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Author: Thomas Sowell Publisher: Hoover Press ISBN: 0817992669 Category : Political Science Languages : en Pages : 284
Book Description
Sowell challenges all the assumptions of contemporary liberalism on issues ranging from the economy to race to education in this collection of controversial essays, and captures his thoughts on politics, race, and common sense with a section at the end for thought-provoking quotes.
Author: Thomas Sowell Publisher: Hoover Press ISBN: 0817992669 Category : Political Science Languages : en Pages : 284
Book Description
Sowell challenges all the assumptions of contemporary liberalism on issues ranging from the economy to race to education in this collection of controversial essays, and captures his thoughts on politics, race, and common sense with a section at the end for thought-provoking quotes.
Author: Yuanyun Kang Publisher: Diplomica Verlag ISBN: 3836677415 Category : Business & Economics Languages : en Pages : 91
Book Description
How can you evaluate a potential investment if there are several possibilities to change the course of action in the future depending on different emerging situations? And even more challenging: How can you do so if you cannot come up with point estimates - but you have to use several ranges of input values? Both - managerial flexibility as well as so called continuous uncertainty - are highly relevant as they reflect most of the investment decisions realistically. But if you apply standard valuation techniques like a simple Discounted Cash Flow model, the computed value will be significantly distorted, potentially prompting you to make a wrong decision. Given the practical urgent need for a suitable valuation technique, the real option valuation approach was developed as an advanced valuation approach. It follows a non-trivial but doable four-step process, quantifying the value of investments in situations of managerial flexibility and continuous uncertainty. While real option valuation is considered to be an opaque technique, Ms. Kang proves that it can be explained in an understandable way, even for someone approaching the matter with limited or no prior exposure to the topic. The author outlines the major issues of current product innovation valuation with traditional valuation techniques. On the basis of this analysis she explains the basic concepts of valuing product innovation through the use of real option valuation. Supported by a few practical examples the author clarifies how to value different types of real options. So based on the actual Financial Statement 2006 of Research In Motion (RIM), the author develops a sample 5-year business plan for the product innovation of BlackBerry 9900. This is done through the highly advanced model of Binomial Trees. Overall with this thesis, you'll get a head-start into one of the more advanced management tools - the real option valuation.
Author: Kaveh Sheibani Publisher: ORLAB Analytics ISBN: Category : Business & Economics Languages : en Pages : 81
Book Description
Supporting investment profitability analysis and decision-making with real option analysis is an issue of increasing interest among both practitioners and managers. This special issue of the Journal of Applied Operational Research (JAOR) presents some new progress in applying real option analysis and valuation to real world problems in a number of industries.
Author: Danny Cassimon Publisher: International Monetary Fund ISBN: Category : Business & Economics Languages : en Pages : 54
Book Description
Developing countries have recently proved reluctant to participate in sovereign debt moratoria and debt relief initiatives. We argue that debtors' (non-)participation decisions can be understood through the lens of real options. Eligible countries compare the net benefits of participating in a debt relief initiative now with the value of waiting to potentially execute their participation option later, when they may have more information on the benefits and costs. We corroborate the real option framing with anecdotal evidence and through a survival analysis that exploits cross-country and time variation in the requests to participate in the Debt Service Suspension Initiative (DSSI), which provided temporary debt moratoria during the COVID-19 pandemic. Structured along the policy levers suggested by the real option framework, we discuss a number of ways in which participation in debt relief initiatives can be made more attractive to debtor countries.
Author: Marc Zajicek Publisher: diplom.de ISBN: 3832475753 Category : Business & Economics Languages : en Pages : 78
Book Description
Inhaltsangabe:Abstract: The objective of this dissertation is to examine the application of Real Options for the evaluation of companies with regard to acquisitions. There has been an intensive scientific discussion in the past years about the Real Options method for the evaluation of investments and mergers & acquisitions as in practice usually the management tries to capture future developments with static methods of capital budgeting. For example, future cash-flows are discounted with a fixed risk-adjusted discount rate. Therefore, the Real Options approach has been applied very rarely as it has the reputation of high complexity and poor practicability in daily business. However, the use of present values and capitalized values may produce pitfalls in acquisition decisions as strategic investment decisions might be characterized by a wide range of possibilities to react flexibly to a fast changing environment. In chapter 1, the term Mergers & Acquisitions (M&A) is defined and the motives as well as the relevance of M&A transactions for different branches are described in detail. Furthermore, the process and the different phases of a merger or an acquisition are explained. Chapter 2 presents traditional evaluation methods of static net present value, sensitivity analysis, Monte Carlo and decision tree. These classic methods are discussed and a comparison is drawn among these techniques in regard to practicability. At the end of this chapter, a evaluation is presented in regard to specific situations with the mayor parameter of uncertainty and flexibility for the application of these classic methods. The basic concept of option pricing is described in chapter 3. In addition, the Black-Scholes equation and the underlying assumptions are explained in detail in order to understand financial options, which are the basic for the Real Options approach. At the end of the chapter, an example of a call and put option is discussed in order to understand the functioning of options. Chapter 4 presents an introduction and definition of the Real Options method. Furthermore, the value drivers and the value creation due to the application of Real Options are discussed and analyzed in detail. After the discussion of the functioning of Real Options, a comparison of the analogy between financial Options and Real Options is done in order to possible differences. In this context, the limitations of the analogy of financial and Real Options are presented. Finally, [...]
