Playing at Acquisitions (eBook)

Behavioral Option Games

Han T. J. Smit, Thras Moraitis (Autoren)

eBook Download: PDF | EPUB

2015
216 Seiten
Princeton University Press (Verlag)
978-1-4008-5217-8 (ISBN)

Infos

Han Smit is professor of corporate finance at Erasmus University Rotterdam. He is the coauthor of Strategic Investment: Real Options and Games (Princeton). Thras Moraitis is a cofounder of X2 Resources, a privately funded mining and metals investment vehicle.

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A groundbreaking approach to mergers and acquisitionsIt is widely accepted that a large proportion of acquisition strategies fail to deliver the expected value. Globalizing markets characterized by growing uncertainty, together with the advent of new competitors, are further complicating the task of valuing acquisitions. Too often, managers rely on flawed valuation models or their intuition and experience when making risky investment decisions, exposing their companies to potentially costly pitfalls. Playing at Acquisitions provides managers with a powerful methodology for designing and executing successful acquisition strategies. The book tackles the myriad executive biases that infect decision making at every stage of the acquisition process, and the inadequacy of current valuation approaches to help mitigate these biases and more realistically represent value in uncertain environments.Bringing together the latest advances in behavioral finance, real option valuation, and game theory, this unique playbook explains how to express acquisition strategies as sets of real options, explicitly introducing uncertainty and future optionality into acquisition strategy design. It shows how to incorporate the competitive dynamics that exist in different acquisition contexts, acknowledge and even embrace uncertainty, identify the value of the real options embedded in targets, and more.Rooted in economic theory and featuring numerous real-world case studies, Playing at Acquisitions will enhance the ability of CEOs and their teams to derive value from their acquisition strategies, and is also an ideal resource for researchers and MBAs.

Produkt-Details

• Erscheint lt. Verlag: 18.1.2015
• Zusatzinfo: 1 halftone. 28 line illus.
• Verlagsort: Princeton
• Sprache: englisch
• Themenwelt: Recht / Steuern ► EU / Internationales Recht
• Themenwelt: Recht / Steuern ► Wirtschaftsrecht ► Gesellschaftsrecht
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Planung / Organisation
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Unternehmensführung / Management
• Schlagworte: acquisition • Acquisition Premium • acquisition process • Acquisitions • Acquisition Strategy • asset • Auction • Backward Induction • Behavioral Economics • Behavioral Finance • bidding • Bidding War • Calculation • Call Option • Capability • Cash • Cash Flow • ceos • chain store • Chris Gent • Cognitive Bias • Commodity • Company valuation • Competition • Competitive advantage • competitive games • competitive landscape • Corporate Finance • Cost of capital • cost of equity • Currency • Customer • Daniel Kahneman • deal framing • deal markets • debt • Decision bias • decision framework • Decision Making • Decision Theory • Diversification (finance) • Divestment • dividend • Downside Risk • Economics • Economic Theory • economy • Equity Value • executives • exit option • falconbridge • Finance • Financial Analysis • financial analyst • future value • Game Theory • Globalization • Groupthink • Illustration • Industry • Investment • Investments • Investment Strategy • Investor • long-term growth • Loss Aversion • Market (economics) • Marketing • Marketing strategy • market leader • Market power • Market Price • Market Value • Mergers and acquisitions • Nash Equilibrium • Net Present Value • New Economy • obstacle • Opportunism • opportunity cost • option bidding • Option (finance) • option games • Option value (cost–benefit analysis) • organic growth • Positioning (marketing) • Present Value • Pricing • Private Equity • procurement • Profit (economics) • Public Company • Put Option • rational analyses • Rationality • Real Options • real options theory • Real options valuation • Real Option Theory • Real Option Valuation • Relative Valuation • Relative value (economics) • Research and Development • risk profile • Scientific Management • Senior Management • Shareholder • Shareholder Value • Share Price • strategic decision making • Strategic Management • Strategy • strike price • Suggestion • Takeover • Target Firm • Tax • Terminal value (finance) • Trade-off • Uncertainty • Valuation • Valuation analysis • Valuation (finance) • value-based framework • Value (economics) • Venture Capital • Vodafone • Volatility • Weighted Average Cost of Capital • Xstrata
• ISBN-10: 1-4008-5217-X / 140085217X
• ISBN-13: 978-1-4008-5217-8 / 9781400852178