Inhaltsangabe:Abstract: Every investment, for example new facilities, new products, or strategic partnerships is driven by the pursuit of creating values . Major changes are going on in the valuation of investments. Although the classic shareholder value concept is still a valuable source for identification of value drivers of strategic management, it needs to be extended in terms of its ability to evaluate long-term investment choices. Far too long capital budgeting has only been considered under aspects of its contribution to an overall added economic value rather than focusing on a firm s resources. Recent research emphasized the strategic value of resources leading to formulate the approach of a resource-based view of a firm s activities. Usually management tries to capture future development with static methods of capital budgeting, i.e. future cash-flows are discounted with a fixed risk-adjusted discount rate. However, the finding of present values and capitalized values could produce pitfalls in investment decisions. Strategic investment decisions are often characterized by a wide range of possibilities to react flexibly to the changing business environment. This area of tolerance in investment decisions could not be captured with traditional instruments of investment evaluation. In the 1970s, the discounted-cash-flow analysis (DCF) emerged and proved its practicability. This method assumes a now or never approach in undertaking a project. Some authors suggest adding the theory of option prices to investment decisions, as in the 1970s and the 1980s developments in the valuation of capital-investment opportunities based on option pricing revolutionized capital budgeting. Option pricing allows adaptation and revision of future decisions in order to capture managerial flexibility and to finally capitalize on any possible future development. To incorporate these real options means to limit losses and offers a vital contribution to long-term corporate success, especially in those marketplaces characterized by uncertainty and rapid change. This method also explains the value of waiting for the initial project and considers its value in comparison to the opportunity costs of waiting. These costs are dictated by the behavior of competitors and loss of cash-flow streams from the project. Incorporating this method could possibly lead to a better understanding of the importance of resource allocation, the value of strategic investments and [...]
Reproduction of the original. The publishing house Megali specialises in reproducing historical works in large print to make reading easier for people with impaired vision.
The Danish author Hans Christian Andersen was a prolific writer of novels, travelogues, poetry and fairy tales. Beloved stories such as ‘The Little Mermaid’, ‘The Snow Queen’, ‘The Ugly Duckling’ and ‘Thumbelina’ are among the most frequently translated works in all literary history. For the first time in publishing history, this comprehensive eBook presents Andersen’s complete fictional works, with numerous illustrations, rare texts, informative introductions and the usual Delphi bonus material. (Version 1) * Beautifully illustrated with images relating to Andersen’s life and works * Concise introductions to the novels and other texts * All 6 novels in English translation, with individual contents tables * Features rare novels appearing for the first time in digital publishing * Excellent formatting of the texts * The complete fairy tales specially arranged in chronological order, with many rare stories often missed out of collections – translations by H. P. Paull * Famous works such as THE LITTLE MERMAID and THE UGLY DUCKLING are illustrated with their original Danish artwork * Special alphabetical contents table for the fairy tales * Easily locate the tales you want to read * Includes Andersen’s complete travelogues – available in no other collection * Features Andersen’s extended 1870 autobiography, first time in digital print - discover the author’s intriguing life * Scholarly ordering of texts into chronological order and literary genres Please visit www.delphiclassics.com to browse through our range of exciting titles CONTENTS: The Novels THE IMPROVISATORE O. T. ORIGINAL NOVEL IN TWO PARTS ONLY A FIDDLER THE TWO BARONESSES TO BE OR NOT TO BE? LUCKY PEER THE FAIRY TALES INTRODUCTION TO THE FAIRY TALES THE FAIRY-TALES LIST OF FAIRY TALES IN ALPHABETICAL ORDER THE TRAVELOGUES A PICTURE BOOK WITHOUT PICTURES RAMBLES IN THE ROMANTIC REGIONS OF THE HARTZ MOUNTAINS, SAXON SWITZERLAND A POET’S BAZAAR PICTURES OF SWEDEN IN SPAIN A VISIT TO PORTUGAL THE NON-FICTION ALBERT THORVALDSEN THE AUTOBIOGRAPHIES THE TRUE STORY OF MY LIFE, 1847 SUPPLEMENT TO THE STORY OF MY LIFE, 1870 THE CRITICISM HANS CHRISTIAN ANDERSEN BY HJALMAR HJORTH BOYESEN Please visit www.delphiclassics.com to browse through our range of exciting titles or to purchase this eBook as a Parts Edition of individual eBooks
While mainstream financial theories and applications assume that asset returns are normally distributed, overwhelming empirical evidence shows otherwise. Yet many professionals don’t appreciate the highly statistical models that take this empirical evidence into consideration. Fat-Tailed and Skewed Asset Return Distributions examines this dilemma and offers readers a less technical look at how portfolio selection, risk management, and option pricing modeling should and can be undertaken when the assumption of a non-normal distribution for asset returns is violated. Topics covered in this comprehensive book include an extensive discussion of probability distributions, estimating probability distributions, portfolio selection, alternative risk measures, and much more. Fat-Tailed and Skewed Asset Return Distributions provides a bridge between the highly technical theory of statistical distributional analysis, stochastic processes, and econometrics of financial returns and real-world risk management and investments.
