PL EN


Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2009 | 346
Tytuł artykułu

Opcje rzeczowe w procesie tworzenia wartości przedsiębiorstwa

Warianty tytułu
Real Options in the Process of Creating the Enterprise Value.
Języki publikacji
PL
Abstrakty
Dokonano przeglądu literatury poświęconej problematyce źródeł, form przejawiania się i pomiaru wartości w przedsiębiorstwie. Uwzględniono główne koncepcje wartości oraz opisano podstawowe czynniki tworzenia wartości. Zaprezentowano omówienie opcji finansowych obejmujące podstawowe ustalenia terminologiczne, aspekty prawne, typologię metody wyceny oraz analizę czynników wpływających na wartość opcji. Omówiono istotę oraz genezę opcji rzeczowych, różne kryteria ich klasyfikacji oraz najważniejsze rodzaje tych opcji. Zaprezentowano wybrane modele wyceny opcji rzeczowych: model dwumianowy oraz wycenę opcji za pomocą programu Real Options Analysis Toolkit. Na podstawie studiów literatury przedmiotu omówiono najważniejsze obszary zastosowania opcji rzeczowych. Poruszono problematykę użyteczności podejścia opcyjnego w zarządzaniu strategicznym przedsiębiorstwa. Przedstawiono również przykład wykorzystania metody opcji rzeczowych do oceny przedsięwzięcia inwestycyjnego (dokonano porównawczej oceny ekonomicznej opłacalności przedsięwzięcia).
EN
They review of literature devoted to issues of sources, forms and measurement of value in the enterprise was made. Main conceptions of value were considered, as well as basic factors of creating value were described. The review of financial options involving basic terminological stipulations, legal aspects, typology of method of the evaluation and analysis of factors influencing the value of option were presented. Essence and genesis of real options, different criteria of their classification and the most important kinds of real options were discussed. Chosen models of real options evaluation were presented: the binomial model and the options evaluation with the Real Options Analysis Toolkit software. On the basis of the subject literature studies, the most important areas of applying real options were discussed. The usefulness issues of the option approach in strategic enterprise management were brought up. An example of using the real options method to evaluate the investment project was also presented (the comparative evaluation of the economic profitability was made). (AT)
Rocznik
Strony
346
Opis fizyczny
Twórcy
Bibliografia
  • Abadie L., Charaorro J.: Long-term Dynamics in C02 Allowance Prices and Carbon Capture Investments. 11th Annual Conference "Real Options. Theory Meets Practice" Berkeley, CA 2007. www.reahptions.org/abstracts_2007.html
  • Abadie L., Chamorro J.: Valuation of Natural Gas Power Plant Investment. 10th Annual Conference "Real Options. Theory Meets Practice" New York 2006. http://www.realoptions.org/abstracts_2006.html
  • Abel A., Dixit A., Eberly J., Pindyck R.: Options, The Value of Capital and Investment. "Quarterly Journal of Economics" 1996, Vol. Ill, Issue 3.
  • Adner R., Levinthal D.: Real Options and Real Tradeoffs. "Academy of Management Review" 2004, Vol. 29, No. 1.
  • Adner R., Levinthal D.: What is Not a Real Option: Considering Boundaries for The Application of Real Options to Business Strategy. "Academy of Management Review" 2004, Vol. 29, No. 1.
  • Alavi M., Leidner D.: Knowledge Management and Knowledge Management Systems: Conceptual Foundations and Research Issues. "MIS Quarterly" 2001, Vol. 25, Issue 1.
  • Amit R., Schoemaker P.: Strategic Assets and Organizational Rent. "Strategic Management Journal" 1993, Vol. 14, No. 1.
  • Amram M., Kulatilaka N.: Disciplined Decisions: Aligning Strategy with The Financial Markets. "Harvard Business Review" 1999, Vol. 77, Issue 1.
  • Amram M., Kulatilaka N.: Real Options. Managing Strategic Investment in an Uncertain World. Harvard Business School Press, Boston, MA 1999.
  • Amram M., Kulatilaka N.: Strategy and Shareholder Value Creation: The Real Options Frontier. "Journal of Applied Corporate Finance" 2000, Vol. 15, No. 2.
  • Analiza stanu obecnego i perspektywy rozwoju rynku IT. Polska Agencja Rozwoju Przedsiębiorczości, Warszawa 2002.
  • Andrews K.: The Concept of Corporate Strategy. Irwin, Homewood, IL 1980.
  • Arnold T., Shockley R.: Real Options Analysis and The Assumptions of The NPV Rule. 7th Annual Conference "Real Options. Theory Meets Practice", Paphos, Cyprus, 2002. http://www.realoptions.org/abstracts_2002.html
  • Arnold T., Schockley R.: Real Options, Corporate Finance, and The Foundations of Value Maximization. "Journal of Applied Corporate Finance" Winter 2003, Vol. 15, No. 2.
  • Arrow K., FisherA.: Environmental Preservation, Uncertainty and Irreversibility. "Quarterly Journal of Economics" 1974, Vol. 88, Issue 2.
  • Arthur W.: Increasing Returns and The New World of Business. "Harvard Business Review" 1996, Vol. 74, Issue 4.
  • Azevedo-Pereira J.: Two Case Studies on Real Estate Development. W: Real Options. Evaluating Corporate Investment Opportunities in a Dynamic World. Red. S. Howell, A. Stark, D. Newton, D. Paxson, M. Cavus, J. Pereira, K. Patel. Prentice Hall, London 2001.
  • Baidick R., Kolos S., Tompaidis S.: Valuation of Optimal Interruption for Interruptible Electricity Contracts. 7th Annual Conference "Real Options. Theory Meets Practice", Washington 2003. http://www.realoptions.org/abstracts_2003.html
  • Baldwin C: Optimal Sequential Investment when Capital is Not Readily Available. "Journal of Finance" 1982, Vol. Vol. 37, No. 3.
  • Barnet J.: Firm Resources and Sustained Competitive Advantage. "Journal of Management" 1991, Vol. 17, No. 1.
  • Barney J.: Firm Resources and Sustained Competitive Advantage. "Journal of Management" 1991, Vol. 17, Issue 1.
  • Barney J.: Gaining and Sustaining Competitive Advantage. Prentice Hall, Upper Saddle River 2000.
  • Benaroch M., Kaufmann R.: Justifying Electronic Banking Network Expansion Using Real Options. "MIS Quarterly" 2000, Vol. 24, No. 2.
  • Benaroch M., Kauffman R.: A Case for Using Option Pricing Analysis to Evaluate Information Technology Projects Investments. "Information Systems Research" 1999, Vol.10, Issue 1.
  • Benaroch M., Lichtenstein Y., Robinson K.: Real Options in Information Technology Risk Management: An Empirical Validation of Risk-option Relationships. "MIS Quarterly" 2006, Vol. 30, Issue 4.
  • Benaroch M.: Managing Information Technology Investment Risk: a Real Options Perspective. "Journal of Management Information Systems" 2002, Vol. 19, Issue 2.
  • Berger P., Ofek E., Swary I., Investor Valuation of Abandonment Option. "Journal of Financial Economics" 1996, Vol. 2, Issue 2.
  • Bettis R., Hitt A.: The New Competitive Landscape. "Strategic Management Journal" 1995, Vol. 16, Special Summer Issue.
  • Bkerksund P., Ekern S.: Contingent Claims Evaluation of Mean-reverting Cash Flows in Shipping. W: Red. Trigeorgis L.: Real Options in Capital Investment. Models, Strategies, and Applications. Praeger Publishers, Westport 1995.
  • Black A., Wright P., Bachman J.E.: W poszukiwaniu wartości dla akcjonariuszy. Dom., Eisenhardt K.: The Art of Continuous Change. "Administrative Science Quarterly" 1997, Vol. 42, Issue 1.
  • Black F., Scholes M.: The Pricing of Options and Corporate Liabilities. "Journal of Political Economy" 1973, Vol. 81, Issue 3.
  • Black F., Scholes M.: The Pricing of Options and Corporate Liabilities. "The Journal of Financial Economics" 1973, No. 3.
  • Bonini C: Capital Investment Under Uncertainty with Abandonment Option. "Journal of Financial and Quantitative Analysis" 1977, Vol. 12, Issue 1.
  • Borison A.: Real Option Analysis: Where Are the Emperor 's Clothes? 7th Real Options Conference, Washington, July 2003.
  • Borissiouk O. Peli J.: Real Option Approach to R&D Project Valuation: Case Study at Sero-no International S.A. "Financier" 2001, Vol. 8, Issue 1-4.
  • Borowiecki R., Czaja J., Jaki A., Kulczycki M: Metody i systemy wyceny przedsiębiorstw. TWIGGER, Warszawa 2002.
