Bibliographie |
-
Adner, R., Levinthal, D. A. 2004a. Real options and real tradeoffs. Academy of Management Review<br />29(1): 120-126<br />Adner, R., Levinthal, D. A. 2004b. What is not a real option: Considering boundaries for the<br />application of real options to business strategy. Academy of Management Review 29(1): 74-85<br />Aguerrevere, F. L. 2003. Equilibrium investment strategies and output price behavior: A real-options<br />approach. Review of Financial Studies 16(4): 1239-1272<br />Aharoni, Y. 1966. The foreign investment decision process. Harvard University Press<br />Aizenman, J. 2004. Endogenous pricing to market and financing costs. Journal of Monetary<br />Economics 51(4): 691<br />Alleman, J. 2002. A new view of telecommunications economics., Telecommunications policy, Vol.<br />26: 87<br />Alvarez, L. H. R., Keppo, J. 2002. The impact of delivery lags on irreversible investment under<br />uncertainty. European Journal of Operational Research 136(1): 173-180<br />Alvarez, L. H. R., Stenbacka, R. 2003. Optimal risk adoption: A real options approach. Economic<br />Theory 23(1): 123-147<br />Amram, M., Kulatilaka, N. 1999. Real options : Managing strategic investment in an uncertain world.<br />Harvard Business School Press: Cambridge, MA<br />Amram, M., Kulatilaka, N. 2000. Strategy and shareholder value creation: The real options frontier.<br />Journal of Applied Corporate Finance 13(2)<br />Andersen, L., Broadie, M. 2004. Primal-dual simulation algorithm for pricing multidimensional<br />american options., Management Science, Vol. 50: 1222-1234. INFORMS: Institute for Operations<br />Research<br />Andreou, S. A. 1990. A capital budgeting model for product-mix flexibility. Journal of Manufacturing<br />and Operations Management 3: 5-23<br />Appelbaum, E., Lim, C. 1985. Contestable markets under uncertainty. RAND Journal of Economics<br />16(1): 28-40<br />Arnold, G. C., Hatzopoulos, P. D. 2000. The theory-practice gap in capital budgeting: Evidence from<br />the united kingdom. Journal of Business Finance & Accounting 27(5/6): 603<br />Astley, W. G., Axelsson, R., Butler, R. J., Hickson, D. J., Wilson, D. C. 1982. Complexity and<br />cleavage: Dual explanations of strategic decision-making. Journal of Management Studies 19(4): 357-<br />375<br />Attneave, F. 1959. Applications of information theory to psychology. Henry Holt: New-York<br />Bar-Ilan, A., Strange, W. C. 1996. Investment lags. American Economic Review 86(3): 610<br />Bardhan, I., Bagchi, S., Sougstad, R. 2004. Prioritizing a portfolio of information technology<br />investment projects. Journal of Management Information Systems 21(2): 33-60<br />Barraquand, J., Martineau, D. 1995. Numerical valuation of high dimensional multivariate american<br />securities. Journal of Financial & Quantitative Analysis 30(3): 383<br />Bellalah, M. 2001. Irreversibility, sunk costs and investment under incomplete information. R&D<br />Management 31(2)<br />Benaroch, M. 2002. Managing information technology investment risk: A real options perspective.<br />Journal of Management Information Systems 19(2): pp. 43-84<br />Benaroch, M., Kauffman, R. 1999. A case for using real options pricing analysis to evaluate<br />information technology project investments. Information Systems Research 10(1): 70-86<br />Benaroch, M., Kauffman, R. J. 2000. Justifying electronic banking network expansion using real<br />options analysis. MIS Quarterly 24(2): 197-225<br />Benaroch, M., Shah, S., Jeffery, M. 2006. On the valuation of multistage information technology<br />investments embedding nested real options. Journal of Management Information Systems 23(1): 239-<br />261<br />Bengtsson, J., Olhager, J. 2002. Valuation of product-mix flexibility using real options. International<br />Journal of Production Economics 78(1): 13-28<br />Bergemann, D., Hege, U. 1998. Venture capital financing, moral hazard, and learning. Journal of<br />Banking & Finance 22(6-8): 703-735<br />Berger, P. G., Ofek, E., Swary, I. 1996. Investor valuation of the abandonment option. Journal of<br />Financial Economics 42(2): 257-287<br />Bernardo, A. E., Chowdhry, B. 2002. Resources, real options, and corporate strategy. Journal of<br />Financial Economics 63(2): 211-234<br />Black, F., Scholes, M. 1973. The pricing of options and corporate liabilities. Journal of Political<br />Economy 81(3): 637<br />Bloom, N., Bond, S., Van Reenen, J. 2007. Uncertainty and investment dynamics. Review of<br />Economic Studies 74(2): 391-415<br />Bloom, N., Van Reenen, J. 2002. Patents, real options and firm performance. Economic Journal<br />112(478): C97<br />Boer, F. P. 2002. Financial management of R&D 2002. Research Technology Management 45(4): 23<br />Boer, F. P. 2003. Risk-adjusted valuation of R&D projects. Research Technology Management 46(5):<br />50-58<br />Bollen, N. P. B. 1999. Real options and product life cycles. Management Science 45(5): 670<br />Borison, A. 2005. Real options analysis: Where are the emperor's clothes? Journal of Applied<br />Corporate Finance 17(2): 17-31<br />Borison, A., Eapen, G., Mauboussin, M., McCormack, J. 2003. University of maryland roundtable on<br />real options and corporate practice. Journal of Applied Corporate Finance 15(2): 8<br />Boudreau, M.-C., Robey, D. 2005. Enacting integrated information technology: A human agency<br />perspective. Organization Science 16(1): 3-18<br />Bowe, M., Lee, D. L. 2004. Project evaluation in the presence of multiple embedded real options:<br />Evidence from the taiwan high-speed rail project. Journal of Asian Economics 15(1): 71<br />Bower, J. L. 1970. Managing the resource allocation process. Harvard Business School Press: Boston<br />Bowman, E. H., Hurry, D. 1993. Strategy through the option lens: An integrated view of resource<br />investments and the incremental-choice process. Academy of Management Review 18(4): 760<br />Bowman, E. H., Moskowitz, G. T. 2001. Real options analysis and strategic decision making.