Resources, real options, and corporate strategy
Author
Abstract
Suggested Citation
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Sanford J. Grossman & Richard E. Kihlstrom & Leonard J. Mirman, 1977. "A Bayesian Approach to the Production of Information and Learning By Doing," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 44(3), pages 533-547.
- Jovanovic, Boyan & MacDonald, Glenn M, 1994.
"Competitive Diffusion,"
Journal of Political Economy, University of Chicago Press, vol. 102(1), pages 24-52, February.
- Jovanovic, B. & Macdonald, G.M., 1988. "Competitive Diffusion," RCER Working Papers 160, University of Rochester - Center for Economic Research (RCER).
- Jovanovic, B. & MacDonald, G.M., 1991. "Competitive Diffusion," Papers 92-08, Rochester, Business - Financial Research and Policy Studies.
- Macdonald, G.M., 1988. "Competitive Diffusion," University of Chicago - Economics Research Center 88-10, Chicago - Economics Research Center.
- Jovanovic, Boyan & MacDonald, Glenn M., 1988. "Competitive Diffusion," Working Papers 88-29, C.V. Starr Center for Applied Economics, New York University.
- Boyan Jovanovic & Glenn MacDonald, 1993. "Competitive Diffusion," NBER Working Papers 4463, National Bureau of Economic Research, Inc.
- Gennotte, Gerard, 1986. "Optimal Portfolio Choice under Incomplete Information," Journal of Finance, American Finance Association, vol. 41(3), pages 733-746, July.
- Jovanovic, Boyan & MacDonald, Glenn M, 1994.
"The Life Cycle of a Competitive Industry,"
Journal of Political Economy, University of Chicago Press, vol. 102(2), pages 322-347, April.
- Jovanovic, B. & MacDonald, G.M., 1992. "The Life-Cycle of Competitive Industry," Papers 92-09, Rochester, Business - Financial Research and Policy Studies.
- Jovanovic, B. & MacDonald, G., 1993. "The Life Cycle of a Competitive Industry," Working Papers 93-34, C.V. Starr Center for Applied Economics, New York University.
- Boyan Jovanovic & Glenn MacDonald, 1993. "The Life-Cycle of a Competitive Industry," NBER Working Papers 4441, National Bureau of Economic Research, Inc.
- Zeira, Joseph, 1987. "Investment as a Process of Search," Journal of Political Economy, University of Chicago Press, vol. 95(1), pages 204-210, February.
- Jovanovic, Boyan, 1982. "Selection and the Evolution of Industry," Econometrica, Econometric Society, vol. 50(3), pages 649-670, May.
- Cochrane, John H., 2005.
"The risk and return of venture capital,"
Journal of Financial Economics, Elsevier, vol. 75(1), pages 3-52, January.
- Cochrane, John, 2000. "The Risk and Return of Venture Capital," University of California at Los Angeles, Anderson Graduate School of Management qt7qm9h594, Anderson Graduate School of Management, UCLA.
- John H. Cochrane, 2001. "The Risk and Return of Venture Capital," NBER Working Papers 8066, National Bureau of Economic Research, Inc.
- K. J. Arrow, 1971.
"The Economic Implications of Learning by Doing,"
Palgrave Macmillan Books, in: F. H. Hahn (ed.), Readings in the Theory of Growth, chapter 11, pages 131-149,
Palgrave Macmillan.
- Kenneth J. Arrow, 1962. "The Economic Implications of Learning by Doing," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 29(3), pages 155-173.
- Easley, David & Kiefer, Nicholas M, 1988. "Controlling a Stochastic Process with Unknown Parameters," Econometrica, Econometric Society, vol. 56(5), pages 1045-1064, September.
- Lang, Larry H P & Stulz, Rene M, 1994.
"Tobin's q, Corporate Diversification, and Firm Performance,"
Journal of Political Economy, University of Chicago Press, vol. 102(6), pages 1248-1280, December.
- Larry H.P. Lang & Rene M. Stulz, 1993. "Tobin's Q, Corporate Diversification and Firm Performance," NBER Working Papers 4376, National Bureau of Economic Research, Inc.
