Resource relatedness,redeployability, and firm value

Our paper elaborates the effects of resource relatedness on value of a multibusiness firm. We emphasize that value results from interplay of benefits of synergy and redeployability. This view, considering how synergy and redeployability interact in determining value, extends prior separate considerations of the two benefits. We also diagnose that the value effect of resource relatedness is contingent on uncertainty and specify this contingent relationship. We use the real option valuation approach and formally evaluate the impacts of the two effects of relatedness. This explication enables us to demonstrate how redeployability contributes to value beyond synergy, and how they contribute in tandem. In this sense, we illuminate previously undiagnosed value in multibusiness firms. Beyond theoretical implications, our results have important empirical and managerial implications. Copyright © 2013 John Wiley & Sons, Ltd.     

基于中国市场的房地产期权研究

面对日渐繁荣的中国房地产市场,房价涨幅过快、过高已经是一个不容回避的问题。房地产期权作为一种创新型投资理财工具,在欧美和亚洲金融衍生品市场几乎完全空白,能够有效对冲房价过快上涨的风险,改变中国购房者传统购房观念,间接缓解房地产价格过快上涨的压力。本文基于中国市场对以房地产价格为标的物的期权产品进行研究,以西安市房地产市场为例进行模拟分析,结果表明,房地产期权可以满足普通购房者对冲房价过快上涨的避险需求,转变传统购房观念,缓解短期购房压力,降低房地产市场的整体风险,在一定程度上促进房地产市场平稳有序的发展,具有十分显著的现实应用价值。     

Uncertainty and the market valuation of R&D within a real options logic

The aim of this study is to provide new theoretical insights and empirical evidence on the effect of market and technological uncertainty on the market valuation of a firm's R&D capital. A set of hypotheses is developed adopting a real options logic and tested on a panel dataset of 290 manufacturing firms traded in the UK. Consistently with our theoretical model, we show that market and technological uncertainty have distinct effects on the valuation of R&D investments. The results have several important implications for resource allocation to R&D under uncertainty, which we discuss in the concluding section. Copyright © 2008 John Wiley & Sons, Ltd.     

The moderating effect of innovative capacity on the relationship between real options and strategic flexibility

In dynamic sectors, organizations should be capable of adapting to unpredictable environmental conditions. Strategic flexibility grants organizations the capacity to respond to the changes in their environment in the direction required, renewing their strategies and making the required organizational changes. The goal of this study is to analyze how the use of real options relates to strategic flexibility from a managerial capacity perspective. Through an empirical study performed on European firms, we confirm that innovative capacity exercises a moderating role between real options and strategic flexibility. The fact that a firm's management has foreseen and contemplated real options does not necessarily lead to their execution; they must also be accompanied by some innovative capacity.     

Outward foreign direct investment by emerging market firms: A resource dependence logic

This study examines and extends the resource dependence logic of diversification for a better understanding of outward foreign direct investment (OFDI) activities by emerging market firms. We contend that the diversification logic is bounded by state ownership, an important but less considered component of interdependence. Our empirical results, based on panel data analysis of Chinese listed firms, suggest that the level of interdependence between Chinese and foreign firms in China in multiple forms, including symbiotic, competitive, and partner interdependencies, is positively associated with the level of the Chinese firms' OFDI activities. However, Chinese firms with higher levels of state ownership are less susceptible to the pressures imposed by foreign firms to invest abroad. Copyright © 2013 John Wiley & Sons, Ltd.     

商业地产投资的实物期权特性及应用框架研究

商业地产开发投资中存在投资的不可逆性、外部环境的不确定性和决策的灵活性,因而具有实物期权特性。从确定要解决的问题、分析不确定性的来源、鉴别关键的不确定性因素、识别实物期权类型、构建期权定价模型、计算项目价值、检查计算结果和重新设计8个方面,构建了商业地产投资决策的实物期权分析框架。     

Non‐additivity in portfolios of exploration activities: a real options‐based analysis of equity alliances in biotechnology

Firms invest in exploration‐oriented activities to seek competitive advantage and in response to changing environments. Real options formulations represent an emerging strand of thinking on such investments. In this paper we begin with the observation that firms often simultaneously invest in multiple exploration projects. We identify two sources of potential interactions among these real options investments. First, we investigate the effects of correlations between the outcomes in different options. Second, we analyze the effects of investments that are fungible across project options. We show that under different conditions multiple options can be sub‐additive (due to redundancies in outcomes) or super‐additive (due to fungible inputs). We test the implications of our model with data from the biotech industry and find supporting evidence. Our model and results have some interesting implications for the exploration literature and real options lens. Copyright © 2004 John Wiley & Sons, Ltd.     