<br />Organization Science 12(6): 772<br />Boyarchenko, S. 2004. Irreversible decisions and record-setting news principles. American Economic<br />Review 94(3): 557-568<br />Boyer, M., Lasserre, P., Mariotti, T., Moreaux, M. 2004. Preemption and rent dissipation under price<br />competition. International Journal of Industrial Organization 22(3): 309<br />Boyle, P. P. 1977. Options: A monte carlo approach. Journal of Financial Economics 4: pp. 323-338<br />Brealey, R., Myers, S. 2000. Principles of corporate finance (6th Edition). Irwin McGraw-Hill:<br />Boston, MA<br />Brennan, M. J., Schwartz, E. S. 1977. Finite difference methods and jump processes arising in the<br />pricing of contingent claims: A synthesis. Journal of Financial & Quantitative Analysis 12(4)<br />Brennan, M. J., Schwartz, E. S. 1985. Evaluating natural resource investments. Journal of Business<br />58(2): 135-157<br />Broadie, M., Glasserman, P. 1997. Pricing american-style securities using simulation. Journal of<br />Economic Dynamics & Control 21: pp. 1323-1352<br />Brunsson, N. 1990. Deciding for responsibility and legitimation: Alternative interpretations of<br />organizational decision-making. Accounting, Organizations & Society 15(1/2): 47-59<br />Busby, J. S., Pitts, C. 1997. Real options in practice: An exploratory survey of how finance officers<br />deal with flexibility in capital appraisal. Management Accounting Research 8(2): pg. 169, 118 pgs<br />Butler, R., Davies, L., Pike, R., Sharp, J. 1991. Strategic investment decision-making: Complexities,<br />politics and processes. Journal of Management Studies 28(4): 395-415<br />Carlsson, B. 1989. Flexibility and the theory of the firm International Journal Of Industrial<br />Organization 7(2): pp. 179-203<br />Carr, C., Tomkins, C., Bayliss, B. 1994. Strategic investment decisions: A comparison of uk and<br />german practices in the motor components industry. Avebury: Aldershot<br />Carr, P. 1988. The valuation of sequential exchange opportunities. Journal of Finance 43(5): pp.<br />1235-1256<br />Carter, R., Edwards, D. 2001. Financial analysis extends management of r&d. (cover story). Research<br />Technology Management 44(5): 47<br />Cassiman, B., Ueda, M. 2006. Optimal project rejection and new firm start-ups. Management Science<br />52(2): 262-275<br />Cassimon, D., Engelen, P. J., Thomassen, L., Van Wouwe, M. 2004. The valuation of a nda using a 6-<br />fold compound option. Research Policy 33(1): 41<br />Chen, H., Hu, M. Y. 1991. The wealth effect of international joint ventures: The case of u.S.<br />Investment in china. Financial Management 20(4): 31<br />Chen, P. F., Zhang, G. 2003. Heterogeneous investment opportunities in multiple-segment firms and<br />the incremental value relevance of segment accounting data. Accounting Review 78(2): 397<br />Chen, P. F., Zhang, G. 2007. Segment profitability, misvaluation, and corporate divestment.<br />Accounting Review 82(1): 1-26<br />Chi, T. 2000. Option to acquire or divest a joint venture. Strategic Management Journal 21(6): 665<br />Childs, P. D., Mauer, D. C., Ott, S. H. 2005. Interactions of corporate financing and investment<br />decisions: The effects of agency conflicts. Journal of Financial Economics 76(3): 667-690<br />Childs, P. D., Ott, S. H., Triantis, A. J. 1998. Capital budgeting for interrelated projects: A real options<br />approach. Journal of Financial & Quantitative Analysis 33(3): 305<br />Childs, P. D., Triantis, A. J. 1999. Dynamic r&d investment policies. Management Science 45(10):<br />1359<br />Chorn, L. G., Shokhor, S. 2006. Real options for risk management in petroleum development<br />investments. Energy Economics 28(4): 489-505<br />Coff, R. 2007. Is embeddedness optional? Integrating social capital and real option theories. Working<br />paper, Emory University<br />Coff, R. W., Laverty, K. J. 2001. Real options on knowledge assets: Panacea or pandora's box?<br />Business Horizons 44(6): 73<br />Cohendet, P., Llerena, P. 1989. Flexibilité, risque et incertitude dans la théorie de la firme: Un survey,<br />Flexibilité, information et décision. Economica: Paris<br />Colleau, O., Rigby, D. 2001. Tirer tout le profit des outils de gestion, L'Expansion Management<br />Review: pp. 75-80<br />Conrad, J. M., Kotani, K. 2005. When to drill? Trigger prices for the arctic national wildlife refuge.<br />Resource & Energy Economics 27(4): 273-286<br />Cooper, I. 2006. Asset pricing implications of nonconvex adjustment costs and irreversibility of<br />investment. Journal of Finance 61(1): 139-170<br />Copeland, T., Antikarov, V. 2001. Real options - a practioner's guide. Texere: New-York - London<br />Copeland, T., Keenan, P. 1998. How much is flexibility worth ? McKinsey Quarterly(2): pp. 38-49<br />Cornelius, P., Van de Putte, A., Romani, M. 2005. Three decades of scenario planning in shell.<br />California Management Review 48(1): 92-109<br />Cortazar, G., Casassus, J. 1998. Optimal timing of a mine expansion: Implementing a real options<br />model. Quarterly Review of Economics & Finance 38(4): 755<br />Cortazar, G., Schwartz, E. S. 1993. A compound option model of production and intermediate<br />inventories. Journal of Business 66(4): 517<br />Cortazar, G., Schwartz, E. S. 1997. Implementing a real option model for valuing an undeveloped oil<br />field. International Transactions in Operational Research 4(2): 125<br />Cortazar, G., Schwartz, E. S. 1998. Monte carlo evaluation model of an undeveloped oil field. Journal<br />of Energy Finance & Development 3(1): 73-84<br />Cortazar, G., Schwartz, E. S., Salinas, M. 1998. Evaluating environmental investments: A real options<br />approach. Management Science 44(8): 1059<br />Coy, P. 1999. Exploiting uncertainty : The 'real-options' revolution in decision making, Business<br />Week:<br />d'Halluin, Y., Forsyth, P. A., Vetzal, K. R. 2007. Wireless network capacity management: A real<br />options approach. European Journal of Operational Research 176(1): 584-609<br />Damodaran, A. 2000. The