Valuation of IT Investments Using Real Options Theory

Real Options Theory is often applied to the valuation of IT investments. The application of Real Options Theory is generally accompanied by a monetary valuation of real options through option pricing models which in turn are based on restrictive assumptions and thus subject to criticism. Therefore, this paper analyzes the application of option pricing models to the valuation of IT investments. A structured literature review reveals the types of IT investments which are valued with Real Options Theory in scientific literature. These types of IT investments are further investigated and their main characteristics are compared to the restrictive assumptions of traditional option pricing models. This analysis serves as a basis for further discussion on how the identified papers address these assumptions. The results show that a lot of papers do not account for critical assumptions, although it is known that the assumptions are not fulfilled. Moreover, the type of IT investment determines the criticality of the assumptions. Additionally, several extensions or adaptions of traditional option pricing models can be found which provide the possibility to relax critical assumptions. Researchers can profit from the results derived in this paper in two ways: First, it is demonstrated which assumptions can be critical for various types of IT investments. Second, extensions of option pricing models that relax critical assumptions are introduced.     

Defining Markets for Ex Ante Regulation using the Hypothetical Monopoly Test

The EU is gradually systematizing its approach to ex ante regulation (notably with the publication of the recent regulatory framework for Electronic communications). Market definition is viewed as an essential first step in this, with the ‘Hypothetical Monopoly Test’ a useful conceptual tool for use in the assessment. This paper examines the use of this test for market definition when there are several differentiated goods or services under consideration. It sets out an analytic framework, discusses the pros and cons of using the test and illustrates its use in a Telecom context.     

Deal Structuring in Philanthropic Venture Capital Investments: Financing Instrument,Valuation and Covenants

Philanthropic venture capital (PhVC) is a financing option available for social enterprises that, like traditional venture capital, provides capital and value-added services to portfolio organizations. Differently from venture capital, PhVC has an ethical dimension as it aims at maximizing the social return on the investment. This article examines the deal structuring phase of PhVC investments in terms of instrument used (from equity to grant), valuation, and covenants included in the contractual agreement. By content analyzing a set of semi-structured interviews and thereafter surveying the entire population of PhVC funds that are active in Europe and in the United States, findings indicate that the non-distribution constraint holding for non-profit social enterprises is an effective tool to align the interests of both investor and investee. This makes the investor behaving as a steward rather than as a principal. Conversely, while backing non-profit social ventures, philanthropic venture capitalists structure their deal similarly as traditional venture capital, as the absence of the non-distribution constraint makes such investments subject to moral hazard risk both in terms of perks and stealing and social impact focus.     

试论EVA估价法

EVA不仅是近年来国外比较流行的用于评价企业经营管理状况和管理水平的重要指标,而且还可以引入企业价值评估领域.本文论述了EVA估价法的基本原理,创建了相应的评估模型.EVA估价法与现行的企业自由现金流量折现法相比较,具有与企业价值相关联又便于对价值实效进行计算考核的双重优点.     

Trade‐related Job Loss,Wage Insurance and Externalities: An Ex Ante Efficiency Rationale for Wage Insurance

The extension of adjustment assistance to those who have suffered trade‐related job displacement is widely supported on both sides of the economics of globalisation debate. The form that such assistance should take, namely wage insurance, is also the subject of wide agreement. Nevertheless, the formal economic rationales offered for such a policy are varied, including political economy arguments, equity arguments and market failure/ex post efficiency arguments. This note proposes an ex ante efficiency‐based rationale for the provision of adjustment assistance in the specific form of wage insurance. Job displacement imposes pecuniary externalities on displaced workers, which, in a complete markets setting, induce only shifts along the ex ante Pareto‐efficient frontier. However, when markets are incomplete, pecuniary externalities become welfare‐relevant. Without the possibility of diversifying or hedging the risk of pecuniary external diseconomies of job displacement using contingent claims, welfare is reduced ex ante. Wage insurance – whether publicly underwritten, privately underwritten (as in Shiller's (2003 ) ‘livelihood insurance’), or supplied on a mixed public/private basis – completes the market for contingent claims, allowing workers to diversify or hedge the risk of trade‐related pecuniary external diseconomies. By facilitating risk sharing, wage insurance removes an impediment to ex ante Pareto efficiency. Moreover, wage insurance affects not only post‐displacement behaviour by increasing the incentive to reacquire employment quickly, but it also affects pre‐displacement consumption and investment behaviour, in particular, lowering the threshold at which workers will be willing to undertake irreversible investment in industry‐specific skills.     

IT and Marketing Strategies in Service Firms

Recent developments in information technology (IT) are having a major effect on the way in which service firms are organised and produce their services. Much of the investment in IT has been made as a result of service firms' pursuit of a particular marketing strategy. However, investment in IT often brings with it such a variety of attributes that, once installed, a thorough reappraisal of the appropriate marketing strategy to be followed is required.     

