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Author: Volodymyr Babich Publisher: ISBN: Category : Languages : en Pages :
Book Description
Many owners of growing privately-held firms make operational and financial decisions in an effort to maximize the expected present value of the proceeds from an Initial Public Offering (IPO). We ask: What is the right time to make an IPO and How should operational and financial decisions be coordinated to increase the likelihood of a successful IPO Financial and operational decisions in this problem are linked because adequate financial capital is crucial for operational decisions to be feasible and operational decisions affect the firm's access to financial resources. The IPO event is treated as a stopping time in an infinite-horizon discounted Markov decision process. Unlike traditional stopping time models, at every stage the model includes other decisions such as production, sales and loan size. The results include (1) characterization of an optimal capacity-expansion policy, (2) sufficient conditions for a monotone threshold rule to yield an optimal IPO decision, and (3) algorithmic implications of results in (1) and (2).
Author: Volodymyr Babich Publisher: ISBN: Category : Languages : en Pages :
Book Description
Many owners of growing privately-held firms make operational and financial decisions in an effort to maximize the expected present value of the proceeds from an Initial Public Offering (IPO). We ask: What is the right time to make an IPO and How should operational and financial decisions be coordinated to increase the likelihood of a successful IPO Financial and operational decisions in this problem are linked because adequate financial capital is crucial for operational decisions to be feasible and operational decisions affect the firm's access to financial resources. The IPO event is treated as a stopping time in an infinite-horizon discounted Markov decision process. Unlike traditional stopping time models, at every stage the model includes other decisions such as production, sales and loan size. The results include (1) characterization of an optimal capacity-expansion policy, (2) sufficient conditions for a monotone threshold rule to yield an optimal IPO decision, and (3) algorithmic implications of results in (1) and (2).
Author: Jason Draho Publisher: Edward Elgar Publishing ISBN: 9781781008782 Category : Business & Economics Languages : en Pages : 400
Book Description
Annotation Initial public offerings (IPOs) garnered unprecedented positive attention in the 1990s for their spectacular returns and central role in entrepreneurial activity. Subsequent revelations of unscrupulous IPO allocation and promotion practices cast a less fa.
Author: Lima Zhao Publisher: Springer ISBN: 3319766635 Category : Business & Economics Languages : en Pages : 192
Book Description
This textbook presents a coherent and robust structure for integrated risk management in the context of operations and finance. It explains how the operations-finance interface jointly optimizes material and financial flows under intricate risk exposures. The book covers financial flexibility, operational hedging, enterprise risk management (ERM), supply chain risk management (SCRM), integrated risk management (IRM), supply chain finance (SCF), and financial management of supply chain strategies. Both qualitative and quantitative approaches – including conceptualization, theory building, analytical modeling, and empirical research – are used to assess the value creation by integrating operations and finance. “This book provides a comprehensive description of the interactions between finance and operations and of how managers can best make decisions in recognition of these effects.” John R. Birge, University of Chicago“Supply chain finance is an emerging area where innovations can unlock great values to complement the advances in information and physical flows of supply chain.” Hau L. Lee, Stanford University“This book provides an excellent overview of supply chain finance and its most recent advances.” Jan A. Van Mieghem, Northwestern University“This book is indispensable for advanced students as well as practitioners when looking for a pedagogical sound and scientific rigorous approach to Supply Chain Finance.” Ralf W. Seifert, IMD/EPFL“The book advances our knowledge on the interface between operations and finance and provides managerial guidelines for effective risk management in the supply chain.” Xiande Zhao, CEIBS
Author: SeChan Oh Publisher: Stanford University ISBN: Category : Languages : en Pages : 159
Book Description
