REAL OPTIONS AND OPION-EMBEDDED SECURITIES MOORE W. Księgarnia

Real Options and Option-Embedded Securities

William T. Moore

Praise for Real Options and Option-Embedded Securities

Options are everywhere in modern finance applications, embedded in securities, and in ordinary capital projects such as plant construction and equipment acquisition.With Real Options and Option-Embedded Securities, you'll learn proven techniques for valuing and designing these instruments, along with the best ways to employ them strategically in a variety of financing operations. In Real Options and Option-Embedded Securities, William Moore skillfully applies the current thinking and up-to-date knowledge on financial options as established over the past few decades to everyday business finance decisions. Straightforward explanations, and numerous real-world examples show you how to apply financial options strategies to some of your most critical financial decisions.

Drawing upon "contingent claims analysis," Real Options and Option-Embedded Securities reveals how a wide variety of issues confronting managers of today's firms can be successfully analyzed as options. Adhering to that belief, this unique guide features a unified treatment of options as they arise in modern finance applications, while offering a new approach to explaining these complex devices. In exploring other forms of options, Real Options and Option-Embedded Securities discusses options embedded in securities that are used to raise capital, such as convertible bonds, structured convertible preferred stocks, and warrants. You'll also discover how to efficiently use real options which can be found within capital projects by taking advantage of their unique benefits, namely the flexibility to curtail, time, or expand an investment.

With these natural examples, you will come to see how real options may be understood and valued in much the same way as financial options such as puts and calls.

This comprehensive look at options also features a thorough treatment of options employed in risk management. This includes standard products such as futures options and interest rate options, as well as second generation products tailored to a firm's special risk management needs floors and collars, cylinder options, binaries and digitals, lookbacks, and interest rate caps.

Real Options and Option-Embedded Securities strives to convey a commonsense understanding of these complex instruments, and this extends to the dense topic of option pricing. This easy-to-follow book brings the admittedly challenging mathematics of modern option pricing theory down to earth, with numerical examples and stories to complement the technical developments. If you are ready to use options to their fullest, you are ready for Real Options and Option-Embedded Securities.

WILLIAM T. MOORE, PhD, is Berlinberg Distinguished Professor of Finance at the Daria Moore School of Business, University of South Carolina, and Editor of the Journal of Financial Research.

"Whether you are deciding which capital projects to undertake, determining how to finance those projects, or managing and controlling risks arising from your investment and financing decisions, you confront options within the modern firm. Real Options and Option-Embedded Securities is noteworthy in that it offers a comprehensive treatment of pricing and strategic applications of options throughout the firm. This includes designing and valuing option-embedded securities issues, accounting for flexibility in capital project analysis, and employing options within a firm's risk management program. This book should prove quite useful to practicing financial managers and business students alike."-Clifford W. Smith Jr., Louise and Henry Epstein Professor, University of Rochester

"In this uncertain and fast-changing economic environment, corporations and consultants draw heavily on the concept of real options to quantify and direct strategy. For instance, we value start-up ventures as options, and Real Options and Option-Embedded Securities provides a detailed guide to identifying and valuing options such as these. My only complaint about the book is that it wasn't available when I studied options in my MBA program! Nicely done. I highly recommend it."-Anton Griessner, Senior Consultant, Deloitte Consulting

"This book accomplishes two things I didn't think possible. It presents a comprehensive yet understandable treatment of the challenging field of option pricing, and it offers a unified approach to the use of options in solving problems in corporate finance. The book delivers! I heartily recommend it to practitioners and students of modern finance."-Darla Moore, President, Rainwater, Inc.

294 pages

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