电视频道价值评估方法初探

<正>一个电视频道的真正价值,应该是综合评估了该电视频道多方面价值后的结果。这样的评估结果才能给频道、栏目管理或制作者、广告主以可靠和信心的保证。目前常用的频道价值评估办法,多是使用单一的收视率指标或结合覆盖入户率指标进行评价和排序,经常忽视了     

On Modeling Questions In Security Valuation

After mentioning some deficiencies of the standard Black-Scholes model for the valuation of call options, we discuss discrete models which allow price changes of the underlying security at discrete time points only. It is shown that, given any distribution with a moment higher than 2, the paths of the Black-Scholes stock price process can be approximated uniformly as closely as one wishes by discrete paths generated by this distribution. Based on this approximation, discrete-time trading strategies are defined. Convergence (in measure and almost surely) of the corresponding financial gain processes is obtained. the results show the robustness of the Black-Scholes model.     

国内IT企业运营模式探讨

IT企业在面对国内和国际市场越来越激烈的竞争时,必须通过变革其运营模式(OM)达到重新整合企业利润的要素资源。在虚拟运营、价值链理念和P2P技术日益广泛应用的信息经济时代,面对自身和外界的层层压力,IT企业必须转变其运营模式求生存、求发展。     

中外信息产业技术创新体系建设的特点及启示

中外不同地区在发展信息产业时依据自身特点,采用不同的模式,形成了各具特色的信息产业技术创新体系。通过对中外信息产业技术创新体系不同特点的研究,力图寻求带有规律性的经验,为我国信息产业技术创新体系的建设完善提供帮助。     

对信息产业垄断的思考

信息产业的蓬勃兴起以及该行业中垄断的普遍存在引发了人们的关注和深思。信息产品固有的一些传统产品所不具备的特性使信息产品市场上的垄断更具必然性和普遍性 ,因而 ,对于信息产业中出现的垄断现象我们必须加以重新认识     

我国农产品品牌价值评估存在的问题与对策

随着农业产业化的进一步发展,农产品品牌成为农业市场竞争的核心,因此农产品品牌价值评估对农业企业意义重大。当前,我国农产品品牌价值评估存在评估主体不明确、评估认识偏差、没有统一的评估方法、信息资料严重滞后等问题,建议应明确农产品品牌价值评估主体、建立健全评估机构,加大农产品品牌价值评估的宣传力度,同时要加强对农产品品牌价值评估基础理论和方法的研究。     

农产品品牌价值评估的重要性研究

农产品"品牌"是一个国家、地区农业发展水平的综合标志,农产品品牌的发展也为农村经济发展提供了新的增长点.进行农产品品牌价值评估的重要性,主要表现在:对企业产品升级具有推动作用,可以提高企业产品附加价值,有利于企业融资扩张;农产品品牌价值评估对行业的推动作用主要有:有利于市场结构优化配置,有利于推动产业升级;有利于产品差异化;农产品品牌价值评估对社会的贡献作用主要有:有利于消费者选择;促进企业提高使命感;有利于形成主导产业,提高农业经营层次;促进品牌资源整合,提高农业经营效益.     

国外IT服务管理的现状及其发展趋势

IT服务管理的发展历程分为概念酝酿期、思想形成期、理论成长期、标准和方法开发完善期。IT服务管理打通了IT部门和业务部门之间的结构性障碍,全面和系统地实施IT基础架构的管理,计量IT服务成本和效益,为组织IT服务外包提供指导方法。IT服务管理将向组织管理、时效管理、风险管理、成本控制管理、技术管理等方向发展。随着信息技术在组织中的地位越来越突出,IT服务管理必将快速在中国得以应用,并形成一个新兴的IT应用领域。     

Measuring Service Quality in IT Services: Using Service Encounters to Elicit Quality Dimensions

ABSTRACT

Recent growth of personal computing and networked systems have resulted in Information Systems (IS) departments facing a heavy demand on their services. Based on internal marketing concepts, IS services need to use a measure of service quality for their internal customers. Studies carried out recently, suggest SERVQUAL as a possible measure of IS service quality. However, there are some issues that relate to their discriminant validity and appropriateness. A bottom-up approach to elicit service quality dimensions is explored using service encounters in a health organization. The results indicate that while the dimensions of responsiveness and assurance seem to be important, there is a need to re-look at these broad dimensions as more specific dimensions may be more appropriate for IS settings.     

服务定义的研究线索和理论界定

服务经济理论滞后于服务业的发展的重要原因之一是缺乏严谨统一的有关服务的理论定义。本文以服务定义的演变为逻辑线索,评析了自古典经济学以来的代表性概念,认为服务是不同经济主体之间通过使用权的让渡获得运动形态的使用价值。并使服务消费者获得消费利益或满足感。服务具有生产与消费的同步性,无形性和不可感知性,差异性和质量的不确定性,不可储存和无法运输性等特征。