  • Boukendour S.: The Option to Change one Construction for Another. 8th Annual Conference "Real Options. Theory Meets Practice", Paris 2005. Montreal 2004. http://www.realoptions.org/abstracts_2004.html
  • Bowman E.: Epistemology, Corporate Strategy, and Academe. "Sloan Management Review" 1974, Vol. 15, Issue 2.
  • Boyle P.: A Lattice Framework for Option Pricing with Two-state Variables. "Journal of Financial and Quantitative Analysis" 1988, Vol. 23, Issue 1.
  • Brach M.: Real Options in Practice. J. Wiley, Hoboken, New Jersey 2003.
  • Brandao L. Saraiva E.: Valuing Government Guaranteesin Toll Road Projects. 11th Annual Conference "Real Options. Theory Meets Practice" Berkeley, CA 2007. www.realoptions.org/abstracts_2007.html
  • Brandenburger A., Nalebuff B.: The Right Game: Use Game Theory to Shape Strategy. "Harvard Business Review" 1995, Vol. 73, Issue 4.
  • Brautigam J., Esche C, Mehler-Bicher A.: Uncertainty as a Key Value Driver of Real Options. Proceedings of the 7th Annual Conference "Real Options. Theory Meets Practice", Washington DC, 2003.
  • Brealey R., Myers S.: Principles of Corporate Finance. McGraw-Hill, New York 1991, McGraw-Hill, New York 1991.
  • Bratnicki M., Austen A.: Opcje realne jako kluczowa kategoria badawcza przedsiębiorczości organizacyjnej. W: Przedsiębiorczość organizacyjna: Orientacje czasowe, opcje realne, wyjątkowi ludzie. Red. J. Strużyna. Komisja Nauk Organizacji Zarządzania PAN, Wydawnictwo Gnome, Katowice 2004.
  • Brennan M., Schwartz E.S.: Evaluating Natural Resource Investments. "Journal of Business" 1985, Vol. 58, Issue 2.
  • Brennan M., Schwartz E.: A New Approach to Evaluating Natural Resource Investments. W: Real Investments under Uncertainty. Red. E. Schwartz, L. Trigeorgis. MIT Press, Cambridge, Mass. 2001.
  • Brown S., Eisenhardt K: The Art of Continuous Change. Administrative Science Quarterly" 1997, Vol. 42, Issue 1.
  • Buckley A.: International Capital Budgeting. Prentice Hall, London 1996.
  • Bulan L., Mayer C, Somerville T.: Irreversible Investment, Real Options and Competition: Evidence from Real Estate Development. 7th Annual Conference "Real Options. Theory Meets Practice", Washington 2003. http://www.realoptions.org/ /abstracts_2003.html
  • Camerer C, Lovallo D.: Overconfidence and Excess Entry: An Experimental Approach. Dom Wydawniczy ABC, Warszawa 2000.
  • Campbell Black H.: Black's Law Dictionary. St. Paul 1991.
  • Carillo J., Gaimon C: Improving Manufacturing Performance through Process Change and Knowledge Creation. "Management Science" 2000, Vol. 46, No. 2.
  • Carr P.: The Valuation of American Exchange Options with Applications to Real Options. W: Trigeorgis L.: Real Options in Capital Management. Models, Strategies and Applications, Praeger Publishers, Westport 1995.
  • Carr P.: The Valuation of Sequential Exchange Opportunities. "Journal of Finance" 1988, Vol.43, Issue 5.
  • CavusM.: Valuing a Power Plant under Uncertainty. W: Real Options. Evaluating Corporate Investment Opportunities in a Dynamic World. Red. S. Howell, A. Stark, D. Newton, D. Paxson, M. Cavus, J. Pereira, K. Patel. Prentice Hall, London 2001.
  • Chakravarthy B.: A New Strategy Framework for Coping with the Uncertainty. "Sloan Management Review", Vol. 38, No. 2.
  • Chesnay M., Jeanblanc-Pique M., Yor M.: Brownian Excursions and Parisien Barrier Option. "Advances in Applied Probability" 1997, Vol. 29, Issue 1.
  • Chi T, McGuire D.: Collaborative Ventures and Value of Learning: Integrating the Transaction Cost and Strategic Option Perspectives on The Choice of The Market Entry Modes. "Journal of International Business Studies" 1996, Vol. 27, Issue 2.
  • Chłopecki A.: Opcje i transakcje terminowe. Zagadnienia prawne. Dom Wydawniczy ABC, Warszawa 2001.
  • Cholds P., Riddiough T, Triantis A.: Mixed Uses and The Redevelopment Option. "Real Estate Economics" 1996, Vol. 24, Issue 3.
  • Chorn L.: Real Options and Venture Capital Investments. Working paper 2000 (http://www.realoptions-software. com).
  • Chung K., Charoenwong C: Investment Options, Assets in Place, and The Risk of Stocks. "Financial Management" 1991, Vol. 20, Issue 3.
  • Coff R., Laverty K.: Real Options on Knowledge Assets: Panacea or Pandora 's Box. "Business Horizons" 2001, Vol. 44, Issue 6.
  • Cohen W., Levinthal W.: Absorptive Capacity: A New Perspective on Learning and Innovation. "Administrative Science Quarterly" 1990, Vol. 35, Issue 1.
  • Cohen W., Levinthal W: Fortune Favors the Prepared Firm. "Management Science" 1994, Vol. 40, No. 2.
  • Conner K.: A Historical Comparison of Resource-based Theory of Five Schools of thought within Industrial Organization Economics: Do We Have a New Theory of The Firm? "Journal of Management" 1991, Vol. 17, No. 1.
  • Copelad T., Koller P., Murrin J.: Valuation. J. Wiley, New York 1991.
  • Copeland T., Keenan P.: Making Real Options Real. "McKinsey Quarterly", 1998 Issue 3.
  • Copeland T., Antikarov V.: Real Options. A Practitioner 's Guide. Texere, New York 2001.
  • Copeland T., Keenan P.: How Much is Flexibility Worth. "The McKinsey Quarterly" 1998, Issue 2.
  • Copeland T., Koller T, Murrin J.: Valuation. Measuring and Managing the Value of Companies. J. Wiley, New York 2000.
  • Copeland T., Weston J., Shastri K.: Financial Theory and Corporate Policy. Pearson Addison Wesley 2005.
  • Copeland T.: Valuing Internet Companies. Working paper, http://www.monitor.com
  • Cortazar G., Schwartz E.: A Compound Option Model of Production and Intermediate Inventories. "Journal of Business" 1993, Vol. 66, Issue 4.
  • Cortazar G., Casassus J.: Optimal Timing of Min Expansion: Implementing a Real Options Model. "The quarterly Review of Economics and Finance" 1998, Vol. 38, Special Issue.
  • Courtney H., Kirkland J., Viguerie P.: Strategy under Uncertainty. "Harvard Business Review" 1997, Vol. 75, Issue 6.
  • Cox J., Ross S., Rubinstein A.: Option Pricing: A Simplified Approach. "Journal of Financial Economics" 1979, Vol. 7, Issue 3.
  • Crawford G, Sen B.: Instrumenty pochodne: narządzie podejmowania decyzji finansowych. K.E. Liber, Warszawa 2002.
  • Cuthbertson K., Nitzsche D.: Financial Engineering. Derivatives and Risk Management. J. Wiley, New York 2001.
  • Cuthbertson K., Nitzsche D.: Investments. Spot and Derivative Markets. J. Wiley, New York 2001.
  • Cyert R., March J.: A Behavioral Theory of The Firm. Prentice Hall, Englewood Cliffs, New Jersey 1958.
  • D'Aveni R.A.: Hypercompetition: Managing The Dynamics of Strategic Maneuvering. The Free Press, New York 1994.
  • D'Halluin Y., Forsyth P., Vetzal K.: Wireless Network Capacity Investment. 7th Annual Conference "Real Options. Theory Meets Practice", Washington 2003. http://www.realoptions.org/abstracts_2003.html
  • Damodaran A.: Damodaran on Valuation: Security Analysis for Investment and Corporate Finance. J. Wiley, New York 2006.
  • Damodaran A.: Strategic Risk Taking. A Framework for Risk Management. Wharton School Publishing, Pearson, Upper Saddle Ricer, NJ 2008.
  • Damodaran A.: The Dark Side of Valuation: Firms with no Earnings, no History and no Comparable. Working paper, Stern School of Business, New York University 2000, http://www.stern.nyu.edu/~adamodaran
  • Davenport T., Prusak L.: Working Knowledge: How Organizations Manage What They Know. Harvard Business School Press Books 2000.