- Mueller, Dennis C, 1972. "A Life Cycle Theory of the Firm," Journal of Industrial Economics, Wiley Blackwell, vol. 20(3), pages 199-219, July.
- Schwartz, Eduardo S & Moon, Mark, 2001. "Rational Pricing of Internet Companies Revisited," The Financial Review, Eastern Finance Association, vol. 36(4), pages 7-25, November.
- Prescott, Edward C, 1972. "The Multi-Period Control Problem Under Uncertainty," Econometrica, Econometric Society, vol. 40(6), pages 1043-1058, November.
- Cynthia A. Montgomery & Birger Wernerfelt, 1988. "Diversification, Ricardian Rents, and Tobin's q," RAND Journal of Economics, The RAND Corporation, vol. 19(4), pages 623-632, Winter.
- Rafael Rob, 1991. "Learning and Capacity Expansion under Demand Uncertainty," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 58(4), pages 655-675.
- Hopenhayn, Hugo A, 1992. "Entry, Exit, and Firm Dynamics in Long Run Equilibrium," Econometrica, Econometric Society, vol. 60(5), pages 1127-1150, September.
- Montgomery, Cynthia A. & Hariharan, S., 1991. "Diversified expansion by large established firms," Journal of Economic Behavior & Organization, Elsevier, vol. 15(1), pages 71-89, January.
- Matthew F. Mitchell, 2000. "The Scope and Organization of Production: Firm Dynamics Over the Learning Curve," RAND Journal of Economics, The RAND Corporation, vol. 31(1), pages 180-205, Spring.
- Berger, Philip G. & Ofek, Eli, 1995. "Diversification's effect on firm value," Journal of Financial Economics, Elsevier, vol. 37(1), pages 39-65, January.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Stowe, John D. & Xing, Xuejing, 2006. "Can growth opportunities explain the diversification discount?," Journal of Corporate Finance, Elsevier, vol. 12(4), pages 783-796, September.
- Shibata, Takashi, 2009. "Investment timing, asymmetric information, and audit structure: A real options framework," Journal of Economic Dynamics and Control, Elsevier, vol. 33(4), pages 903-921, April.
- Bernardo, Antonio E. & Luo, Jiang & Wang, James J.D., 2006. "A theory of socialistic internal capital markets," Journal of Financial Economics, Elsevier, vol. 80(3), pages 485-509, June.
- Didier Cossin & Benoît Leleux & Entela Saliasi, 2002. "Understanding the Economic Value of Legal Covenants in Investment Contracts: A Real-Options Approach to Venture Equity Contracts," Swiss Finance Institute Research Paper Series rp63, Swiss Finance Institute.
- Hart E. Posen & Michael J. Leiblein & John S. Chen, 2018. "Toward a behavioral theory of real options: Noisy signals, bias, and learning," Strategic Management Journal, Wiley Blackwell, vol. 39(4), pages 1112-1138, April.
- Vojislav Maksimovic & Gordon Phillips, 2005.
"The Industry Life Cycle and Acquisitions and Investment: Does Firm Organization Matter?,"
Working Papers
05-29, Center for Economic Studies, U.S. Census Bureau.
- Vojislav Maksimovic & Gordon Phillips, 2006. "The Industry Life Cycle and Acquisitions and Investment: Does Firm Organization Matter?," NBER Working Papers 12297, National Bureau of Economic Research, Inc.
- José Dapena & Santiago Fidalgo, 2003. "A real options approach to tender offers and acquisitions processes," CEMA Working Papers: Serie Documentos de Trabajo. 232, Universidad del CEMA.
- Gomes, Joao & Livdan, Dmitry, 2002. "The Performance of Optimally Diversified Firms: Reconciling Theory and Evidence," CEPR Discussion Papers 3546, C.E.P.R. Discussion Papers.
