This paper studies investments in new markets where more than two (anticipated) identical competitors are present. In case of three firms an accordion effect is detected: an exogenous demand shock results in a change of the wedge between investment thresholds of the first and second investor...

This paper examines the effect of stock market conditions on the waiting time of initial public offering (IPO) candidates, from the date firms file a registration statement with the Securities and Exchange Commission (SEC) to the effective IPO date. I find that issuers are going public faster...

Abstract This paper studies the dynamics of the IPO (Initial Public Offering) market and its effect on real investment decisions in emerging industries. We first propose a model of IPOs cycle based on divergence of opinion among investors and short-sale constraints. Using a real option...

This paper considers the problem of investment timing under uncertainty in a duopoly framework.When both firms want to be the first investor a coordination problem arises.Here, a method is proposed to deal with this coordination problem, involving the use of symmetric mixed strategies.The method...

This paper studies a dynamic duopoly in which firms compete in the adoption of new technologies. The innovation process is exogenous to the firms. Both firms have the possibility to adopt a current technology or to wait for a better technology that arrives at an unknown point of time in the...

This paper generalizes the theory of irreversible investment under uncertainty by allowing for risk averse investors in the absence of com-plete markets.Until now this theory has only been developed in the cases of risk neutrality, or risk aversion in combination with complete markets.Within a...

In this paper we analyze technology adoption in the context of a duopoly, where the time between adoption and successful implementation is uncertain. This framework is taken from Stenbacka and Tombak, and as such it adds uncertainty to the much cited work of Fudenberg and Tirole. The analysis is...