  • Davis G.: Estimating Volatility and Dividend Yield when Valuing Real Options to Invest and Abandon. "The Quarterly Journal of Economics and Finance" 1998, Vol. 38, Issue 4.
  • De Meza D., Van der Ploeg F: Production Flexibility as a Motive for Multinationality. "Journal of Industrial Economics" 1987, Vol. 35, No. 3.
  • Dias M., Teixeira J.: Continuous-Time Option Games: Review of Models and Extensions. Paper presented at "7th Annual International Conference on Real Options", Washington 2003.
  • Dierickx L., Cool K.: Asset Stock Accummulation and Sustainability of Competitive Advantage. .Management Science" 1989, Vol. 35, No. 12.
  • Dikos G., Sgourides S.: Environmental Policy and Regulation in The Maritime Industry. 11th Annual Conference "Real Options. Theory Meets Practice" Berkeley, CA 2007. www.realoptions.org/abstracts_2007.html
  • Dixit A., Pindyck R.: Investment under Uncertainty. Princeton University Press, Princeton, New Jersey 1994.
  • Dixit A.: Entry and Exit Decisions Under Uncertainty. "Journal of Political Economy" 1989, Vol. 97 Issue 3.
  • Dos Santos B.: Justyfying Investments in New Information Technologies. "Journal of Management Information Systems" 1991, Vol. 7, No. 4.
  • Dosi G: Technical Change and Industrial Transformation. Palgrave Macmillan, London 1984.
  • Dovev L.: The Competitive Advantage of Interconnected Firms: An Extension of Resource-based View. "Academy of Management Proceedings" 2002.
  • Dudycz T.: Zarządzanie wartością przedsiębiorstwa. PWE, Warszawa 2005.
  • Metody oceny projektów gospodarczych. Red. J. Duraj. Wydawnictwo Uniwersytetu Łódzkiego, Łódź 2006.
  • Dyl E., Long W.: Abandonment Value and Capital Budgeting: Comment. "Journal of Economics" 1969, Vol. 24, No. 1.
  • Dziawgo E.: Modele kontraktów opcyjnych. Wydawnictwo Uniwersytetu Mikołaja Kopernika, Toruń, 2003.
  • Edwards F., Ma C.W: Futures and Options. Mc Graw Hill 1992.
  • Eisenhardt K., Brown S.: Time Pacing: Competing in Markets That Won't Stand Still. "Harvard Business Review" 1998, Vol. 76, Issue 1.
  • Eisenhardt K., Martin J.: Dynamic Capabilities: What Are They? "Strategic Management Journal" 2000, Vol. 21, Issue 10/11.
  • Eisenhardt K., Sull D.: Strategy as Simple Rules. "Harvard Business Review" 2001, Vol. 79, Issue 1.
  • Erdogmus H.: Management of License Cost Uncertainty in Software Development. 5th Annual Conference "Real Options. Theory Meets Practice", Los Angeles 2001, http://www.realoptions.org/abstracts_2001.html
  • Erdogmus H.: Valuation of Learning Options in Software Development Under Private and Market Risk. "The Engineering Economist" 2002, Vol. 47, No. 3.
  • Espinoza R., Luccioni L.: Valuing Environmental Remediation Investments Projects. 9th Annual Conference "Real Options. Theory Meets Practice", Paris 2005. http://www.realoptions. org/abstracts_2004.html
  • Farzin Y., Huisman K., Kort P.: Optimal Timing of Technology Adoption. "Journal of Economic Dynamics and Control" 1998, Vol. 22, Issue 5.
  • Ferris K, Pecherot-Petitt P.: Valuation. Avoiding the Winner's Course. Prentice Hall, London 2002.
  • Fichman R., Kemerer C: The Assimilation of Software Process Innovations: An Organizational Learning Perspectine. "Management Science" 1997, Vol. 43, Issue 10.
  • Fichman R., Moses S.: An Incremental Process for Software Implementation. "Sloan Management Review" 1999, Vol. 40, Issue 2.
  • Fichman R.: Real Options and IT Platform Adoption: Implications for Theory and Practice. "Information Systems Research" 2004, Vol. 15, No. 2.
  • Fisher I.: The Rate of Interest: Its Nature, Determination and Relation to Economic Phenomena. The MacMillan Company 1907.
  • Fudenberg D., Tirole J.: The Fat-cat Effect, The Puppy-dog Ploy and The Lean and Hungry Look., American Economic Review" 1984, Vol. 74, Issue 2.
  • Garud R., Nyaar P.: Transformative Capacity: Continual Strategy by Intertemporal Technology Transfer. "Strategic Management Journal" 1994, Vol. 15, Issue 5.
  • Garud R., Van de Ven A.: An Empirical Evaluation of the Internal Corporate Venturing Process. "Strategic Management Journal" 1992, Vol. 13, Special Issue.
  • Gawron H.: Ocena efektywności inwestycji. Akademia Ekonomiczna, Poznań 1997.
  • Gersick C: Pacing Strategic Change: The Case of a New Venture. "Academy of Management Journal" 1994, Vol. 37, No. 1.
  • Gersick C: Revolutionary Change Theories: A Multilevel Exploration of Punctuated Equilibrium Paradigm. "Academy of Management Review" 1991, Vol. 16, Issue 1.
  • Geske R., Johnson H.: The American Put Option Valued Analytically. "Journal of Finance" 1984, Vol. 39, Issue 5.
  • Geske R.: The Valuation of Compound Options. "Journal of Financial Economics" 1979, Vol. 7, Issue 1.
  • Gollier C., Proult D., Thais F., Walgenwitz G: Choice of Electric Power Investment under Uncertainty: The Value of Modularity. 8th Annual Conference "Real Options. Theory Meets Practice", Montreal 2004. http://www.realoptions.org/abstracts_2004.html
  • Grant E., Tereborgh G: Principles of Engineering Economy. The Ronald Press Company 1938.
  • Grant R.: Prospering in Dynamically-competitive Environments: Organizational Capability as Knowledge Integration. "Organization Science" 1996, Vol. 7, No. 4.
  • Grant R.: Toward a Knowledge-based Theory of The Firm. "Strategic Management Journal" 1996 b, Vol. 17, Winter Special Issue.
  • Grant W: The Resource-based Theory of Competitive Advantage: Implications for Strategy Formulation. "California Management Review" 1991, Vol. 33, Issue 3.
  • Greden L., Glicksman L.: Architectural Flexibility: A Case Study of The Option to Convert to Office Space. 8th Annual Conference "Real Options. Theory Meets Practice", Montreal 2004. http://www.realoptions.org/abstracts_2004.html
  • Grenadier S., Weiss A.: Investment in Technological Innovations: An Option Pricing Approach. "Journal of Financial Economics" 1997, Vol. 44, No. 3.
  • Grenadier S.: Game Choices: The Interaction of Real Options and Game Theory. Risk Books, London 2001.
  • Gruszecki T: Przedsiębiorstwo jako kategoria ekonomiczna. W: Teoria i praktyka przemian gospodarczych. Red. W. Jakóbik. Ossolineum, Wrocław-Warszawa-Kraków-Gdańsk-Łódź 1989.
  • Gutowski M.: Umowa opcji. Kantor Wydawniczy ZAKAMYCZE, Kraków 2003.
  • Hamel G, Prahalad C: The Core Competence of The Corporation. "Harvard Business Review" 1990, Vol. 68, Issue 3.
  • Hamilton W, Mitchell G: What is Your R&D Worth? "The McKinsey Quarterly" 1990 Vol. 10, No. 3.
  • Hayes R., Garwin D.: Managing as if Tomorrow Mattered. "McKinsey Quarterly" 1983, Spring, Issue 1.
  • He H., Pindyck R.S.: Investments in Flexible Production Capacity. "Journal of Economic Dynamics and Control" 1992, Vol. 13, No. 4.
  • He J.: Volumetric Risk and Valuation of a Power Plant. 10th Annual Conference "Real Options. Theory Meets Practice" New York 2006. http://www.realoptions.org//abstracts_2006.html
  • Hearth H., C.Park C: Multi-stage Capital Investment Opportunities as Compound Real Options. "The Engineering Economist" 2002, Vol. 47, No. 1.
  • Henderson R., Cockburn I.: Measuring Competence? Exploring Firm Effects in Pharmaceutical Research. "Strategic Management Journal" 1994, Vol. 15, Issue 8.
  • Herath S., Park C: Multi-stage Real Capital Investment Opportunities as Compound Real Options. "The Engineering Economist" 2002, Vol. 47, No. 1.
  • Hodder J., Riggs EL: Pitfalls in Evaluating Risky Projects. Harvard Business Review, Jan/Feb 1985, Vol. 63, Issue 1.