- N. Nesterova I. & Н. Нестерова И., 2015. "Применение Реальных Опционов В Лизинговых Проектах // Using Of Real Options In Project Financing With Leased Assets," Финансы: теория и практика/Finance: Theory and Practice // Finance: Theory and Practice, ФГОБУВО Финансовый университет при Правительстве Российской Федерации // Financial University under The Government of Russian Federation, issue 6, pages 179-184.
- Dalida Kadyrzhanova & Antonio Falato, 2008.
"Optimal CEO Incentives and Industry Dynamics,"
2008 Meeting Papers
880, Society for Economic Dynamics.
- Antonio Falato & Dalida Kadyrzhanova, 2012. "Optimal CEO incentives and industry dynamics," Finance and Economics Discussion Series 2012-78, Board of Governors of the Federal Reserve System (U.S.).
- Anjos, Fernando, 2010. "Costly refocusing, the diversification discount, and the pervasiveness of diversified firms," Journal of Corporate Finance, Elsevier, vol. 16(3), pages 276-287, June.
- Maksimovic, Vojislav & Phillips, Gordon & Prabhala, N.R., 2011.
"Post-merger restructuring and the boundaries of the firm,"
Journal of Financial Economics, Elsevier, vol. 102(2), pages 317-343.
- Vojislav Maksimovic & Gordon Phillips & N. R. Prabhala, 2008. "Post-Merger Restructuring and the Boundaries of the Firm," NBER Working Papers 14291, National Bureau of Economic Research, Inc.
- Vojislav Maksimovic & Gordon Phillips & Nagpurnanand Prabhala, 2011. "Post-Merger Restructuring and the Boundaries of the Firm," Working Papers 11-11, Center for Economic Studies, U.S. Census Bureau.
- Gomes, Joao & Livdan, Dmitry, 2002. "Optimal Diversification," CEPR Discussion Papers 3461, C.E.P.R. Discussion Papers.
- Kristian R. Miltersen & Eduardo S. Schwartz, 2004. "R&D Investments with Competitive Interactions," NBER Working Papers 10258, National Bureau of Economic Research, Inc.
- Michi Nishihara, 2010. "A model for determining whether a firm should exercise multiple real options individually or simultaneously," Discussion Papers in Economics and Business 10-12, Osaka University, Graduate School of Economics.
- Podoynitsyna, Ksenia & Song, Michael & van der Bij, Hans & Weggeman, Mathieu, 2013. "Improving new technology venture performance under direct and indirect network externality conditions," Journal of Business Venturing, Elsevier, vol. 28(2), pages 195-210.
- Li, Yong & James, Barclay & Madhavan, Ravi & Mahoney, Joseph T., 2006. "Real Options: Taking Stock and Looking Ahead," Working Papers 06-0114, University of Illinois at Urbana-Champaign, College of Business.
- Smit, Han T.J. & Trigeorgis, Lenos, 2006. "Real options and games: Competition, alliances and other applications of valuation and strategy," Review of Financial Economics, Elsevier, vol. 15(2), pages 95-112.
- Habib, Michel A. & Mella-Barral, Pierre, 2013. "Skills, core capabilities, and the choice between merging, allying, and trading assets," Journal of Mathematical Economics, Elsevier, vol. 49(1), pages 31-48.
- Koussis, Nicos & Martzoukos, Spiros H. & Trigeorgis, Lenos, 2013. "Multi-stage product development with exploration, value-enhancing, preemptive and innovation options," Journal of Banking & Finance, Elsevier, vol. 37(1), pages 174-190.
- Chen, Chiung-Jung & Yu, Chwo-Ming Joseph, 2012. "Managerial ownership, diversification, and firm performance: Evidence from an emerging market," International Business Review, Elsevier, vol. 21(3), pages 518-534.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Bernardo, Antonio & Chowdhry, Bhagwan, 1998. "Resources, real options, and corporate strategy," University of California at Los Angeles, Anderson Graduate School of Management qt2m96n2gw, Anderson Graduate School of Management, UCLA.
- Philip Auerswald, 2010. "Entry and Schumpeterian profits," Journal of Evolutionary Economics, Springer, vol. 20(4), pages 553-582, August.