Author: Thomas Sowell Publisher: Simon and Schuster ISBN: 1439107629 Category : Education Languages : en Pages : 567
Book Description
An indictment of the American educational system criticizes the fact that the system has discarded the traditional goals of transmitting knowledge and fostering cognitive skills in favor of building self-esteem and promoting social harmony.
Author: Bobby Azarian Publisher: BenBella Books ISBN: 1637740441 Category : Science Languages : en Pages : 321
Book Description
Why do we exist? For centuries, this question was the sole province of religion and philosophy. But now science is ready to take a seat at the table. According to the prevailing scientific paradigm, the universe tends toward randomness; it functions according to laws without purpose, and the emergence of life is an accident devoid of meaning. But this bleak interpretation of nature is currently being challenged by cutting-edge findings at the intersection of physics, biology, neuroscience, and information theory—generally referred to as “complexity science.” Thanks to a new understanding of evolution, as well as recent advances in our understanding of the phenomenon known as emergence, a new cosmic narrative is taking shape: Nature’s simplest “parts” come together to form ever-greater “wholes” in a process that has no end in sight. In The Romance of Reality, cognitive neuroscientist Bobby Azarian explains the science behind this new view of reality and explores what it means for all of us. In engaging, accessible prose, Azarian outlines the fundamental misunderstanding of thermodynamics at the heart of the old assumptions about the universe’s evolution, and shows us the evidence that suggests that the universe is a “self-organizing” system, one that is moving toward increasing complexity and awareness. Cosmologist and science communicator Carl Sagan once said of humanity that “we are a way for the cosmos to know itself.” The Romance of Reality shows that this poetic statement in fact rests on a scientific foundation and gives us a new way to know the cosmos, along with a riveting vision of life that imbues existence with meaning—nothing supernatural required.
Author: Umberto Eco Publisher: HMH ISBN: 0547545967 Category : Literary Criticism Languages : en Pages : 322
Book Description
A “scintillating collection” of essays on Disneyland, medieval times, and much more, from the author of Foucault’s Pendulum (Los Angeles Times). Collected here are some of Umberto Eco’s finest popular essays, recording the incisive and surprisingly entertaining observations of his restless intellectual mind. As the author puts it in the preface to the second edition: “In these pages, I try to interpret and to help others interpret some ‘signs.’ These signs are not only words, or images; they can also be forms of social behavior, political acts, artificial landscapes.” From Disneyland to holography and wax museums, Eco explores America’s obsession with artificial reality, suggesting that the craft of forgery has in certain cases exceeded reality itself. He examines Western culture’s enduring fascination with the middle ages, proposing that our most pressing modern concerns began in that time. He delves into an array of topics, from sports to media to what he calls the crisis of reason. Throughout these travels—both physical and mental—Eco displays the same wit, learning, and lively intelligence that delighted readers of The Name of the Rose and Foucault’s Pendulum. Translated by William Weaver
Author: Benoit Morel Publisher: Springer ISBN: 3030120619 Category : Business & Economics Languages : en Pages : 168
Book Description
This book sets out to reframe the theory of real options so that it can be used to support environmental investments for climate change adaptation and mitigation. Climate change policy often involves making decisions that concern extended time periods, and doing so under considerable uncertainty. By expanding and broadening the framework of real options, this book first introduces readers to new ways of quantifying investment decisions that can much more effectively address the shape and size of the uncertainty than traditional approaches using Net Present Value. In turn, the second part of the book applies this new theoretical framework to climate change policy by presenting a number of examples, and by providing a general perspective on investment decisions related to climate change and how to prioritize them.
Author: Thomas Sowell
Author: Thomas Sowell
Author: Yuanyun Kang
Author: Kaveh Sheibani
Author: Schiel, Carmen
Author: Danny Cassimon
Author: Marc Zajicek
Author: Thomas Sowell
Author: Bobby Azarian
Author: Umberto Eco
Author: Benoit Morel