  • Hodder J., Triantis A.: Valuing Flexibility: An Impulse Control Framework. "Annals of Operations Research" 1993, Vol. 45.
  • Hoop C, Tsolakis S.: Investment Applications in the Shipping Industry: An Overview. Proceedings of the 8th International Conference "Real Options. Theory Meets Practice" Montreal 2004.
  • Howe K., McCabe G.: On Optimal Asset Abandonment and Replacement. "Journal of Financial and Quantitative Analysis" 1983, Vol. 18, Issue 3, Sept.
  • Howell S., Stark A., Newton D., Paxson D., Cavus M., Pereira J., Patel K.: Real Options: Evaluating Corporate Investment Opportunities in a Dynamic World. Financial Times. Prentice Hall, London 2001.
  • Huchzermeier A., Loch C: Project Management under Risk: Using The Real Options Approach to Evaluate Flexibility in R&D. "Management Science" 2001, Vol. 47, No. 1.
  • Hull J.C.: Options, Futures and Other Derivatives. Prentice Hall, Upper Saddle River, NJ 2000.
  • Hull J., White A.: An Overview of Contingent Claims Pricing. "Canadian Journal of Administrative Sciences", 1998, Vol. 5, Sept.
  • Hull J.: Option: Futures and Other Derivatives. Prentice Hall, Upper Saddle River, New Jersey 2003.
  • Hurry D., Miller A., Bowman E.: Calls on High Technology: Japanese Exploration on Venture Capital Investments in the United States. "Strategic Management Journal" 1992, Vol. 13, Issue 2.
  • Ingersoll I., Ross S.: Waiting to Invest, Investment and Uncertainty. "Journal of Business" 1992, Vol. 65, Issue 1.
  • Internet Metrics & Statistical Guide: Rankings and Gap. http://www.caslon.com.au//metricsguide8.htm
  • Irwin R., Michales E.: Core Skills: Doing The Right Things Right. "The McKinsey Quarterly" 1989, Issue 2.
  • Jagle A.: Shareholder Value, Real options, and Innovation in Technology-Intensive Companies. "R&D Management" 1999, Vol. 29, Issue 3.
  • Zarządzanie ryzykiem. Red. K. Jajuga. PWN, Warszawa 2008.
  • Jajuga K., Jajuga T.: Inwestycje. Instrumenty finansowe, ryzyko finansowe, inżynieria finansowa. PWN, Warszawa 2006.
  • Jajuga T.: Opcja rzeczowa - nowy instrument pochodny, czy przełom w zarządzaniu finansami. "Rynek Terminowy" 2000.
  • Jaki A.: Maksymalizacja wartości jako cel przedsiębiorstwa i instrumenty jego realizacji. W: Zarządzanie finansami, biznes, bankowość i finanse na rynkach wschodzących. Red. D. Zarzecki. Uniwersytet Szczeciński, Szczecin 2005.
  • Jaki A.: Wycena przedsiębiorstwa. Przesłanki, procedury, metody. Oficyna Ekonomiczna, Kraków 2004.
  • Jakubowski J., Palczewski A., Rutkowski M., Stettner Ł.: Matematyka finansowa. Instrumenty pochodne. Wydawnictwa Naukowo-Techniczne, Warszawa 2003.
  • Janney J., Dess G.: Can Real-options Analysis Improve Decision-making? Promises and Pitfalls. , Academy of Management Executive" 2004, Vol. 18, No. 4.
  • Jensen K., Warren P.: The Use of Options Theory to Value Research in The Service Sector. "R&D Management" 2001, Vol. 31, No. 2.
  • Juan C., Olomos E., Casaus T., Perez J.: Concession Agreements in The Shipping Industry. 8th Annual Conference "Real Options. Theory Meets Practice", Montreal 2004, http://www.realoptions.org/abstracts_2004.html
  • Kaluza B., Blecker T., Bischof C.: Strategic Management in Converging Industries. Discussion Paper No. 9803, University of Klagenfurt, Klagenfurt 1998.
  • Kamrad B.: A Lattice Claims Model for Capital Budgeting. "IEEE Transactions on Engineering Management" 1995, Vol. 42, Issue 2.
  • Kelly K.: Nowe reguły nowej gospodarki. WIG Press, Warszawa 2001.
  • Kelly S.: A Binominal Lattice Approach for Valuing a Mining Property IPO. "The Quarterly Review of Economics and Finance" 1998, Vol. 38, Special Issue.
  • Kemna A.: Case studies on real options. W: Real Options and Investment Under Uncertainty. Red. E. Schwartz, L. Trigeorgis. The MIT Press, Cambridge, MA 2001.
  • Kemna A.: Case Studies on Real Options. "Financial Management" 1993, Vol. 22, Issue, 3.
  • Kensinger J.: Adding The Value of Active Management into The Capital Budgeting Equation. ,Midland Corporate Finance Journal" 1987, Vol. 5, No. 1.
  • Kester W.C.: Today's Options for Tomorrows Growth. "Harvard Business Review" 1984, Vol. 62, Issue 2.
  • Keuleneer L., Verhoog W: Recent Trends in Valuation. J. Wiley, Chichester 2003.
  • Kim D., Kogut B.: Technological Platforms and Diversification. "Organization Science" 1996, Vol. 7, No. 3.
  • Kogut B., Kulatilaka N.: Capabilities as Real Options. "Organization Science" 2001, Vol. 12, Issue 6.
  • Kogut B., Kulatilaka N: Operation Flexibility, Global Manufacturing, and The Option Value of a Multinational Network. .Management Science" 1994, Vol. 40, Issue 1.
  • Kogut B., Kulatilaka N.: Options Thinking and Platform Investments: Investing in Opportunity. "California Management Review" 1994, Vol. 36, Issue 2.
  • Kogut B., Zander U: Knowledge of The Firm, Combinative Capabilities, and The Replication of The Technology. "Organization Studies" 1992, Vol. 3 , No. 3.
  • Kogut B.: Joint Ventures and The Option to Expand and Acquire. "Management Science" 1991, Vol. 37, Issue 1.
  • Kolb R.W.: Futures, Options and Swaps. Blackwell Publishers, Maiden, MA 2002.
  • Kozarkiewicz-Chlebowska K.: Elastyczność projektów inwestycyjnych a wycena opcji rzeczowych. "Ekonomista" 2004, nr 4.
  • Kretzschmar G, Constantinou C.: Real Option Valuation of North Sea Oil Fields: The Impact of Taxation and Empirical Evidence. 9th Annual Conference "Real Options. Theory Meets Practice", Paris 2005. http://www.realoptions.org/abstracts_2005.html
  • Zarządzanie przedsiębiorstwem w turbulentnym otoczeniu. Red. B. Krupski. PWE, Warszawa 2005.
  • Zarządzanie strategiczne. Koncepcje - metody. Red. B. Krupski. Akademia Ekonomiczna, Wrocław 2007.
  • Kulatilaka N., Perotti E.: Strategic Growth Options. " Management Science" 1998, Vol. 44, Issue 8.
  • Kulatilaka N., Trigeorgis L.: The General Flexibility to Switch: Real Options Revisited. "International Journal of Finance" 1994, 6, No. 3.
  • Kulatilaka N.: The Value of Flexibility: The Case of Dual-fuel Industrial Stem Boiler, "Financial Management" 1993, Vol. 22, No. 3.
  • Kulatilaka N.: Valuing The Flexibility of Flexible Manufacturing Systems. "I.E.E.E. Transactions on Engineering Management" 1988, Vol. 35, No. 4.
  • Kumar R.: A Note on Project Risk and Option Values of Investments in Information Technology. "Journal of Management Information Systems" 1996, Vol. 13, No. 1.
  • Kylaheiko K., Sandstrom J., Virkkunen V.: Dynamic Capability View in Terms of Real Options. "International Journal of Production Economics" 2002, Vol. 80, No. 1.
  • Lai V.S., Trigeorgis L.: The Strategic Capital Budgeting Process: W Review of Theories and Practice. W: Real Options in Capital Investment. Models, Strategies, and Applications. Red. L. Trigeorgis. Praeger Publishers, Westport 1995.
  • Lambrecht B., Perraudin W.: Real Options and Preemption Under Incomplete Information. "Journal of Economic Dynamics & Control" 2003, Vol. 27, Issue 4.
  • Lander D., Pinches G.: Challenges to Practical Implementation of Modeling and Valuing of Real Options. "Quarterly Review of Economics & Finance" 1998, Vol. 38, Issue 4.
  • Lau R.: Strategic Flexibility: A New Reality for World-class Manufacturing. "SAM Advanced Management Journal" 1996, Vol. 2.