- Cujean, Julien & Bustamante, Maria Cecilia & Frésard, Laurent, 2019. "Knowledge Cycles and Corporate Investment," CEPR Discussion Papers 14152, C.E.P.R. Discussion Papers.
- Amihai Glazer & Vesa Kanniainen & Panu Poutvaara, 2004.
"Initial Luck, Status-Seeking and Snowballs Lead to Corporate Success and Failure,"
CESifo Working Paper Series
1216, CESifo.
- Glazer, Amihai & Kanniainen, Vesa & Poutvaara, Panu, 2004. "Initial Luck, Status-Seeking and Snowballs Lead to Corporate Success and Failure," IZA Discussion Papers 1426, Institute of Labor Economics (IZA).
- Emin Dinlersoz & Glenn MacDonald, 2009.
"The Industry Life-Cycle of the Size Distribution of Firms,"
Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 12(4), pages 648-667, October.
- Glenn MacDonald & Emin Dinlersoz, 2005. "The Industry Life-Cycle of the Size Distribution of Firms," Working Papers 05-10, Center for Economic Studies, U.S. Census Bureau.
- Nishimura, Kiyohiko G. & Nakajima, Takanobu & Kiyota, Kozo, 2005.
"Does the natural selection mechanism still work in severe recessions?: Examination of the Japanese economy in the 1990s,"
Journal of Economic Behavior & Organization, Elsevier, vol. 58(1), pages 53-78, September.
- Kiyohiko G. Nishimura & Takanobu Nakajima & Kozo Kiyota, 2003. "Does Natural Selection Mechanism Still Work in Severe Recessions? --Examination of the Japanese Economy in the 1990s ---," CIRJE F-Series CIRJE-F-222, CIRJE, Faculty of Economics, University of Tokyo.
- Fishman, Arthur & Rob, Rafael, 1998.
"Experimentation and Competition,"
Journal of Economic Theory, Elsevier, vol. 78(2), pages 299-320, February.
- Arthur Fishman & Rafael Rob, "undated". ""Experimentation and Competition''," CARESS Working Papres 97-12, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences.
- Arthur Fishman & Rafael Rob, "undated". "Experimentation and Competition," Penn CARESS Working Papers b530e9a0ad08e45aeff62efaf, Penn Economics Department.
- James Bergin & Dan Bernhardt, 2008.
"Industry dynamics with stochastic demand,"
RAND Journal of Economics, RAND Corporation, vol. 39(1), pages 41-68, March.
- James Bergin & Dan Bernhardt, 2006. "Industry Dynamics With Stochastic Demand," Working Paper 1043, Economics Department, Queen's University.
- Ushijima, Tatsuo, 2005. "Internal capital market and the growth and survival of Japanese plants in the United States," Journal of the Japanese and International Economies, Elsevier, vol. 19(3), pages 366-385, September.
- Daniel Andrei & Bruce I. Carlin, 2017. "Asset Pricing in the Quest for the New El Dorado," NBER Working Papers 23455, National Bureau of Economic Research, Inc.
- Ewert, Ralf & Szczesny, Andrea, 2001. "Countdown for the New Basle Capital Accord: Are German banks ready for the internal ratings-based approach?," CFS Working Paper Series 2001/05, Center for Financial Studies (CFS).
- David Greenstreet, 2007. "Exploiting Sequential Learning to Estimate Establishment-Level Productivity Dynamics and Decision Rules," Economics Series Working Papers 345, University of Oxford, Department of Economics.
- Andrei, Daniel & Carlin, Bruce I., 2023. "Schumpeterian competition in a Lucas economy," Journal of Economic Theory, Elsevier, vol. 208(C).
- Richard S. J. Tol & In Chang Hwang & Frédéric Reynès, 2012.
"The Effect of Learning on Climate Policy under Fat-tailed Uncertainty,"
Working Paper Series
5312, Department of Economics, University of Sussex Business School.
- Hwang, In Chang & Reynes, Frederic & Tol, Richard, 2014. "The effect of learning on climate policy under fat-tailed uncertainty," MPRA Paper 53681, University Library of Munich, Germany.