实物期权在石油开发中的应用

传统净现值法主要适用于不确定性很小的投资项目，不适用于如石油开发这种高风险的项目。文章介绍了一种新的评估方法：实物期权法。以石油开发为例，介绍了实物期权的模型及类型，并对该方法的的适用性做了简单评述。     

Real options reasoning and a new look at the R&D investment strategies of pharmaceutical firms

Real options reasoning (ROR) is a conceptual approach to strategic investment that takes into account the value of preserving the right to make future choices under uncertain conditions. In this study, we explore firms' motivations to invest in a new option. We find, based on an analysis of a large sample of patents by firms active in the pharmaceutical industry, that their investments in R&D are consistent with the logic of ROR. We identify three constructs—scope of opportunity, prior experience, and competitive effects—which have an influence on firms' propensity to invest in new R&D options and which could usefully be incorporated in a strategic theory of investment. Copyright © 2003 John Wiley & Sons, Ltd.     

发电企业上市公司引用股票期权激励机制探讨

分析了股票期权激励制度给上市公司带来的效益以及在中国的应用模式,并按九个方面阐述了股票期权激励制度设计。     

Real options and real value: the role of employee incentives to make specific knowledge investments

Real options reasoning emphasizes the strategic value of making flexible investments in a turbulent environment. Employees' investments in specific human capital are often critical to the success of a real option project, but the very flexibility that allows a firm to change course in response to new information also affects employees' incentives to make such specific human capital investments. We develop a model of real option investment that explicitly incorporates the role of employee incentives. The model suggests that the effect of investing in a real option project on employee incentives may be positive, further increasing the value of the project, or negative, sometimes more than offsetting the benefit of flexibility and resulting in reduced project value. Therefore, firms and managers should take into consideration the role of employee incentives when applying real options logic to investment decision making. Copyright © 2008 John Wiley & Sons, Ltd.     

Governance and uncertainty: the trade-off between administrative control and commitment

This study elaborates upon the motives for initiating equity-based collaborations vs. acquisition of another firm already having a desired technology. We characterize both minority direct investments and joint ventures as options to defer either internal development or acquisition of a target firm. In domains where learning about growth opportunities dominates investment activity, this incremental mode of governance economizes on the cost of committing resources to a technology with an uncertain value. Using a sample of 402 transactions in the biotechnology industry, we find strong support for the theoretical model. The findings suggest that the cost of commitment in the face of technological uncertainty may offset the administrative benefits of hierarchical governance. © 1998 John Wiley & Sons, Ltd.     

Strategic NPV: Real Options and Strategic Games under Different Information Structures

Research summary : Among the most difficult firm strategic choices is the trade‐off between making a long‐term commitment or holding off on investment in the face of uncertainty. To operationalize strategic management theory under demand, technological and competitive uncertainty, we develop a Strategic Net Present Value (NPV) framework that integrates real options and game theory to quantify value components and interactions at the interface between NPV, real options, and strategic games. Our approach results in new propositions clarifying the way learning‐experience conditions, technological uncertainty, and proprietary information interact to tilt the balance in the interplay between wait‐and‐see flexibility and strategic commitment. As such, Strategic NPV adds to our understanding of the conditions where NPV, real options, or strategic thinking are more relevant. Managerial summary : This study develops and elucidates implementation of a new valuation construct, “Strategic Net Present Value (NPV),” that integrates real options and game theory to more accurately portray strategic decisions underlying management theory. Among the most difficult firm strategic choices in capital intensive industries, such as energy, mining, chip manufacturing, and infrastructure development, is the trade‐off between making a long‐term commitment or holding off on investment in the face of demand, technological, and competitive uncertainties. The study provides new insights on the way various conditions, such as learning‐experience effects, technological uncertainty, and proprietary information, interact to tilt the balance in the interplay between commitment and wait‐and‐see flexibility. As such, Strategic NPV adds to our understanding of when NPV, real options, or strategic thinking matter more critically for decision making. Copyright © 2017 John Wiley & Sons, Ltd.     