promise of real options. Journal of Applied Corporate Finance 13(2)<br />Dangl, T. 1999. Investment and capacity choice under uncertain demand. European Journal of<br />Operational Research 117(3): 415-428<br />Das, T. K., Elango, B. 1995. Managing strategic flexibility: Key to effective performance. Journal of<br />General Management 20(3): 60-75<br />Datar, V., Mathews, S. 2004. European real options: An intuitive algorithm for the black- scholes<br />formula. Journal of Applied Finance 14(1): 45-51<br />Davis, C. R. 2002. Calculated risk: A framework for evaluating product development. Sloan<br />Management Review 43(4): 71<br />Davis, G. A. 1998. Estimating volatility and dividend yield when valuing real options to invest of<br />abandon. Quarterly Review of Economics & Finance 38(Special issue): pp. 725-754<br />De Bodt, E., Bouquin, H. 2001. Le contrôle de l'investissement. In G Charreaux (Ed.), Images de<br />l'investissement - au-delà de l'évaluation financière: Une lecture organisationnelle et stratégique:<br />115-166. Vuibert<br />Décamps, J.-P., Mariotti, T. 2004. Investment timing and learning externalities. Journal of Economic<br />Theory 118(1): 80-102<br />del Sol, P., Ghemawat, P. 1999. Strategic valuation of investment under competition. Interfaces 29(6):<br />42-56<br />Deng, S.-J., Xia, Z. 2006. A real options approach for pricing electricity tolling agreements.<br />International Journal of Information Technology & Decision Making 5(3): 421-436<br />Deng, S., Johnson, B., Sogomonian, A. 1998. Exotic electricity options and the valuation of electricity<br />generation and transmission, Chicago Risk Management Conference: Chicago, IL.<br />Dias, M. A. G., Rivera, M. A. 2004. Real options valuation in energy investment projects: Modeling<br />hedging strategies using genetic algorithm softwares. Problems & Perspectives in Management<br />2004(1): 234-247<br />Dixit, A. 1989. Entry and exit decisions under uncertainty. Journal of Political Economy 97(3): 620-<br />638<br />Dixit, A. 1992. Investment and hysteresis. Journal of Economic Perspectives 6(1): 107<br />Dixit, A. 1995. Irreversible investment with uncertainty and scale economies. Journal of Economic<br />Dynamics & Control 19(1/2): 327<br />Dixit, A., Pindyck, R. S. 1994. Investment under uncertainty. Princeton University Press: Princeton,<br />NJ<br />Doh, J. P., Pearce II, J. A. 2004. Corporate entrepreneurship and real options in transitional policy<br />environments: Theory development. Journal of Management Studies 41(4): 645-664<br />Durand, R., Gomez, P.-Y., Monin, P. 2002. Le management stratégique face à la théorie des options.<br />Revue française de gestion 160(137): 25-40<br />Fayol, H. 1916. L'administration industrielle et générale, bulletin de la société de l'industrie minérale<br />(réédition, Dunod, 1976 ed.)<br />Fichman, R. G. 2004. Real options and it platform adoption: Implications for theory and practice.<br />Information Systems Research 15(2): 132-154<br />Fichman, R. G., Keil, M., Tiwana, A. 2005. Beyond valuation: "Options thinking" In it project<br />management. California Management Review 47(2): 74-96<br />Folta, T. B. 1998. Governance and uncertainty: The tradeoff between administrative control and<br />commitment. Strategic Management Journal 19(11): 1007<br />Folta, T. B., Miller, K. D. 2002. Real options in equity partnerships. Strategic Management Journal<br />23(1): 77<br />Folta, T. B., O'Brien, J. P. 2004. Entry in the presence of dueling options. Strategic Management<br />Journal 25(2): 121-138<br />Fox, I., Marcus, A. 1992. The causes and consequences of leveraged management buyouts. Academy<br />of Management Review 17(1): pp. 62-85<br />Garman, M. B., Kohlhagen, S. W. 1980. Inflation and foreign exchange rates under production and<br />monetary uncertainty. Journal of Financial & Quantitative Analysis 15(4)<br />Garner, W. R. 1962. Uncertainy and structure as psychological concepts. Willey: New-York<br />Garvin, M. J., Cheah, C. Y. J. 2004. Valuation techniques for infrastructure investment decisions.<br />Construction Management & Economics 22(4): 373-383<br />Gertner, R., Rosenfield, A. 1999. How real options lead to better decisions, Financial Times:<br />Geske, R., Shastri, K. 1985. Valuation by approximation: A comparison of alternative option valuation<br />techniques. Journal of Financial & Quantitative Analysis 20(1): 45<br />Ghemawat, P. 1991. Commitment: The dynamics of strategy. Free Press: New York<br />Goffin, R. 1995. Options réelles sur maximum ou minimum. Banques & Marchés(18-19)<br />Goffin, R. 1996. Options réelles sur maximum ou minimum avec prix d'exercice risqué. Banques &<br />Marchés(22)<br />Goffin, R. 1999. Principes de finance moderne (2ème édition ed.). Economica<br />Graham, J., Harvey, C. 2001. The theory and practice of corporate finance: Evidence from the field.<br />Journal of Financial Economics 60: 187-243<br />Grant, D., Vora, G., Weeks, D. 1997. Path-dependent options: Extending the monte carlo simulation<br />approach. Management Science 43(11): 1589<br />Greden, L., Glicksman, L. 2005. A real options model for valuing flexible space. Journal of Corporate<br />Real Estate 7(1): 34-48<br />Grenadier, S. R. 1995. Valuing lease contracts a real-options approach. Journal of Financial<br />Economics 38(3): 297-331<br />Grenadier, S. R. 1996. The strategic exercise of options: Development cascades and overbuilding in<br />real estate markets. Journal of Finance 51(5): 1653-1679<br />Grenadier, S. R. 2000. Option exercise games: The intersection of real options and game theory.<br />Journal of Applied Corporate Finance 13(2): 99-107<br />Grenadier, S. R. 2002. Option exercise games: An application to the equilibrium investment strategies<br />of firms. Review of Financial Studies 15(3): 691-721<br />Grenadier, S. R., Wang, N. 2005. Investment timing, agency, and information. Journal of Financial<br />Economics 75(3): 493-533<br />Grenadier, S. R., Wang, N. 2007. Investment under uncertainty and time-inconsistent preferences.