  • Laughton D., Jacoby F.L.: Reversion, Timing Options, and Long-term Decision-making. "Financial Management" 1993, Vol. 22, No. 3.
  • Laughton D.: The Management of Flexibility in The Upstream Petroleum Business. "The Energy Journal" 1998, Vol. 19, Issue 1.
  • Lautier D.: Valuation of an Oil Field Using Real Options and The Information Provided by The Term Structure of Interest Rates. 7th Annual Conference "Real Options. Theory Meets Practice", Washington 2003. http://www.realoptions.org/abstracts_2003.html
  • Leahy J.: Investment in Competitive Equilibrium: The Optimality of Myopic Behavior. "Quarterly Journal of Economics" 1993, Vol. 108, Issue 4.
  • Lee J., Paxson D.: Valuation of R&D Real American Sequential Exchange Options. "R&D Management" 2001, Vol. 31, No. 2.
  • Lint O., Pennings E.: R&D as an Option on Market Introduction. "R&D Management" 1998, Vol. 28, No. 4.
  • Loasby B.: The Organization of Capabilities. "Journal of Economic Behavior and Organization" 1998, Vol. 35, Issue 2.
  • Luehrman T: Investment Opportunities as Real Options: Getting Started on The Numbers. "Harvard Business Review" 1998 a, Vol. 76, Issue 4.
  • Luehrman T.: Strategy as a Portfolio of Real Options. "Harvard Business Review" 1998, Vol. 76, Issue 5.
  • Luehrman T.: What's it Worth? A General Manager Guide to Valuation. "Harvard Business Review" 1997, Vol. 75, No. 3.
  • Luenberger D.: Investment Science. Oxford University Press, New York 1998.
  • Lynn G., Morone J., Paulson A.: Marketing and Discontinuous Innovation: The Probe and Learn Process. "California Management Review" 1996, Vol. 38, No. 7.
  • MacMillan I., Van Putten A., McGrath R., Thompson J.: Using Real Options Logic for Highly Uncertain Technology Investments. "Research Technology Management" 2006, Vol. 49, Issue 1.
  • Madan D., Milne R., Shefrin H.: The Multinominal Option Pricing Model and Its Brownian and Poisson Limits. "The Review of Financial Studies" 1989, Vol. 2, No. 2.
  • Magalhes F., Montezano R., Brandao L.: Valuation of Onshore Mature Fields: The New Bidding Rounds in Brazil. 11th Annual Conference "Real Options. Theory Meets Practice" Berkeley, CA 2007. www.realoptions.org/abstracts_2007.html
  • Mahoney J., Pandjan R.: The Resource-based View within The Conversation of Strategic Management. "Strategic Management Journal" 1992, Vol. 13, No. 5.
  • Mahoney J.: The Management of Resources and The Resources of Management. "Journal of Business Research" 1995, Vol. 33, Issue 2.
  • Majd S., Pindyck R.S.: Time to Build, Option Value and Investment Decision. "Journal of Financial Economics" 1987, Vol. 18, No. 1.
  • Marcinek K.: Finansowa ocena przedsięwzięć inwestycyjnych przedsiębiorstw. Akademia Ekonomiczna, Katowice 1997.
  • Marcinek K.: Ryzyko projektów inwestycyjnych. Akademia Ekonomiczna, Katowice 2001.
  • Margrabe W.: The Value of an Option to Exchange one Asset for Another. "Journal of Finance" 1978, Vol. 33, No. 1.
  • Marshall J.F.: Futures and Options Contracting - Theory and Practice. Cincinnati, Ohio 1989.
  • Mason S.P., Merton R.C.: The Role of Contingent Claims Analysis in Corporate Finance. W: Recent Advances in Corporate Finances. Red. E. Altaian, M. Subrahmanyam. Irwin, Homewood, IL.
  • Maubassin M., Hiler J.: Rational Exuberance? Research paper, Credit Swiss First Boston 1999. http://www.csfb.com
  • Mauer D., Triantis A.: Interactions of Corporate Financing Decisions and Investment Decisions: A Dynamic Framework. "The Journal of Finance" 1994, Vol. 49, Issue 4.
  • McCabe G, Sanderson G: Abandonment Value in Capital Budgeting: Another View, "Management Accounting" 1984, Vol. 65, Issue 1.
  • McDonald R.L.: Derivative Markets. Addison Wesley, Boston 2003.
  • McDonald R., Siegel D.: Investment and The Valuation of Firms when There is an Option to Shut Down. "International Economic Review" 1985, Vol. 26, Issue 2.
  • McDonald R., Siegel D.: The Value of Waiting to Invest. "Quarterly Journal of Economics" 1986, Vol. 101,No. 4.
  • McGrath R., Ferrier W, Mendelow A.: Real Options as Engines of Choice and Heterogeneity. .Academy of Management Review" 2004, Vol. 29 Issue 1.
  • McGrath R.: A Real Option Logic for Initiating Technology Positioning Investments. "Academy of Management Review" 1997, Vol. 22, No. 4.
  • McGrath R.: Falling Forward: Real Options Reasoning and Entrepreneurial Failure. "Academy of Management Review" 1999, Vol. 24, Issue 1.
  • McLaughlin R., Taggart R.: The Opportunity Cost of Using Excess Capacity. "Financial Management" 1992, Vol. 21, Issue 2.
  • Mechler-Bicher A., Ahnefeld: Valuing a Private Equity Venture Investment: The Case of B2B Marketplace Start-up. Proceedings of the 6th Annual Real Options Conference, Paphos, Cyprus 2002.
  • Merton R.: Theory of Rational Option Pricing. "Bell Journal of Economics and Management Science" 1973, Vol. 4, Issue 1.
  • Micalizzi A., Trigeorgis L.: Project Evaluation, Strategy, and Real Options. W: Options and Business Strategy. Red. L. Trigeorgis. RISK Books, London 1999.
  • Michalski M.: Zarządzanie przez wartość. Firma z perspektywy interesów właścicielskich. WIG Press, Warszawa 2001.
  • Mielus P: Rynek opcji walutowych w Polsce. K.E. LIBER, Warszawa 2002.
  • Miller L., Choi S., Park C: Using an Option Approach to Evaluate Korean Information Technology Infrastructure. "Engineering Economist" 2004, Vol. 49, Issue 3.
  • Miller L., Park C: A Learning Option Framework with Applications to Process Design and Capacity Planning, production & Operations Management" 2005, Vol. 14 Issue 1.
  • Miller M., Modigliani K.: Dividend Policy, Growth, and Valuation of Shares. "The Journal of Business" 1961, Vol. 34, No. 4.
  • Minsky M.: The Society of Mind. Simon and Schuster, New York 1985.
  • Mithofer D., Wesseler J., Waibel H.: Private Investments in Biodiversity Conservation. 9th Annual Conference 8th Annual Conference "Real Options. Theory Meets Practice", Montreal 2004. http://www.realoptions.org/abstracts_2004.html
  • Morck R.., Schwartz E., Strangeland D.: The Valuation of Forestry Resources under Stochastic Prices and Inventories. "Journal of Financial and Quantitative Analysis" 1989, Vol. 24, Issue 4.
  • Mosakowsky E., McKelvey B.: Predicting Rent Generation in Competence-based Competition. W: Competence-Based Strategic Management. Red. A. Hene, R. Sanchez. Wiley, Chichester 1997.
  • Mun J.: Applied Risk Analysis. Moving Beyond Uncertainty in Business. J. Wiley, Hoboken, NJ 2004.
  • Mun J.: Real Option Analysis. Tools and Techniques for Valuing Strategic Investments and Decision. J. Wiley, Hoboken, New Jersey 2002.
  • Mun J.: Real Options Analysis Course. J. Wiley, Hoboken, New Jersey 2003.
  • Musshoff O., Odening M.: Adoption of Organic Farming. 9th Annual Conference "Real Options. Theory Meets Practice", Paris 2005. http://www.realoptions.org//abstracts_2005.html
  • Myers S., Majd S.: Abandonment Value and Project Life. "Advances and Futures and Options Research" 1990, Vol. 4, Issue 1.
  • Myers S.: Determinants of Corporate Borrowing. "Journal of Financial Economics" 1977, Vol. 5, No. 2.
  • Myers S.: Finance Theory and Financial Strategy. "Interfaces" 1984, Vol. 14, Issue 1.
  • Nelson R., Winter S.: An Economic Theory of Evolutionary Change. Harvard University Press, Cambridge, MA 1982.
  • Nelson R., Winter S.: An Evolutionary Theory of Economic Change. Harvard University Press, Cambridge, MA, 1982.
  • Nichols N.: Scientific Management at Merck. "Harvard Business Review" 1994, Vol. 72, Issue 1.
