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Turbulence, Flexibility and Performance of the Long-lived Small Firm

Power, Bernadette; Reid, Gavin C - Tinbergen Instituut - 2003

quality of start-ups. The basic hypothesis is that flexibility enhances the long run prospects of the small firm. This is … in Scotland. New measures of flexibility and turbulence are used to explain the performance of mature small firms. These … 28 distinct attributes.Econometric estimates are reported on the relationship between flexibility, turbulence and …

Persistent link: https://www.econbiz.de/10011257108

The Impact of Labour Market Deregulation: Lessons from the

Gorter, Cees; Poot, Jacques - Tinbergen Instituut - 1999

Unemployment remains a major economic and social problem in many developedeconomies. Thispaper provides theoretical and empirical perspectives on the impact of labourmarket deregulation as a means of combatting unemployment and of enhancing competitivewage determination. The paper focusses...

Persistent link: https://www.econbiz.de/10011256414

Decision Making in Incomplete Markets with Ambiguity -- A Case Study of a Gas Field Acquisition

Zhao, Lin; Wijnbergen, Sweder van - Tinbergen Instituut - 2014

consistently underestimate the value of project flexibility and in general lead to overly conservative investment decisions in the …

Persistent link: https://www.econbiz.de/10011256690

Acquisitions as a Real Options Bidding Game

Smit, Han T.J.; Berg, Ward A. van den; Maeseneire, Wouter De - Tinbergen Instituut - 2004

This paper uses a unified treatment of real options and game theory to examine value appropriation in takeovers within a competitive environment of imperfect information. The integrated model considers a potential target as a shared real option on a bundle of resources. Competing potential...

Persistent link: https://www.econbiz.de/10011256936

Consolidation Waves

Berg, Ward A. van den; Smit, Han T.J. - Tinbergen Instituut - 2007

This paper explains why consolidation acquisitions occur in waves and it predicts the differing role each firm is likely to play in the consolidation game. We propose that whether a firm assumes the role of rival consolidator, target, or passive observer depends on the position of the firm...

Persistent link: https://www.econbiz.de/10011257223

A Real Option Perspective on Valuing Gas Fields

Zhao, Lin; Wijnbergen, Sweder van - Tinbergen Instituut - 2013

Real option theory has remained a fringe field; practitioners believe it is not practically applicable in complex real world environments. We show that this view is mistaken. We apply real option theory to a highly complex energy problem with unhedgeable risk, time varying volatilities and...

Persistent link: https://www.econbiz.de/10011257259

A Real Options Perspective on R&D Portfolio Diversification

Bekkum, Sjoerd van; Pennings, Enrico; Smit, Han - Tinbergen Instituut - 2007

This paper shows that the presence of conditional staging in R&D (Research & Development) has a critical impact on portfolio risk, and changes diversification arguments when a portfolio is constructed. When R&D projects exhibit option-like characteristics, correlation between projects plays a...

Persistent link: https://www.econbiz.de/10011257428