<br />Journal of Financial Economics 84(1): 2-39<br />Grenadier, S. R., Weiss, A. M. 1997. Investment in technological innovation: An option pricing<br />approach. Journal of Financial Economics 44(3): 397-416<br />Grundy, T., Johnson, G. 1993. Managers' perspectives on making major investment decisions: The<br />problem of linking strategic and financial appraisal. British Journal of Management 4(4): 253<br />Guo, X., Miao, J., Morellec, E. 2005. Irreversible investment with regime shifts. Journal of Economic<br />Theory 122(1): 37-59<br />Haenlein, M., Kaplan, A. 2006. Valuing the real option of abandoning unprofitable customers when<br />calculating customer lifetime value. Journal of Marketing 70(3): 5-20<br />Harchaoui, T. M., Lasserre, P. 2001. Testing the option value theory of irreversible investment.<br />International Economic Review 42(1): 141<br />Harmantzis, F. C., Tanguturi, V. P. 2007. Investment decisions in the wireless industry applying real<br />options. Telecommunications Policy 31(2): 107-123<br />Hartmann, M., Hassan, A. 2006. Application of real options analysis for pharmaceutical r&d project<br />valuation - empirical results from a survey. Research Policy 35(3): 343-354<br />Henderson, V., Hobson, D. G. 2002. Real options with constant relative risk aversion. Journal of<br />Economic Dynamics & Control 27(2): 329<br />Hennessy, C. A. 2004. Tobin's q, debt overhang, and investment. Journal of Finance 59(4): 1717-1742<br />Hickson, D. J., Butler, R. J., Cray, D., Mallory, G. R., Wilson, D. C. 1986. Top decisions: Strategic<br />decision-making in organizations. Oxford: Blackwell; San Francisco: Jossey-Bass<br />Hickson, D. J., Butler, R. J., Cray, D., Mallory, G. R., Wilson, D. C. 1989. Decision and organization -<br />processes of strategic decision making and their explanation. Public Administration 67(4): 373-390<br />Hilliard, J. E., Schwartz, A. 2005. Pricing european and american derivatives under a jump-diffusion<br />process: A bivariate tree approach. Journal of Financial & Quantitative Analysis 40(3): 671-691<br />Holt, R. W. P. 2003. Investment and dividends under irreversibility and financial constraints. Journal<br />of Economic Dynamics & Control 27(3): 467<br />Howell, S., Jägle, A. 1997. Laboratory evidence on how managers intuitively value real growth<br />options. Journal of Business Finance & Accounting 24(7,8): pp. 915-935<br />Hsu, M. 1998. Spark spread options are hot ! Electricity Journal 11: 28-39<br />Huchzermeier, A., Loch, C. H. 2001. Project management under risk: Using the real options approach<br />to evaluate flexibility in r&d. Management Science 47(1): 85<br />Hugonnier, J., Morellec, E. 2007. Corporate control and real investment in incomplete markets.<br />Journal of Economic Dynamics & Control 31(5): 1781-1800<br />Huisman, K. J. M., Kort, P. M. 2004. Strategic technology adoption taking into account future<br />technological improvements: A real options approach. European Journal of Operational Research<br />159(3): 705-728<br />Hurry, D., Miller, A. T., Bowman, E. H. 1992. Calls on high-technology: Japanese exploration of<br />venture capital investments in the united states. Strategic Management Journal 13(2): 85-101<br />Iatropoulos, A. D., Economides, A. A., Angelou, G. N. 2004. Broadband investments analysis using<br />real options methodology - a case study for egnatia odos s.A. Communications & Stratégies(55): 45-<br />75<br />Ibañez, A. 2004. Valuation by simulation of contingent claims with multiple early exercise<br />opportunities. Mathematical Finance 14(2): 223-248<br />Ibañez, A., Zapatero, F. 2004. Monte carlo valuation of american options through computation of the<br />optimal exercise frontier. Journal of Financial & Quantitative Analysis 39(2): 253-275<br />Ingersoll Jr., J. E., Ross, S. A. 1992. Waiting to invest: Investment and uncertainty. Journal of<br />Business 65(1): 1<br />Insley, M. 2002. A real options approach to the valuation of a forestry investment. Journal of<br />Environmental Economics & Management 44(3): 471<br />Iyer, S., Velu, C. 2006. Real options and demographic decisions. Journal of Development Economics<br />80(1): 39-58<br />Jacquet, D. 2001. Les options réelles, une approche financière pour l'innovation, Encyclopédie de<br />l'innovation: 233-253<br />Jaeger, M. 1996. Le concept et les modèles d'évaluation d'options réelles : Domaine, enjeux et limites.<br />Economie et Société, Série S.G. 10(22): pp. 33-60<br />Jensen, K., Warren, P. 2001. The use of options theory to value research in the service sector. R&D<br />Management 31(2)<br />Joaquin, D. C., Khanna, N. 2001. Investment timing decisions under threat of potential competition:<br />Why firm size matters. Quarterly Review of Economics & Finance 41(1): 1-17<br />Johnson, H. 1987. Options on the maximum or the minimum of several assets. Journal of Financial &<br />Quantitative Analysis 22(3): 277<br />Kahneman, D., Slovik, P., Tversky, A. 1982. Judgment under uncertainty: Heuristics and biases.<br />Cambridge University Press: Cambridge, MA<br />Kallapur, S., Eldenburg, L. 2005. Uncertainty, real options, and cost behavior: Evidence from<br />washington state hospitals. Journal of Accounting Research 43(5): 735-715<br />Kamrad, B. 1995. A lattice claims model for capital budgeting. IEEE Transactions on Engineering<br />Management 42(2): pg. 140, 110 pgs<br />Kasanen, E. 1993. Creating value by spawning investment opportunities. Financial Management<br />22(3): 251-258<br />Kemna, A. G. Z. 1993. Case studies on real options. Financial Management 22(3): 259-270<br />Keppo, J. 2005. Pricing of point-to-point bandwidth contracts. Mathematical Methods of Operations<br />Research 61(2): 191-218<br />Keppo, J., Lu, H. 2003. Real options and a large producer: The case of electricity markets. Energy<br />Economics 25(5): 459<br />Kester, W. 1984. Today's options for tomorrow's growth. Harvard Business Review: pp. 153-160<br />Knight, F. 1971. Risk, uncertainty and profit (Edition originale: Houghton-Mifflin, Boston, MA, 1921<br />ed.). University of Chicago: Chicago, IL<br />Kogut, B. 1985. Designing global strategies: Profiting from operational flexibility. Sloan Management<br />Review 27(1)<br />Kogut, B. 1991. Joint ventures and the option to expand and acquire. Management Science 37(1): 19-<br />33<br />Kogut, B., Kulatilaka, N. 2004. Real options pricing and organizations: The contingent risks of<br />extended theoretical domains. Academy of Management Review 29(1): 102-110<br />Kong, J. J., Kwok, Y. K. 2007. Real options in strategic investment games between two asymmetric<br />firms. European Journal of Operational Research 181(2): 967-985<br />Kulatilaka, N. 1993. The value of flexibility: The case of a dual-fuel industrial steam boiler. Financial<br />Management 22(3): 271-280<br />Kulatilaka, N. 1995. The value of flexibility: A general model of real options. In L Trigeorgis (Ed.),<br />Real options in capital investment: Models, strategies, and application. Praeger: New-York<br />Kulatilaka, N., Perotti, E. C. 1998. Strategic growth options. Management Science 44(8): 1021<br />Kumar, M. V. S. 2005. The value from acquiring and divesting a joint venture: A real options<br />approach. Strategic Management Journal 26(4): 321-331<br />Lambrecht, B., Perraudin, W. 2003. Real options and preemption under incomplete information.<br />Journal of Economic Dynamics & Control 27(4): 619-643<br />Lambrecht, B. M., Myers, S. C. 2007. A theory of takeovers and disinvestment. Journal of Finance<br />62(2): 809-845<br />Lander, D. M. 2000. Do foregone earnings matter when modeling and valuing real options?: A blackscholes<br />teaching exercise. Financial Practice & Education 10(2): 121-127<br />Lander, D. M., Pinches, G. E. 1998. Challenges to the practical implementation of modeling and<br />valuing real options. Quarterly Review of Economics & Finance 38(4): 537<br />Laughton, D. G. 1998. The management of flexibility in the upstream petroleum industry. Energy<br />Journal 19(1): 83<br />Laughton, D. G., Jacoby, H. D. 1993. Reversion, timing options, and long-term decision-making.<br />Financial Management 22(3): 225<br />Laurikka, H. 2006. Option value of gasification technology within an emissions trading scheme.<br />Energy Policy 34(18): 3916-3928<br />Laurikka, H., Koljonen, T. 2006. Emissions trading and investment decisions in the power sector -- a<br />case study in finland. Energy Policy 34(9): 1063-1074<br />Lawrence, P. R., Lorsch, J. W. 1967. Differentiation and integration in complex organizations.<br />Administrative Science Quarterly 12(1): 1<br />Lee, C. J. 1988. Capital budgeting under uncertainty: The issue of optimal timing. Journal of Business<br />Finance & Accounting 15(2): 155-168<br />Lee, S.-H., Peng, M. W., Barney, J. B. 2007. Bankruptcy law and entrepreneurship development: A<br />real options perspective. Academy of Management Review 32(1): 257-272<br />Lee, T. 2004. Determinants of the foreign equity share of international joint ventures. Journal of<br />Economic Dynamics & Control 28(11): 2261-2275<br />Leiblein, M. J. 2003. The choice of organizational governance form and performance: Predictions<br />from transaction cost, resource-based, and real options theories. Journal of Management 29(6): 937<br />Leiblein, M. J., Miller, D. J. 2003. An empirical examination of transaction- and firm-level influences<br />on the vertical boundaries of the firm. Strategic Management Journal 24(9): 839<br />Leslie, P., Michaels, M. 1997. The real power of real options. McKinsey Quarterly(3): pp. 5-22<br />Lieberman, M. B., Montgomery, D. B. 1988. First-mover advantages. Strategic Management Journal<br />9: 41-58<br />Lin, T. T., Ko, C.-C., Yeh, H.-N. 2007. Applying real options in investment decisions relating to<br />environmental pollution. Energy Policy 35(4): 2426-2432<br />Lindset, S. 2007. Pricing american exchange options in a jump-diffusion model. Journal of Futures<br />Markets 27(3): 257-273<br />Lint, O., Pennings, E. 1998. R&d as an option on market introduction. R&D Management 28(4): 279<br />Lint, O., Pennings, E. 1999. Finance and strategy: Time-to-wait or time-to-market? Long Range<br />Planning 32(5): 483-493<br />Longstaff, F. A., Schwartz, E. S. 2001. Valuing american options by simulation: A simple leastsquares<br />approach. Review of Financial Studies 14(1)<br />Loubergé, H., Villeneuve, S., Chesney, M. 2002. Long-term risk management of nuclear waste: A real<br />options approach. Journal of Economic Dynamics & Control 27(1): 157<br />Luehrman, T. 1997. What's it worth ? A general manager's guide to valuation. Harvard Business<br />Review: pp. 132-142<br />Luehrman, T. 1998. Investment opportunities as real options : Getting started on the numbers.<br />Harvard Business Review: pp. 51-67<br />Madlener, R., Kumbaroglu, G., Ediger, V. S. 2005. Modeling technology adoption as an irreversible<br />investment under uncertainty: The case of the turkish electricity supply industry. Energy Economics<br />27(1): 139-163<br />Majd, S., Pindyck, R. S. 1987. Time to build, option value, and investment decisions. Journal of<br />Financial Economics 18(1): 7-27<br />Maklan, S., Knox, S., Ryals, L. 2005. Using real options to help build the business case for crm<br />investment. Long Range Planning 38(4): 393-410<br />Malchow-Moller, N., Thorsen, B. J. 2005. Repeated real options: Optimal investment behaviour and a<br />good rule of thumb. Journal of Economic Dynamics & Control 29(6): 1025-1041<br />March, J. G., Shapira, Z. 1987. Managerial perspectives on risk and risk taking. Management Science<br />33(11): 1404-1418<br />Margrabe, W. 1978. The value of an option to exchange one asset for another. Journal of Finance<br />33(1): 177<br />Marreco, J. d. M., Carpio, L. G. T. 2006. Flexibility valuation in the brazilian power system: A real<br />options approach. Energy Policy 34(18): 3749-3756<br />Marschak, T., Nelson, R. R. 1962. Flexibility, uncertainty, and economic theory. Metroeconomica<br />XIV: 42-58<br />Martzoukos, S. H., Trigeorgis, L. 2002. Real (investment) options with multiple sources of rare events.