Optimal stopping problems determine the time to terminate a process to maximize expected rewards. Such problems are pervasive in the areas of operations management, marketing, statistics, finance, and economics. This dissertation provides a method that characterizes the structure of the optimal stopping policy for a general class of optimal stopping problems. It also studies two important optimal stopping problems arising in Operations Management. In the first part of the dissertation, we provide a method to characterize the structure of the optimal stopping policy for the class of discrete-time optimal stopping problems. Our method characterizes the structure of the optimal policy for some stopping problems for which conventional methods fail. Our method also simplifies the analysis of some existing results. Using the method, we determine sufficient conditions that yield threshold or control-band type optimal stopping policies. The results also help characterize parametric monotonicity of optimal thresholds and provide bounds for them. In the second part of the dissertation, we first generalize the Martingale Model of Forecast Evolution to account for multiple forecasters who forecast demand for the same product. The result enables us to consistently model the evolution of forecasts generated by two forecasters who have asymmetric demand information. Using the forecast evolution model, we next study a supplier's problem of eliciting credible forecast information from a manufacturer when both parties obtain asymmetric demand information over multiple periods. For better capacity planning, the supplier designs and offers a screening contract that ensures the manufacturer's credible information sharing. By delaying to offer this incentive mechanism, the supplier can obtain more information. This delay, however, may increase (resp., or decrease) the degree of information asymmetry between the two firms, resulting in a higher (resp., or lower) cost of screening. The delay may also increase capacity costs. Considering all such trade-offs, the supplier has to determine how to design a mechanism to elicit credible forecast information from the manufacturer and when to offer this incentive mechanism. In the last part of the dissertation, we study a manufacturer's problem of determining the time to introduce a new product to the market. Conventionally, manufacturing firms determine the time to introduce a new product to the market long before launching the product. The timing decision involves considerable risk because manufacturing firms are uncertain about competing firms' market entry timing and the outcome of production process development activities at the time when they make the decision. As a solution for reducing such risk, we propose a dynamic market entry strategy under which the manufacturer makes decisions about market entry timing and process improvements in response to the evolution of uncertain factors. We show that the manufacturer can reduce profit variability and increase average profit by employing this dynamic strategy. Our study also characterizes the industry conditions under which the dynamic strategy is most effective.
Author: Panos Kouvelis Publisher: John Wiley & Sons ISBN: 1118115791 Category : Business & Economics Languages : en Pages : 497
Book Description
A comprehensive, one-stop reference for cutting-edge research in integrated risk management, modern applications, and best practices In the field of business, the ever-growing dependency on global supply chains has created new challenges that traditional risk management must be equipped to handle. Handbook of Integrated Risk Management in Global Supply Chains uses a multi-disciplinary approach to present an effective way to manage complex, diverse, and interconnected global supply chain risks. Contributions from leading academics and researchers provide an action-based framework that captures real issues, implementation challenges, and concepts emerging from industry studies.The handbook is divided into five parts: Foundations and Overview introduces risk management and discusses the impact of supply chain disruptions on corporate performance Integrated Risk Management: Operations and Finance Interface explores the joint use of operational and financial hedging of commodity price uncertainties Supply Chain Finance discusses financing alternatives and the role of financial services in procurement contracts; inventory management and capital structure; and bank financing of inventories Operational Risk Management Strategies outlines supply risks and challenges in decentralized supply chains, such as competition and misalignment of incentives between buyers and suppliers Industrial Applications presents examples and case studies that showcase the discussed methodologies Each topic's presentation includes an introduction, key theories, formulas, and applications. Discussions conclude with a summary of the main concepts, a real-world example, and professional insights into common challenges and best practices. Handbook of Integrated Risk Management in Global Supply Chains is an essential reference for academics and practitioners in the areas of supply chain management, global logistics, management science, and industrial engineering who gather, analyze, and draw results from data. The handbook is also a suitable supplement for operations research, risk management, and financial engineering courses at the upper-undergraduate and graduate levels.