Operational flexibility and market valuation of earnings

This paper examines the association between the stock returns and accounting earnings of firms that have different levels of operational flexibility. Operational flexibility is a firm’s ability to respond profitably to environmental fluctuations by shifting factors of production within a multinational network of subsidiaries. The geographic breadth and depth of a firm’s multinational network are used as indicators of operational flexibility. We find a significantly greater coefficient relating stock returns and accounting earnings for multinational firms that operate in many countries, but limit their concentration in any one foreign country, than for other multinational firms or domestic firms. This coefficient is significantly smaller for multinational firms whose foreign subsidiaries are highly concentrated in a few countries. When all multinational firms are pooled together, we find their earnings‐returns association does not differ from that of domestic firms. Copyright © 1999 John Wiley & Sons, Ltd.     

Economic exposure and integrated risk management

Most corporate risk management research focuses on particular risk exposures to the exclusion of other interrelated exposures. By contrast, this study models corporate risk exposures using a multivariate approach integrating the distinct exposures of interest to finance, international business, and strategy researchers. The paper addresses the implications of multivariate modeling for corporate risk management, some key methodological issues arising in empirical estimation of corporate economic exposures, and directions for research on integrated risk management. © 1998 John Wiley & Sons, Ltd.     

Caught in the crossfire: Dimensions of vulnerability and foreign multinationals' exit from war‐afflicted countries

Research summary : When war occurs in a country, some foreign multinational enterprises (MNEs) stay on, while others flee. We argue that MNE responses to external threats depend on the firm's vulnerability, which we decompose into exposure (proximity to threat), at‐risk resources (potential for loss), and resilience (capacity for coping). We test the independent and interactive effects of these dimensions using a geo‐referenced sample of 1,162 MNE subsidiaries in 20 war‐afflicted countries between 1987 and 2006. We find that highly valuable resources can become liabilities when exposed to harm, and the best way to cope with external threats may be to exit. Our findings extend the resource‐based view and real options theory by demonstrating the bounded value of resources and options in the face of environmental contingencies. Managerial summary : A recent survey of multinational enterprise (MNE) executives revealed that 30 percent of the respondents believed that their firms were exposed to collateral damage from war, with more than 90 percent expecting risks to rise. Yet, 25 percent of the executives indicated that their firms had no continuity plan. Our study of MNEs in war‐afflicted countries highlights the costs of not having a response strategy in place. We find that, in war zones, otherwise highly valuable locations and resources can become sources of vulnerability that prompt early withdrawal from a host country. Our work further highlights the value of real options thinking—where structural solutions such as building redundancy into a portfolio of options may exist in advance of problems—for navigating hostile environments. Copyright © 2016 John Wiley & Sons, Ltd.     

资源平衡方法在房地产企业多项目管理中应用

针对房地产企业在多项目管理过程中遇到的一系列资源问题的现象,分别从资源约束的产生机理及约束内容方面对房地产企业多项目管理过程进行分析。通过运用线性规划模型提出了资源平衡方法,从而减小企业多项目管理资源的损耗,最终达到资源均衡利用的目标。     

实物期权定量分析方法在风险投资决策中的应用

在风险投资项目中，不确定性对风险项目投资评价、决策起到了决定性的作用。运用实物期权原理分析了不确定性对风险投资项目评价和决策的影响，通过风险中性概率方法将这些影响予以定量化，并进一步对实际投资行为作出解释。     

Firm heterogeneity in growth option value: The role of managerial incentives

Growth option value varies widely across firms. This research explores managerial incentives as a source of firm heterogeneity in growth option value. We argue that when the payoff structure of managerial incentives corresponds to that of growth options, managers will be motivated to pursue actions that increase firms' growth option value, particularly when greater growth opportunities are available in an industry. Results indicate that stock option holdings and managerial stock ownership have a positive effect on growth option value, while short‐term pay has a negative effect. We also find support for a positive interaction effect between equity‐based managerial incentives and industry growth opportunities on growth option value. These findings highlight the critical role of managerial incentives in affecting firms' realization of growth option value. Copyright © 2012 John Wiley & Sons, Ltd.