  • Nichols N.: Scientific Management at Merck: an Interview with CFO Judy Lewent. "Harvard Business Review" 1994, Vol. 72, No. 1.
  • Nickerson D., Sullivan D.: Financial Innovation, Strategic Real Options and Endogenous Competition in Internet Banking. 7th Annual Conference "Real Options. Theory Meets Practice", Washington 2003 .http://www.realoptions.org/abstracts_2003 .html
  • Nita B.: Metody wyceny i kształtowania wartości przedsiębiorstwa. PWE, Warszawa 2007.
  • Nita B.: Wykorzystanie opcji rzeczywistych w zarządzaniu wartością przedsiębiorstwa. "Controlling i rachunkowość zarządcza" 2004, nr 5.
  • Nonaka I., Takeuchi H.: The Knowledge-Creating Company: How Japanese Companies Create the Dynamics of Innovation. Oxford University Press, Oxford 1995.
  • Nonaka I.: A Dynamic Theory of Organizational Knowledge Creation. "Organization Science" 1994, Vol. 5, Issue 1.
  • Obłój K.: Strategia organizacji. PWE, Warszawa 2007.
  • OECD Broadband Statistics, www.oecd.org/dataoecd/22/12/39574779.xls
  • OECD Communications Outlook, Paris 2003.
  • OECD Information Technology Outlook, Paris 2004.
  • Ottoo R.: Valuation of Corporate Growth Opportunities: A Real Options Approach. Garland Publishing 2000.
  • Paddock J., Siegel D., Smith J.,: Option Valuation of Claims on Real Assets: The Case of Offshore Petroleum Leases. "The Quarterly Journal of Economics" 1988, Vol. 103, Issue 3.
  • Pak D., Keppo J.: A Real Option Approach to Telecommunications Network Optimization. 8th Annual Conference "Real Options. Theory Meets Practice", Montreal 2004. http://www.realoptions.org/abstracts_2004.html
  • Pandza K., Horsburgh S., Gorton K., Poljnar A.: A Real Option Approach to Managing Resources and Capabilities. "International Journal of Operations and Production Management" 2003, Vol. 23, Issue 9.
  • Patel K., Paxson D.: Real Urban Development at Canary Whorf. W: Real Options. Evaluating Corporate Investment Opportunities in a Dynamic World. Red. S. Howell, A. Stark, D. Newton, D. Paxson, M. Cavus, J. Pereira, K. Patel. Prentice Hall, London 2001.
  • Pennings H., Lint L.: The Option Value of Advanced R&D. "European Journal of Operational Research" 1997, Vol. 103, No. 1.
  • Penrose E.: The Theory of The Growth of The Firm. J. Wiley, London 1959.
  • Pereira P., Rodrigues A., Armada M.: Optimal Timing for The Construction of an International Airport: An Application at Lisbon Airport. 10th Annual Conference "Real Options. Theory Meets Practice" New York 2006. http://www.realoptions.org//abstracts_2006.html
  • Perkins A. B., Perkins M.C.: The Internet Bubble. Harper Business, 2000.
  • Perlitz M., Peske T., Schrank R.: Real Options Valuation: The New Frontier in R&D Project Evaluation. "R&D Management" 1999, Vol. 29, No. 3.
  • Peteraf M.: The Cornerstones of Competitive Advantage: a Resource-base View. "Strategic Management Journal" 1993, Vol. 14, Issue 3.
  • Pimentel P., Azevedo-Pereira J.: High-speed Rail Transport Valuation. 11th Annual Conference "Real Options. Theory Meets Practice" Berkeley, CA 2007. http://www.realoptions.org/abstracts_2007.html
  • Pindyck R.: Investment of Uncertain Cost: An Application to The Construction of Nuclear Power Plants. W: Real Options and Investment Under Uncertainty. Red. E. Schwartz, L. Trigeorgis. The MIT Press, Cambridge, MA 2001.
  • Pindyck R.: Investments of Uncertain Cost. "Journal of Financial Economics" 1993, Vol. 34, Issue 4.
  • Pindyck R.: Irreversibility, Uncertainty, and Investment. "The Journal of Economic Literature" 1991, Vol. 29, Issue 3.
  • Pindyck R.: Irreversible Investment, Capacity Choice and The Value of The Firm. "American Economic Review" 1988, Vol. 78, Issue 5.
  • Polski rynek Internetu szerokopasmowego, www.rynek-ksiazki.pl/archiwum/tp_sa_nadal_rzadzi_15058.html.
  • Porchet A., Touzi N., Warin X.: Valuation of a Power Plant under Production Constraint. 10th Annual Conference "Real Options. Theory Meets Practice" New York 2006. http://www.realoptions.org/abstracts_2006.html
  • Porter M.: Competitive Advantage: Gaining and Sustaining Superior Performance. The Free Press, New York 1985.
  • Potts J.: The New Evolutionary Microeconomics: Complexity, Competence and Adaptive Behavior. Edward Algar, Northampton, MA 2000.
  • Prahalad C.K., Hamel G: The Core Competence of The Corporation, "Harvard Business Review" 1990, Vol. 68, Issue 3.
  • Priem P., Butler J.: Is The Resource-based View a Useful Perspective for Strategic Management Research? , Academy of Management Review" 2001, Vol. 26, Issue 1.
  • Purvis A., Boggess W., Moss C, Holt J.: Technology Adoption Decision under Irreversibility and Uncertainty: An Ex Ante Approach. , American Journal of Agricultural Economics" 1995, Vol. 77, Issue 3.
  • Quigg L.: Empirical Testing of Real Option-pricing Models. "Journal of Finance" 1993, Vol. 48, No. 2.
  • Quintas P. Cyt. za: Open Eye: Head Back to The Business Cafe. "The Independent" 1999, London, February 4.
  • Radcliffe R.C.: Investment: Concept, Analysis, Strategy. New York 1994.
  • Rajgopal S., Kotha S., Venkatachalam M.: The Relevance of Web Traffic for Internet Stock Prices. Working paper, 2000. (http://www.sssrn.com)
  • Ramirez W, Hermantzis F., Tanguturi V: Deployment of Wi-Fi Networks in Enterprise Market: An Application in Wireless Data Services. 10th Annual Conference "Real Options. Theory Meets Practice" New York 2006. http://www.realoptions.org//abstracts_2006.html
  • Rao R., Martin J.: Another Look at The Use of Option Pricing Theory to Evaluate Real Asset Investment Opportunities. "Journal of Business Finance & Accounting" 1981, Vol. 8, Issue 3.
  • Raport o stanie rynku telekomunikacyjnego - rok 2004. Urząd Regulacji Telekomunikacji i Poczty 2004.
  • Raport Roczny UKE, Warszawa 2006.
  • Rappaport A.: Selecting Strategies That Create Value. "Harvard Business Review" 1981, Vol. 59, Issue 3.
  • Readleman R., Barter B.: Two-State Option Pricing. "Journal of Finance" 1979, Vol. 24.
  • Remer S., Ang A., Baden-Fuller H.: Dealing with Uncertainties in The Biotechnology Industry: The Use of Real Options Reasoning. "Journal of Commercial Biotechnology" 2001, Vol. 8, No. 2.
  • Residential Broadband Forecast. Technology Futures, Austin, Texas 2002.
  • Reuer J., Leiblein L.: Downside Risk Implications of Multinationality and Joint Ventures. "Academy of Management Journal" 2000, Vol. 43, No. 2.
  • Reuer J., Tong T: Corporate Investment Decisions and The Value of Growth Options. Proceeding of the 8th Annual Conference "Real Options. Theory Meets Practice", Montreal 2004.
  • Robichek A., Van Hörne J.: Abandonment Value and Capital Budgeting. "Journal of Finance" 1967, Vol. 22, Issue 4.
  • Robinson D., Stuart T: Financial Contracting in Biotech Strategies Alliances. 6th Annual Conference "Real Options. Theory Meets Practice", Paphos, Cyprus, 2002. http://www.realoptions.org/abstracts_2002.html
  • Rogowski W.: Rachunek efektywności przedsięwzięć inwestycyjnych. Oficyna Ekonomiczna, Kraków 2004.
  • Rokita J.: Organizacja ucząca się - model uczenia się konkurentów. W: Przedsiębiorstwo przyszłości - wizja strategiczna. Red. W. Grudzewski, I. Hejduk. Difin, Warszawa 2002.
  • Rokita J.: Zarządzanie strategiczne. Tworzenie i utrzymywanie przewagi konkurencyjnej. PWE, Warszawa 2005.
  • Romanowski M.: Charakter prawny kontraktu opcyjnego. "Przegląd Prawa Handlowego" 1997, nr 11.