<br />European Journal of Operational Research 136(3): 696-706<br />Mauer, D. C., Sarkar, S. 2005. Real options, agency conflicts, and optimal capital structure. Journal of<br />Banking & Finance 29(6): 1405-1428<br />McCormack, J., LeBlanc, R., Heiser, C. 2003. Turning risk into shareholder wealth in the petroleum<br />industry. Journal of Applied Corporate Finance 15(2): 67<br />McDonald, R., Siegel, D. 1986. The value of waiting to invest. Quarterly Journal of Economics<br />101(4): 707-727<br />McDonald, R. L., Siegel, D. R. 1985. Investment and the valuation of firms when there is an option to<br />shut down. International Economic Review 26(2): 331<br />McGahan, A. M. 1993. The effect of incomplete information about demand on preemption.<br />International Journal Of Industrial Organization 11(3): 327-346<br />McGrath, R. G. 1997. A real options logic for initiating technology positioning investments. Academy<br />of Management Review 22(4): 974-996<br />McGrath, R. G. 1999. Falling forward: Real options reasoning and entrepreneurial failure. Academy of<br />Management Review 24(1): 13-30<br />McGrath, R. G., Ferrier, W. J., Mendelow, A. L. 2004. Real options as engines of choice and<br />heterogeneity. Academy of Management Review 29(1): 86-101<br />McGrath, R. G., Nerkar, A. 2004. Real options reasoning and a new look at the r&d investment<br />strategies of pharmaceutical firms. Strategic Management Journal 25(1): 1-22<br />Mclaughlin, R., Taggart Jr., R. A. 1992. The opportunity cost of using excess capacity. Financial<br />Management 21(2): 12<br />McNulty, J. J., Yeh, T. D., Schulze, William S., Lubatkin, M. H. 2002. What's your real cost of<br />capital? Harvard Business Review 80(10): 114<br />Meier, H., Christofides, N., Salkin, G. 2001. Capital budgeting under uncertainty--an integrated<br />approach using contingent claims analysis and integer programming. Operations Research 49(2): 196<br />Merton, R. C. 1973. Theory of rational option pricing. Bell Journal of Economics & Management<br />Science 4(1): 141<br />Merton, R. C. 1976. Option pricing when underlying stock returns are discontinuous. Journal of<br />Financial Economics 3(1/2): 125-144<br />Merton, R. C. 1998. Applications of option-pricing theory: Twenty-five years later. American<br />Economic Review 88(3): 323-349<br />Miller, K. D. 1998. Economic exposure and integrated risk management. Strategic Management<br />Journal 19(5): 497<br />Miller, K. D. 2002. Knowledge inventories and managerial myopia. Strategic Management Journal<br />23(8): 689-706<br />Miller, K. D., Arikan, A. T. 2004. Technology search investments: Evolutionary, option reasoning,<br />and option pricing approaches. Strategic Management Journal 25(5): 473-485<br />Miller, K. D., Folta, T. B. 2002. Option value and entry timing. Strategic Management Journal 23(7):<br />655<br />Miller, K. D., Reuer, J. J. 1998. Asymmetric corporate exposures to foreign exchange rate changes.<br />Strategic Management Journal 19(12): 1183<br />Miller, K. D., Shapira, Z. 2004. An empirical test of heuristics and biases affecting real option<br />valuation. Strategic Management Journal 25(3): 269-284<br />Miller, K. D., Waller, H. G. 2003. Scenarios, real options and integrated risk management. Long<br />Range Planning 36(1): 93<br />Miller, L., Choi, S., Park, C. 2004. Using an options approach to evaluate korean information<br />technology infrastructure. Engineering Economist 49(3): 199-219<br />Miller, L. T., Park, C. S. 2004. Economic analysis in the maintenance, repair, and overhaul industry:<br />An options approach. Engineering Economist 49(1): 21-41<br />Miller, M. H., Modigliani, F. 1961. Dividend policy, growth, and the valuation of shares. Journal of<br />Business 34(4): 411-433<br />Milliken, F. 1987. Three types of perceived uncertainty about the environment: State, effect, and<br />response uncertainty. Academy of Management Review 12(1): p. 133-143<br />Mittendorf, B. 2004. Information revelation, incentives, and the value of a real option. Management<br />Science 50(12): 1638-1645<br />Moel, A., Tufano, P. 2002. When are real options exercised? An empirical study of mine closings.<br />Review of Financial Studies 15(1): 35-64<br />Moreira, Rocha, David, P. 2004. Thermopower generation investment in brazil-economic conditions.<br />Energy Policy 32(1): 91<br />Murto, P., Keppo, J. 2002. A game model of irreversible investment under uncertainty. International<br />Game Theory Review 4(2): 127-141<br />Murto, P., Näsäkkälä, E., Keppo, J. 2004. Timing of investments in oligopoly under uncertainty: A<br />framework for numerical analysis. European Journal of Operational Research 157(2): 486<br />Myers, S. C. 1977. Determinants of corporate borrowing. Journal of Financial Economics 5(2): 147-<br />175<br />Myers, S. C. 1996. Fischer black's contributions to corporate finance. Financial Management 25(4):<br />95-103<br />Myers, S. C., Turnbull, S. M. 1977. Capital budgeting and the capital asset pricing model: Good news<br />and bad news. Journal of Finance 32(2): 321<br />Nembhard, H., Black Shi, L., Aktan, M. 2002. A real options design for quality control charts.<br />Engineering Economist 47(1): 28<br />Nembhard, H., Black Shi, L., Aktan, M. 2003. A real options design for product outsourcing.