- Raquel Ortega-Argilés & Rosina Moreno, 2005.
"Firm Competitive Strategies And The Likelihood Of Survival - The Spanish Case,"
ERSA conference papers
ersa05p347, European Regional Science Association.
- Raquel Ortega-Argilés & Rosina Moreno, 2007. "Firm Competitive Strategies and the Likelihood of Survival. The Spanish Case," Papers on Entrepreneurship, Growth and Public Policy 2007-05, Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group.
- Acemoglu, Daron & Cao, Dan, 2015.
"Innovation by entrants and incumbents,"
Journal of Economic Theory, Elsevier, vol. 157(C), pages 255-294.
- Dan Cao and Daron Acemoglu, 2010. "Innovation by Entrants and Incumbents," Working Papers gueconwpa~10-10-06, Georgetown University, Department of Economics.
- Dan Cao & Daron Acemoglu, 2011. "Innovation by Entrants and Incumbents," 2011 Meeting Papers 473, Society for Economic Dynamics.
- Daron Acemoglu & Dan Vu Cao, 2010. "Innovation by Entrants and Incumbents," Levine's Working Paper Archive 661465000000000227, David K. Levine.
- Daron Acemoglu & Dan Vu Cao, 2010. "Innovation by Entrants and Incumbents," NBER Working Papers 16411, National Bureau of Economic Research, Inc.
- Petrakis, Emmanuel & Roy, Santanu, 1999.
"Cost-Reducing Investment, Competition, and Industry Dynamics,"
International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 40(2), pages 381-401, May.
- Roy, Santanu, 1996. "Cost reducing investiment, competition and industry dynamics," UC3M Working papers. Economics 4107, Universidad Carlos III de Madrid. Departamento de EconomÃa.
- Emmanuel Petrakis & Santanu Roy, 1998. "Cost Reducing Investment, Competition and Industry Dynamics," Tinbergen Institute Discussion Papers 98-011/1, Tinbergen Institute.
- Luis Cabral & Zhu Wang & Daniel Yi Xu, 2018.
"Competitor, Complementors, Parents and Places: Explaining Regional Agglomeration in the U.S. Auto Industry,"
Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 30, pages 1-29, October.
- Luis Cabral & Zhu Wang & Daniel Yi Xu, 2013. "Competitors, Complementors, Parents and Places: Explaining Regional Agglomeration in the U.S. Auto Industry," Working Papers 13-05, New York University, Leonard N. Stern School of Business, Department of Economics.
- Luís Cabral & Zhu Wang & Daniel Yi Xu, 2013. "Competitors, Complementors, Parents and Places: Explaining Regional Agglomeration in the U.S. Auto Industry," NBER Working Papers 18973, National Bureau of Economic Research, Inc.
- Luis Cabral & Zhu Wang & Daniel Yi Xu, 2013. "Competitors, complementors, parents and places: Explaining regional agglomeration in the U.S. auto industry," Working Paper 13-04, Federal Reserve Bank of Richmond.
- Cabral, Luis & Xu, Daniel Yi & Wang, Zhu, 2013. "Competitors, Complementors, Parents and Places: Explaining Regional Agglomeration in the U.S. Auto Industry," CEPR Discussion Papers 9435, C.E.P.R. Discussion Papers.
- Richard J. Sullivan & Zhu Wang, 2005.
"Internet banking: an exploration in technology diffusion and impact,"
Payments System Research Working Paper
PSR WP 05-05, Federal Reserve Bank of Kansas City.
- Richard J. Sullivan & Zhu Wang, 2013. "Internet banking: an exploration in technology diffusion and impact," Working Paper 13-10, Federal Reserve Bank of Richmond.
- Kugler, Maurice, 2000. "The diffusion of externalities from foreign direct investment: theory ahead of measurement," Discussion Paper Series In Economics And Econometrics 23, Economics Division, School of Social Sciences, University of Southampton.
Corrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jfinec:v:63:y:2002:i:2:p:211-234. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/505576 .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.