We discuss recent developments in real options theory and its applications to strategic management research, examine the potential difficulties in implementing real options in theory and practice, and propose several areas for future research. Our review shows that real options theory has...

This paper examines how public market information relates to the initiation of venture capital projects. Analysis of venture capital investments in the U.S. between 1980 and 2007 indicates that venture capitalists tend to defer new investment projects in target industries with substantial market...

This study explores whether UK managers behave opportunistically when determining the expected rate of return on pension assets (ERR) during a five year period (1998-2002), and whether this behavior has changed with the transitional adoption of new UK pension accounting rule FRS 17. The...

Nitrogen (N) pollution is a global environmental problem that has greatly increased the risks of both the eutrophication of surface waters and contamination of ground waters. The majority of N pollution mainly comes from agricultural fields, in particular during rice growing seasons. In recent...

To address the demand for vehicles using fuel cell energy with high-performance electrodes, this paper discusses the energy storage model, nano-scale characterization technology, nanoenergy system and the structural design for fuel cell graphene electrodes while giving special attention to three...

In this paper, on the basis of stochastic volatility (SV) models, we extend the approach of option pricing for executive stock options (ESOs) under FAS 123. Based on this extension, a sample of Chinese listed companies’ ESOs are priced. We analyze the effect of the some important financial...

Whether or not there is a unit root persistence in volatility of financial assets has been a long-standing topic of interest to financial econometricians and empirical economists. The purpose of this article is to provide a Bayesian approach for testing the volatility persistence in the context...

In this paper a new Bayesian approach is proposed to test a point null hypothesis based on the deviance in a decision-theoretical framework. The proposed test statistic may be regarded as the Bayesian version of the likelihood ratio test and appeals in practical applications with three desirable...

A new Bayesian test statistic is proposed to test a point null hypothesis based on a quadratic loss. The proposed test statistic may be regarded as the Bayesian version of Lagrange multiplier test. Its asymptotic distribution is obtained based on a set of regular conditions and follows a...

Vector Autoregression (VAR) has been a standard empirical tool used in macroeconomics and finance. In this paper we discuss how to compare alternative VAR models after they are estimated by Bayesian MCMC methods. In particular we apply a robust version of deviance information criterion (RDIC)...