The dramatically growing disproportion between the value of corporate assets and market valuation has resulted in a well-researched schism between strategic management and financial theory. Options theory provides a potent tool to resolve this issue. We propose a model which is consistent with...

The Czech tax system is undergoing radical transformation. Among the many forthcoming changes, several features can be identified, which alter the structure of tax asymmetries. This paper uses an option-based model of direct taxation to examine a controversial new thin-capitalization rule,...

This paper provides theoretical and practical insight into the solution of the investment project optimization problem under uncertainty. A case study recommends the use of statistical simulation, which is shown to be a powerful, practical, flexible and comprehensive tool for managerial...