1 option
Real Options in a Dynamic Agency Model, with Applications to Financial Development, IPOs, and Business Risk / Thomas Philippon, Yuliy Sannikov.
- Format:
- Book
- Author/Creator:
- Philippon, Thomas.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w13584.
- NBER working paper series no. w13584
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2007.
- Summary:
- We study investment options in a dynamic agency model. Moral hazard creates an option to wait and agency conflicts affect the timing of investment. The model sheds light, theoretically and quantitatively, on the evolution of firms' dynamics, in particular the decline of the failure rate and the decrease in the age of IPOs.
- Notes:
- Print version record
- November 2007.
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