<br />Engineering Economist 48(3): 199-217<br />Newton, D. P., Paxson, D. A., Widdicks, M. 2004. Real r&d options. International Journal of<br />Management Reviews 5/6(2): 113-130<br />Ng, F. P., Björnsson, H. C., Chiu, S. S. 2004. Valuing a price cap contract for material procurement as<br />a real option. Construction Management & Economics 22(2): 141-150<br />Nichols, N. 1994. Scientific management at merck: An interview with cfo judy lewent. Harvard<br />Business Review: pp. 89-99<br />Noe, T., Parker, G. 2005. Winner take all: Competition, strategy, and the structure of returns in the<br />internet economy. Journal of Economics & Management Strategy 14(1): 141-164<br />Odening, M., Musshoff, O., Hirschauer, N., Balmann, A. 2007. Investment under uncertainty - does<br />competition matter? Journal of Economic Dynamics & Control 31(3): 994-1014<br />Paddock, J. L., Siegel, D. R., Smith, J. L. 1988. Option valuation of claims on real assets: The case of<br />offshore petroleum leases. Quarterly Journal of Economics 103(3): 479-508<br />Pawlina, G., Kort, P. M. 2006. Real options in an asymmetric duopoly: Who benefits from your<br />competitive disadvantage? Journal of Economics & Management Strategy 15(1): 1-35<br />Pennings, E., Lint, O. 1997. The option value of advanced r & d. European Journal of Operational<br />Research 103(1): 83-94<br />Pennings, E., Lint, O. 2000. Market entry, phased rollout or abandonment? A real option approach.<br />European Journal of Operational Research 124(1): 125-138<br />Perez, M.-H. 2005. Les options réelles dans la gestion des partenariats autour de projets industriels<br />innovants. Thèse de Doctorat en sciences de gestion, Université Paris X Nanterre<br />Perlitz, M., Peske, T., Schrank, R. 1999. Real options valuation: The new frontier in r&d project<br />evaluation? R&D Management 29(3): 255<br />Peters, E. E. 1991. A chaotic attractor for the s&p 500. Financial Analysts Journal 47(2): 55-62<br />Pfeiffer, T., Schneider, G. 2007. Residual income-based compensation plans for controlling<br />investment decisions under sequential private information. Management Science 53(3): 495-507<br />Philippe, H. 2004. Les options réelles: Modèle financier ou modèle de gestion ? Thèse de Doctorat en<br />sciences de gestion, Université Paris Dauphine<br />Philippe, H. 2005. Corporate governance: A new limit to real options valuation? Journal of<br />Management & Governance 9(2): 129-149<br />Pike, R. 1997. Discussion of laboratory evidence on how managers intuitively value real options.<br />Journal of Business Finance & Accounting 24(7/8): 937<br />Pike, R. H. 1983. A review of recent trends in formal capital budgeting processes. Accounting &<br />Business Research 13(51): 201-208<br />Pindyck, R. S. 1988. Irreversible investment, capacity choice, and the value of the firm. American<br />Economic Review 78(5): 969<br />Quigg, L. 1993. Empirical testing of real option-pricing models. Journal of Finance 48(2): 621<br />Raynor, M. E., Leroux, X. 2004. Strategic flexibility in r&d. Research Technology Management<br />47(3): 27-32<br />Rebonato, R., Cooper, I. 1998. Coupling backward induction with monte carlo simulations: A fast<br />fourier transform (fft) approach. Applied Mathematical Finance 5(2): 131-141<br />Reuer, J., Leiblein, J. 2000a. Real options : Let the buyer beware, Financial Times:<br />Reuer, J. J., Leiblein, M. J. 2000b. Downside risk implications of multinationality and international<br />joint ventures. Academy of Management Journal 43(2): 203-214<br />Reuer, J. J., Tong, T. W. 2005. Real options in international joint ventures. Journal of Management<br />31(3): 403-423<br />Rigby, D., Gillies, C. 2000. Making the most of management tools and techniques: A survey from bain<br />& company. Strategic Change 9(5): 269-274<br />Ringland, G., Edwards, M., Hammond, L., Heinzen, B., Rendell, A., Sparrow, O., White, E. 1999.<br />Shocks and paradigm busters (why do we get surprised?). Long Range Planning 32(4): 403-413<br />Rose, S. 1998. Valuation of interacting real options in a tollroad infrastructure project. Quarterly<br />Review of Economics & Finance 38(4): 711<br />Ross, J., Staw, B. M. 1986. Expo 86: An escalation prototype. Administrative Science Quarterly 31(2):<br />274<br />Royer, I. 2003. Why bad projects are so hard to kill. Harvard Business Review 81(2): 48-56<br />Ryan, P. A., Ryan, G. P. 2002. Capital budgeting practices of the fortune 1000: How have things<br />changed? Journal of Business & Management 8(4): 355-364<br />Santiago, L. P., Vakili, P. 2005. On the value of flexibility in r&d projects. Management Science<br />51(8): 1206-1218<br />Santoro, M. D., McGill, J. P. 2005. The effect of uncertainty and asset co-specialization on<br />governance in biotechnology alliances. Strategic Management Journal 26(13): 1261-1269<br />Saphores, J.-D. 2003. Harvesting a renewable resource under uncertainty. Journal of Economic<br />Dynamics & Control 28(3): 509<br />Sarkar, S. 2000. On the investment-uncertainty relationship in a real options model. Journal of<br />Economic Dynamics & Control 24(2): 219<br />Sarkar, S. 2003. The effect of mean reversion on investment under uncertainty. Journal of Economic<br />Dynamics & Control 28(2): 377<br />Schnaars, S. P. 1994. Managing imitation strategies: How later entrants seize markets from pioneers.<br />Free Press: New-York<br />Schwartz, E. S., Zozaya-Gorostiza, C. 2003. Investment under uncertainty in information technology:<br />Acquisition and development projects. Management Science 49(1): 57<br />Seppä, T. J., Laamanen, T. 2001. Valuation of venture capital investments: Empirical evidence. R&D<br />Management 31(2)<br />Shackleton, M., Wojakowski, R. 2002. The expected return and exercise time of merton-style real<br />options. Journal of Business Finance & Accounting 29(3/4): 541<br />Sharp, D. J. 1991. Uncovering the hidden value in high-risk investments. Sloan Management Review<br />32(4): 69-74<br />Shockley Jr., R. L., Curtis, S., Jafari, J., Tibbs, K. 2003. The option value of an early-stage<br />biotechnology investment. Journal of Applied Corporate Finance 15(2): 44<br />Simon, H. A. 1960. The new science of management decision. Harper & Row: New-York<br />Slade, M. E. 2001. Valuing managerial flexibility: An application of real-option theory to mining<br />investments. Journal of Environmental Economics & Management 41(2): 193<br />Smit, H. T. J. 1997. Investment analysis of offshore concessions in the netherlands. Financial<br />Management 26(2): 5-17<br />Smit, H. T. J. 2003. Infrastructure investment as a real options game: The case of european airport<br />expansion. Financial Management 32(4): 27-57<br />Smit, H. T. J., Ankum, L. A. 1993. A real options and game-theoretic approach to corporate<br />investment strategy under competition. Financial Management 22(3): 241-250<br />Smit, H. T. J., Trigeorgis, L. 2006. Real options and games: Competition, alliances and other<br />applications of valuation and strategy. Review of Financial Economics 15(2): 95-112<br />Smith , J., Nau, R. 1995. Valuing risky projects : Option pricing theory and decision analysis.