Optimal Export Timing Under Exchange Rate Regime Switching: Real Option Analysis
碩士 === 東吳大學 === 國際經營與貿易學系 === 102 === Existing literature on firm’s optimal investment timing mostly via net present value (NPV) analysis, we investigate the optimal investment timing strategy in a real option framework. Depending on the state of the exchange rate, which changes are modeled by a Mar...
| Main Authors: | , |
|---|---|
| Other Authors: | |
| Format: | Others |
| Language: | zh-TW |
| Published: |
2014
|
| Online Access: | http://ndltd.ncl.edu.tw/handle/26421585018266797046 |
| Summary: | 碩士 === 東吳大學 === 國際經營與貿易學系 === 102 === Existing literature on firm’s optimal investment timing mostly via net present value (NPV) analysis, we investigate the optimal investment timing strategy in a real option framework. Depending on the state of the exchange rate, which changes are modeled by a Markov chain, the investment cost can take one of two values. Two investment timing model, based on different assumptions of investors’ information sets are determined and compared. We show that an optimal-timing policy suggested by the conventional real option model might ruin the investment opportunities
|
|---|