  • Rose S.: Valuation of Interacting Real Options in a Tallroad Infrastructure Project. "The Quarterly Review of Economics and Finance" 1998, Vol. 38, Special Issue.
  • Rubio G., Lamoth P.: Real Options in Firm Valuation: Empirical Evidence from European Biotech Firms. 10th Annual Conference "Real Options. Theory Meets Practice" New York 2006. http://www.realoptions.org/abstracts_2006.html
  • Rudny W: Metoda opcji rzeczowych jako przykład nowego podejścia do problemu oceny opłacalności przedsięwzięć inwestycyjnych. "Współczesne Zarządzanie" 2007, nr 4.
  • Rudny W.: Wykorzystanie opcji realnych do oceny projektów inwestycyjnych przedsiębiorstwa. Zarządzanie wartością przedsiębiorstwa a alokacja kapitału. Red. J. Bieliński. CeDeWu, Warszawa 2004.
  • Rudny W: Real Options and Managerial Flexibility in a Knowledge-Based Competitive Environment. Zarządzanie rozwojem organizacji w społeczeństwie informacyjnym. Red. A. Stabryła. Uniwersytet Ekonomiczny, Kraków 2008.
  • Rudny W.: Opcje realne i teoria gier. W: Zarządzanie strategiczne w przedsiębiorstwie. Red. J. Rokita. "Studia Ekonomiczne" 2006, nr 37.
  • Rumelt, R.R: Towards a Strategic Theory of the Firm. W: Competitive Strategic Management. Red. R.B. Lambrecht. Prentice-Hall 1984.
  • Rutkowski A.: Aktualne problemy wyceny przedsiębiorstwa. "Przegląd Organizacji" 2002, nr 10.
  • Rynek telekomunikacyjny w Polsce - 2001. Raport MSG Media. Słownik języków obcych. Red. Z. Rysiewicz. Warszawa 1961.
  • Sachdeva K., Vandenberg P.: Valuing the Abandonment Option in Capital Budgeting - An Option Pricing Approach, "Financial Practice and Education" 1993, Vol. 3, No. 2.
  • Sahlman W.: Aspects of Financial Contracting in Joint Venture Capital. "Journal of Applied Corporate Finance' 1988, Vol. 1, No. 2.
  • Sambamurthy V., Bharadway A., Grover V: Shaping Agility Through Digital Options: Reconceptualizing The Role of Information Technologies in Contemporary Firms. "MIS Quarterly" 2003, Vol. 27.
  • Samis M.: Multi-zone Mine Valuation. 5th Annual Conference "Real Options. Theory Meets Practice", Los Angeles 2001, http://www.realoptions.org/abstracts_2001.html
  • Samuelson P.: Rational Theory of Warrant Price. "Industrial Management Review" 1965, Vol. 6, Issue 2.
  • Sanchez R., Sudharsan D.: Real-time Market Research : Learning-by-doing in The Development of New Product. "Marketing and Intelligence Planning" 1993, Vol. 11, August.
  • Sanchez R.: Strategic Flexibility in Product Competition. "Strategic Management Journal" 1995, Vol. 16, Special Summer Issue.
  • Saphores J.-D., Boarnet M.: Investing in Transportation Infrastructure under Uncertainty. 8th Annual Conference "Real Options. Theory Meets Practice", Paris 2005. http://www.realoptions.org/abstracts_2004.html
  • Schilling M.: Technological Lockout: An Integrative Model of The Economic and Strategic Factors Driving Technology Success and Failure. "Academy of Management Review" 1998, Vol. 23, Issue 2.
  • Schnabel J.: Uncertainty and Abandonment. "Engineering Economist" 1993, Vol. 37.
  • Schoemaker P.: Strategy, Complexity and Economic Rent. "Management Science" 1990, Vol. 36, No. 10.
  • Schwartz E., Moon M.: Rational Pricing of Internet Companies, "Financial Analyst Journal" 2000, May-June, Vol. 36, Issue 4.
  • Seppa T., Laamanen T.: Valuation of Venture Capital Investment: Empirical Investments. Working paper 2000. http://www.realoptions.org/papers/LaamanenSeppa.pdf
  • Sercu P., Uppal R.: International Capital Budgeting Using Option Pricing Theory. "Managerial Finance" 1994, Vol. 20, no. 8.
  • Sercu P., Uppal R.: International Financial Markets and The Firm. South-Western College Publishing, Cincinatt, OH 1995.
  • Shapiro A.C.: Multinational Financial Management. Prentice Hall, Englewood Cliffs, NJ, 1996.
  • Shapiro A.: The Theory of Business Strategy. "RAND Journal of Economics" 1989, Vol. 20, No. 1.
  • Shiller R. J.: Irrational Exuberance. Princeton University Press, Princeton 2000.
  • Sick G.: Capital Budgeting with Real Options. Monograph Series. Finance and Economics. Salomon Brothers Center, New York University, New York.
  • Siegel D., McDonald R.: The Value of Waiting to Invest. "Quarterly Journal of Economics" 1986, Vol. 101, Issue 4.
  • Sierpińska M., Jachna T.: Ocena przedsiębiorstwa według standardów światowych. Wydawnictwo Naukowe PWN, Warszawa 2004.
  • Sierpińska M., Niedbał B.: Controlling operacyjny w przedsiębiorstwie. Wydawnictwo Naukowe PWN, Warszawa 2003.
  • Słownik języka polskiego. T. 1. Red. M. Szymczak. PWN, Warszawa 1979.
  • Smit H.N., Trigeorgis L.: Growth Options, Competition and Strategy: An Answer to The Market Valuation Puzzle? W: Options and Business Strategy. Red. L. Trigeorgis. RISK Books, London 1999.
  • Smit H., Ankum L.: An Real Options and Game-theoretic Approach to Corporate Investment Strategy under Competition, "Financial Management", Vol. 22, No. 3.
  • Smit H., Trigeorgis L.: Quantifying The Strategic Option Value of Technology Investments. Proceedings of the 8 7,1 Annual International Conference "Real Options. Theory meets Practice" Montreal, Canada 2004, June.
  • Smit H.: Acquisition Strategies as Option Games. "Journal of Applied Corporate Finance" 2001, Vol. 14, Issue 2.
  • Smit H.: Investment Analysis of Offshore Concessions in The Netherlands, financial Management" 1993, Vol. 26, No. 2.
  • Smit T, Ankum L.: A Real Options and Game Theoretic Approach to Corporate Investment Strategy Under Competition. "Financial Management" 1993, Vol. 22, Issue 3.
  • Smith G: Option Pricing: A Review. "Journal of Financial Economics" 1976, Vol. 3, Issue 1/2.
  • Smith J., McCardle K.: Valuing Oil Properties: Integrating Option Pricing and Decision Analysis Approaches. "Operations Research" 1998, Vol. 46, No. 2.
  • Smith J., Nau R.: Valuing Risky Projects: Option Pricing Theory and Decision Analysis. "Management Science" 1995, Vol. 41, No. 5.
  • Smith K., Triantis A.: Untapped Options for Creating Value in Acquisitions. "Mergers and Acquisitions" 1994, Vol. 29, Issue 3.
  • Smith T., McCardle K.: Valuing Oil Properties: Integrating Option Pricing and Decision Analysis Approach. "Operations Research" 1998, Vol. 46, No. 2, Mar-Apr.
  • Sodal S., Koekebakker S., Aadland R.: Market Switching Options for Shipping Carriers. 8th Annual Conference "Real Options. Theory Meets Practice", Paris 2005. http://www.realoptions.org/abstracts_2004.html
  • Sodal S., Koekebakker S., Adland R.: Market Efficiency and Switching Markets in Shipping under Freight Rate Uncertainty. 10th Annual Conference "Real Options. Theory Meets Practice" New York 2006. http://www.realoptions.org/abstracts_2006.html
  • Sodal S.: Timing and Scaling Options for Market Power with Application to Real Estate: When and How Much to Invest. 6th Annual Conference "Real Options. Theory Meets Practice", Paphos, Cyprus, 2002. http://www.realoptions.org/abstracts_2002.html
  • Soroczyński S., Stachowicz J.: Kontrakty futures i opcje. Kantor Wydawniczy Zakamycze, Kraków 1994.
  • Spence M.: Investment, Strategy and Growth in a New Market. "Bell Journal of Economics" 1981, Vol. 10, Issue 1.
  • Spender J. C: Organizational Knowledge, Learning and Memory: Three Concepts in Search of a Theory. "Journal of Organizational Change" 1996, Vol. 9, No. 1.
  • Stalk G, Evans P., Shulman E.: Competing on Capabilities: The New Rules of Corporate Strategy. "Harvard Business Review" 1992, Vol. 70, Issue 2.