<br />Management Science 41: pp. 785-816<br />Smith, J. E., McCardle, K. F. 1998. Valuing oil properties: Integrating option pricing and decision<br />analysis approaches. Operations Research 46(2): 198-217<br />Smith, J. E., McCardle, K. F. 1999. Options in the real world: Lessons learned in evaluating oil and<br />gas investments. Operations Research 47(1): 1-15<br />Spence, A. M. 1979. Investment strategy and growth in a new market. Bell Journal of Economics<br />10(1): 1-19<br />Spencer, B. J., Brander, J. A. 1992. Pre-commitment and flexibility: Applications to oligopoly theory.<br />European Economic Review 36(8): 1601-1626<br />Stark, A. W. 2000. Real options, (dis)investment decision-making and accounting measures of<br />performance. Journal of Business Finance & Accounting 27(3/4): 313-331<br />Staw, B. M. 1981. The escalation of commitment to a course of action. Academy of Management<br />Review 6(4): 569<br />Stigler, G. 1939. Production and distribution in the short run. Journal of Political Economy 47: 305-<br />327<br />Stulz, R. M. 1982. Options on the minimum or the maximum of two risky assets. Journal of Financial<br />Economics 10(2): 161-185<br />Sull, D. N. 2005. Strategy as active waiting. Harvard Business Review 83(9): 120-129<br />Tanguturi, V. P., Harmantzis, F. C. 2006. Migration to 3g wireless broadband internet and real<br />options: The case of an operator in india. Telecommunications Policy 30(7): 400-419<br />Taudes, A. 1998. Software growth options. Journal of Management Information Systems 15(1): 165-<br />185<br />Taudes, A., Feurstein, M., Mild, A. 2000. Options analysis of software platform decisions: A case<br />study. MIS Quarterly 24(2): 227<br />Teach, E. 2003. Will real options take root? CFO 19(9): 73<br />Thackray, J. 1995. The options pricing model. Planning Review 19(46)<br />Thompson, J. D., Tuden, A. 1959. Strategies, structures, and processes of organizational decision. In<br />PBH J.D. Thompson, R. W. Hawkes, B. H. Junker, and A. Tuden (Ed.), Comparative studies in<br />administration: 195-216. University of Pittsburgh Press: Pittsburgh<br />Triantis, A. 2005. Realizing the potential of real options: Does theory meet practice? Journal of<br />Applied Corporate Finance 17(2): 8-16<br />Triantis, A. J., Borison, A. 2001. Real options: State of the practice. Journal of Applied Corporate<br />Finance 14(2): 8-24<br />Triantis, A. J., Hodder, J. E. 1990. Valuing flexibility as a complex option. Journal of Finance 45(2):<br />549-565<br />Trigeorgis, L. 1991. Anticipated competitive entry and early preemptive investment in deferrable<br />projects. Journal of Economics & Business 43(2): 143-156<br />Trigeorgis, L. 1993. The nature of option interactions and the valuation of investments with multiple<br />real options. Journal of Financial & Quantitative Analysis 28(1)<br />Trigeorgis, L. 1996. Real options: Managerial flexibility and strategy in resource allocation. MIT<br />Press: Cambridge, MA<br />Tseng, C.-L., Barz, G. 2002. Short-term generation asset valuation: A real options approach.<br />Operations Research 50(2): 297<br />Tufano, P. 1996. How financial engineering can advance corporate strategy. Harvard Business<br />Review: pp. 136-146<br />Tzouramani, I., Mattas, K. 2004. Employing real options methodology in agricultural investments:<br />The case of greenhouse construction. Applied Economics Letters 11(6): 355-359<br />Van Cauwenbergh, A., Durinck, E., Martens, R., Laveren, E., Bogaert, I. 1996. On the role and<br />function of formal analysis in strategic investment decision processes: Results from an empirical study<br />in belgium. Management Accounting Research 7(2): pp. 169-184<br />Verbeeten, F. H. M. 2006. Do organizations adopt sophisticated capital budgeting practices to deal<br />with uncertainty in the investment decision?: A research note. Management Accounting Research<br />17(1): 106-120<br />Villalonga, B., McGahan, A. M. 2005. The choice among acquisitions, alliances, and divestitures.<br />Strategic Management Journal 26(13): 1183-1208<br />Warner, A. G., Fairbank, J. F., Steensma, H. K. 2006. Managing uncertainty in a formal standardsbased<br />industry: A real options perspective on acquisition timing. Journal of Management 32(2): 279-<br />298<br />Weeds, H. 2002. Strategic delay in a real options model of r&d competition. Review of Economic<br />Studies 69(3): 729-747<br />Wernerfelt, B., Karnani, A. 1987. Competitive strategy under uncertainty. Strategic Management<br />Journal 8(8): 187-194<br />Woolley, S., Cannizzo, F. 2005. Taking real options beyond the black box. Journal of Applied<br />Corporate Finance 17(2): 94-98<br />Wossink, A., Gardebroek, C. 2006. Environmental policy uncertainty and marketable permit systems:<br />The dutch phosphate quota program. American Journal of Agricultural Economics 88(1): 16-27<br />Yin, R. K. 1994. Case study research, design and methods. Sage<br />Zardkoohi, A. 2004. Do real options lead to escalation of commitment? Academy of Management<br />Review 29(1): 111-119<br />Zettl, M. 2002. Valuing exploration and production projects by means of option pricing theory.<br />International Journal of Production Economics 78(1): 109-116<br />Zinkhan, F. C. 1991. Option pricing and timberland's land-use conversion option. Land Economics<br />67(3): 317
|