. Opportunities are options - rights by not obligations to take some future action. The old present value presumption that investment decisions are either reversible or now-or-never propositions turns out to be flawed. Irreversibility, uncertainty, and the choice of timing alter the investment decisions in critical ways. The net present value rule should be modified: The present value of the expected stream of cash from a project must exceed the cost of the project by an amount equal to the value of keeping the investment option alive. As with the financial call option, the greater the uncertainty over the profitability of a capital investment, the greater the value of the opportunity and the greater the incentive to wait and keep the opportunity alive. If a company can identify some situations that would cause it to rethink a go-ahead decision, the ability to wait and avoid those eventualities is valuable.
  • Editor: Boston: Harvard Business School Press
  • Idioma: Inglês
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