A flexible instrument to insure against adverse exchange rate movements are options on foreign currency. Often a relatively simple foreign currency option valuation model is used to address issues related to the pricing and hedging of such options. The results of many empirical studies document that real-world foreign currency option premia deviate from those predicted by the baseline model. In the first part of the book, it is shown that a noise trader model can help to explain the observed mispricing of the baseline foreign currency option pricing model. In the second part of the book, it is studied how policymakers can exploit the pricing errors of the baseline model. In particular, it is examined how option pricing theory can be applied to assess the effectiveness of central bank interventions in the foreign exchange market. To this end, a model is constructed to analyze the effectiveness of the interventions conducted by the Deutsche Bundesbank during the Louvre period.
Managing uncertainty in new product development projects for improved valuation and decision making is one of the most complex and challenging problems in operations management. It is important for any corporation depending on the success of new products and innovations. This work shows how uncertainty can be handled and partly resolved by conducting an information update during the development process. It is one of the first comprehensive models that combine statistical decision theory in form of Bayesian analysis with a real options framework for projects exposed to different sources of uncertainty. The proposed framework makes an important theoretical contribution in addressing this problem, while at the same time being of significant value to managers who face the difficult task of evaluating and managing complex product development projects.
Christian Koziol shows that various conversion strategies for convertible bonds can be optimal which result in different values for stocks and convertible bonds. A comparative static analysis examines the differences between the properties of the optimal conversion strategies and between the asset values for three conversion variants.
Based on a 'free of survivorship-bias' sample of German stocks listed at the Frankfurt stock exchange, the study investigates the ability of hedge portfolio formation structures, built of three value premium proxies (P/B, P/E, and DY), the size factor, and the technical momentum factor, to generate excess returns in the period 1992 to 2011. First, the author characterizes and defines the significant terms that are in connection with value and growth investing. He continues with the discussion of asset pricing with the CAPM, the Fama and French three-factor model, and the Carhart extension, and then describes the expected stock returns that are of capital importance. Moreover, the author deals with related studies for the German stock market. He gives a detailed description of the empirical analysis before he draws his conclusions. The author's purpose is to answer the following core questions: Is there a value premium in the German market between 1992 and 2011? Is there a reversed size premium like recent empirical findings suggest? Do high momentum stocks perform better than low momentum stocks? Is there a significant seasonal pattern in hedge portfolio returns? The combination of which factors best explains expected stock returns?
The recent financial crisis has heightened the need for appropriate methodologies for managing and monitoring complex risks in financial markets. The measurement, management, and regulation of risks in portfolios composed of credits, credit derivatives, or life insurance contracts is difficult because of the nonlinearities of risk models, dependencies between individual risks, and the several thousands of contracts in large portfolios. The granularity principle was introduced in the Basel regulations for credit risk to solve these difficulties in computing capital reserves. In this book, authors Patrick Gagliardini and Christian Gouriéroux provide the first comprehensive overview of the granularity theory and illustrate its usefulness for a variety of problems related to risk analysis, statistical estimation, and derivative pricing in finance and insurance. They show how the granularity principle leads to analytical formulas for risk analysis that are simple to implement and accurate even when the portfolio size is large.
Combinatorial optimization problems are of high academical and practical importance. Unfortunately, many of them belong to the class of NP-hard problems and are therefore intractable. In other words, as their dimension increases, the time needed by exact methods to find an optimal solution grows exponentially. Metaheuristics are approximate methods for attacking these problems. An approximate method is a technique that is applied in order to find a good enough solution in a reasonable amount of time. Examples of metaheuristics are simulated annealing, tabu search, evolutionary computation, and ant colony optimization (ACO), the subject of this book. The contributions of this book to ACO research are twofold. First, some new theoretical results are proven that improve our understanding of how ACO works. Second, a new framework for ACO algorithms is proposed that is shown to perform at the state-of-the-art level on some important combinatorial optimization problems such as the k-cardinality tree problem and the group shop scheduling problem, which is a general shop scheduling problem that includes among others the well-known job shop scheduling and the open shop scheduling problems.
The financial crisis has shown that a significant proportion of the assets held by large corporations are exposed to credit risk that must be managed. This doctoral thesis sets out to analyse the contextual and organisational framework within which these activities are set and the practices employed by professionals in the field. This analysis draws on a set of interview-based data from large corporations in Europe and Brazil, predominantly from the chemical, energy, trading, and general manufacturing industries. Due to their diverse natures, the subjects of customer and financial institution counterparty credit risk are treated separately, addressing for each the organisation of the function, data acquisition process, and IT setup recommendable in order to effectively drive risk management, including a review for the practitioner to analyse his or her processes. A final chapter with analyses regarding trade credit insurance, sovereign risk, and quantitative special items rounds off the text making it into a comprehensive treatise on credit risk management in an industrial corporation.
This will help us customize your experience to showcase the most relevant content to your age group
Please select from below
Login
Not registered?
Sign up
Already registered?
Success – Your message will goes here
We'd love to hear from you!
Thank you for visiting our website. Would you like to provide feedback on how we could improve your experience?
This site does not use any third party cookies with one exception — it uses cookies from Google to deliver its services and to analyze traffic.Learn More.