  • Stark A.: DixPin Biotech Pic - a Simple Example of a Binary Option. W: Real Options. Evaluating Corporate Investment Opportunities in a Dynamic World. Red. S. Howell, A. Stark, D. Newton, D. Paxson, M. Cavus, J. Pereira, K. Patel. Prentice Hall, London 2001.
  • Staw B.: The Escalation of Commitment to a Chosen Course of Action. "Academy of Management Review" 1981, Vol. 6, No. 4.
  • Stulz R.: Option on the Minimum or The Maximum of Two Risky Assets: Analysis and Applications. "Journal of Financial Economics" 1982, Vol. 10, Issue 2.
  • Sullivan K., Chalasani P., Jha S.: Software Design Decisions as Real Options. Technical Report, Carnegie Mellon University, Pittsburgh 1997.
  • Takashima R., Naito Y, Kimure H., Madarame H.: Investment in Electricity Markets: Equilibrium Price and Aupply Function. 11th Annual Conference ,"Real Options. Theory Meets Practice" Berkeley, CA 2007. www.realoptions.org/abstracts_2007.html
  • Taudes A., Feurstein M., Mild A.: Option Analysis of Software Platform Decisions. "MIS Quarterly" 2000, Vol. 24, No. 2.
  • Taudes A., Feurstein M., Mild A.: Options Analysis of Software Platform decisions: A Case Study. "MIS Quarterly" 2000, Vol. 24, No. 2.
  • Taudes A.: Software Growth Options. "Journal of Management Information Systems" 1998, Vol. 15, Issue 1.
  • Teece D., Pisano G., Shuen A.: Dynamic Capabilities and Strategic Management. "Strategic Management Journal" 1997, Vol. 18, Issue 7.
  • Teisburg E.: An Option Valuation Analysis of Investment Choices by a Regulated Firm. "Management Science" 1994, Vol. 40, No. 4.
  • The Contribution of Real Options Theory to The Flexibility Management in Media Companies. www.tkkkfi/mediagroup5WMRC%20PAPERS/
  • Titman S., Martin J.: Valuation. The Art and Science of Corporate Investment Decisions. Pearson. Addison Wesley, Boston 2008.
  • Titman S.: Urban Land Prices under Uncertainty. "American Economic Review" 1985, Vol. 75, Issue 3.
  • Titman S.: Urban Land Prices under Uncertainty. W: Real Options and Investment Under Uncertainty. Red. E. Schwartz, L. Trigeorgis. The MIT Press, Cambridge, MA 2001.
  • Tiwana A.: The Knowledge Management Toolkit. The Knowledge Management Toolkit. Orchestrating IT, Strategy, and Knowledge Platforms. Prentice Hall PTR, Upper Saddle River, NJ 2002.
  • Słownik wyrazów obcych. Red. J. Tokarski. Warszawa 1971.
  • Tollison R: Rent Seeking: A Survey. "Kyklos" 1982, Vol. 35.
  • Triantis A, Hodder J.: Valuing Flexibility as a Complex Option. "Journal of Finance" 1990, Vol. 45, Issue 2.
  • Trigeorgis L., Kulatilaka N: The General Flexibility to Switch. W: Real Options and Investment under Uncertainty. Red. E. Schwartz, L. Trigeorgis. MIT Press, Cambridge, Mass, 2001.
  • Trigeorgis L., Mason S.: Valuing Managerial Flexibility. "Midland Corporate Finance Journal" 1987, Vol. 5, No. 1.
  • Trigeorgis L.: Real Options: Managerial Flexibility and Strategy in Resource Allocation. MIT Press, Cambridge, MA 1977.
  • Trigeorgis L.: A Conceptual Options Framework for Capital Budgeting. .Advances in Futures and Options Research" 1988, Vol. 2, No. 1.
  • Trigeorns L.: A Real Options-Application in Natural-resource Investments. W: Real Options and Investment Under Uncertainty. Red. E. Schwartz, L. Trigeorgis. The MIT Press, Cambridge, MA 2001.
  • Trigeorgis L.: Real Options: A Primer. W: The New Investment Theory of Real Options and its Implications for Telecommunications Economics. Red. J. Alleman, E. Noam. Kluwer Academic Publishers, Boston, MA 1999.
  • Trigeorgis L.: The Nature of Options Interactions and The Valuation of Investments with Multiple Real Options. "Journal of Financial and Quantitative Analysis" 1993, Vol. 28, Issue 1.
  • Truman B., Wong M., Zhang X.: The Eyeballs Have It: Searching for The Value of Internet Stocks. Working paper 2000. http://www.sssrn.com
  • Tushman M., Anderson P.: Technological Discontinuities and Organizational Environments. "Administrative Science Quarterly" 1986, Vol. 31, Issue 3.
  • Tyre M., Orlikowski W.: Windows of Opportunity: Temporal Patterns of Technological Adaptation in Organizations. "Organization Science" 1994, Vol. 5, No. 98.
  • Upton D.: The Management of Manufacturing Flexibility. "California Management Review" 1994, Vol. 36, No. 2.
  • Urbanek G: Opcje realne w wycenie aktywów materialnych. ,.Przegląd Organizacji" 2005, nr 3.
  • Van de Ven A., Polley D., Garud R., Venkatamaran S.: The Innovation Journey. Oxford University Press, New York 1999.
  • Verona G.: A Resource-based View of Product Development. "Academy of Management Review" 1999, Vol. 24, No. 1.
  • Vollert A.: A Stochastic Control Framework for Real Options in Strategic Evaluation. Birkhäuser, Boston 2003.
  • von Neumann J., Morgenstern O.: Theory of Games and Economic Behavior. Princeton University Press, Princeton, New Jersey 1944.
  • Wang T., De Neufville R.: Real Options "in" Projects. 9th Real Options Conference, Paris, 2005, June.
  • Weeds H.: The Pricing of Options and Corporate Liabilities: Strategic Delay in Real Options Model of R&D Competition. , Review of Economic Studies" 2002, Vol. 69, Issue 240.
  • Weir G.: Valuation of Petroleum Leases. 9th Annual Conference "Real Options. Theory Meets Practice", Paris 2005. http://www.realoptions.org/abstracts_2005.html
  • Wernerfeit B.: A Resource-based View of The Firm. "Strategic Management Journal" 1984, Vol. 5, No. 2.
  • Wernerfeit B.: From Critical Resources to Corporate Strategy. "Journal of General Management" 1989, Vol. 14, Issue 3.
  • Wiaderek G.: Umowa opcyjna - konstrukcja prawna. "Glossa" 1999, nr 3.
  • Williamson O.: Strategy Research: Governance and Competence Perspectives. "Strategic Management Journal" 1999, Vol. 20, Issue 12.
  • Williamson P.: Strategy as Options on The Future. "Sloan Management Review" 1999, Vol. 40, Issue 3.
  • Willner R.: Valuing Start-up Growth Options. W: Real Options in Capital Investment. Models, Strategies, and Applications. Red. L. Trigeorgis. Praeger Publishers, Westport 1995.
  • Willner R.: Valuing Start-Up Venture Growth Option. W: Real Options in Capital Investments. Red. L. Trigoergis. Praeger Publishers, Westport 1995.
  • Wiśniewski T.: Inwestycje kapitałowe w niepewnym otoczeniu. ,przegląd Organizacji" 2003, nr 11.
  • Wiśniewski T.: Poszerzona ocena inwestycji. W: Zarządzanie finansami - współczesne tendencje w teorii i praktyce. Red. D. Zarzecki. Uniwersytet Szczeciński, Szczecin 2000.
  • Woźniak-Sobczak B.: Łańcuch tworzenia wartości dodanej przedsiębiorstwa. Akademia Ekonomiczna, Katowice 2007.
  • Wykorzystanie technologii informacyjno-telekomunikacyjnych w gospodarstwach domowych przez osoby prywatne w roku 2007, GUS, www.stat.gov.pl/gus//45_3730_PLK_HTML.htm
  • Yao H., Pretorius F.: Empirical Testing of Real Options in The Hong Kong Residential Real Estate Market. 8th Annual Conference "Real Options. Theory Meets Practice", Montreal 2004. http://www.realoptions.org/abstracts_2004.html
  • Zack M.: Managing Codified Knowledge. "Sloan Management Review" 1999, Vol. 40, Issue 4.
  • Zahra S., George G.: Absorptive Capacity: A Review, Reconceptualization, and Extension. "Academy of Management Review" 2002, Vol. 27, No. 2.
  • Zarzecki D.: Metody wyceny przedsiębiorstw. Fundacja Rozwoju Rachunkowości, Warszawa 1999.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000162396809

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.