Author: Jian Li Publisher: Springer Science & Business Media ISBN: 1461405114 Category : Business & Economics Languages : en Pages : 216
Book Description
Risk management has become an essential issue in supply chain management, from the modeling of the decision maker's risk preference, and the studies on uncertain elements such as demand, supply, price, lead time, etc., to the consideration of more practical background including cash flow constraints, inventory financing and delayed cash payment. In this new volume, the authors provide a framework to study the interaction of various factors related to risk and their influence on supply chain management. The scope of areas covered includes operations management, decision analysis, and business administration. This book focuses on several key issues of risk management in supply chains. Specifically, an analysis framework is presented for studying the supplier selection problem and identifying the optimal sourcing strategy in a one-retailer two-suppliers supply chain with random yields. The optimal sourcing strategy of a retailer and the pricing strategies of two suppliers under an environment of supply disruption are investigated. Besides, the authors study the dynamic inventory control problems with cash flow constraints, financing decisions as well as delayed cash payment. In addition, originating from the annual international iron ore price negotiation, the authors model the bargaining process to deal with the risk of wholesale price in the game analysis context. Within the three perspectives of risk management in supply chains, the modeling of decision maker's risk preference has been extensively studied and many results have been obtained to guide the practice. However, the analysis on the other two kinds of topics is still in its infancy, and needs more efforts from academia. It is thus the ambition and innovation for this book to contribute on risk management in supply chains in the following ways: (1) characterizing the explicit sourcing strategy (i.e., single sourcing or dual sourcing) to deal with supply disruption risk; (2) introducing the concepts of financial risk measurement by incorporating cash flow constraints, inventory financing and delayed cash payment into inventory management models; and (3) providing insights for the iron ore price negotiation to help steel manufacturers handle the risk of price increase.
Author: Charles A. Ingene Publisher: Edward Elgar Publishing ISBN: 0857938606 Category : Business & Economics Languages : en Pages : 608
Book Description
Distribution channels are the most complex element of the marketing mix to fully grasp and to profitably manage. In this Handbook the authors present cutting-edge research on channel management and design from analytical, conceptual, and empirical perspectives. The breadth of this Handbook makes it appropriate for use in a doctoral course on distribution channels, or as a knowledge-broadening resource for faculty and researchers who wish to understand types of channels research that are outside the scope of their own approach to distribution.
Author: Tim Meierkord Publisher: GRIN Verlag ISBN: 3668367493 Category : Business & Economics Languages : en Pages : 23
Book Description
Seminar paper from the year 2016 in the subject Business economics - Investment and Finance, grade: 1,7, University of Applied Sciences Essen, language: English, abstract: Companies all over the world need liquid assets to start, grow or save their businesses. There are several options for companies to get access to these assets, such as the classical use of revenues or to raise a credit at a bank. But these options are maybe not sufficient enough or limited in time. To reach their goals companies can raise the funds in the capital market through an initial public offering. Due to the advancing globalization and digitalization companies theoretically can gather money through the IPO from all over the world. As the IPO is considered to be one of the most significant events in the life cycle of companies a profound analysis of the advantages and disadvantages of IPOs is needed to be conducted by the companies.
Author: Roderick Macdonald Publisher: Springer Nature ISBN: 303049974X Category : Business & Economics Languages : en Pages : 147
Book Description
This Palgrave Pivot provides an introduction to the economy and business environment of Vietnam, a member of the ASEAN Economic Community whose economy is rapidly growing. The introduction argues that though there may be perceived disadvantages in investing in Vietnam, there are a number of benefits as well, such as the country's openness to trade and foreign direct investment, the increasing ease of doing business there and the dynamism of the economy. The book then provides an overview of Vietnam's economic policy since 1975, covering reunification, attempts at a command economy, and finally renovation under Doi Moi Policy. Further chapters cover the expansion of the private sector, interest in foreign investment, and the peculiarities of marketing and finance in Vietnam. As an edited volume with chapters written by Vietnamese scholars across economics, history, and business, this book is critical reading for researchers studying Vietnam and other Asian economies and for businesses interested in expanding into that market.
Author: Volodymyr Babich
Author: Volodymyr Babich
Author: Jason Draho
Author: Lima Zhao
Author: 
Author: SeChan Oh
Author: Panos Kouvelis
Author: Jian Li
Author: Charles A. Ingene
Author: Tim Meierkord
Author: Roderick Macdonald