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摘要
En 中文
This article demonstrates the appropriateness of a real options mindset when valuing and selecting from strategic merger and acquisition alternatives as part of a serial consolidation strategy. Considering acquisitions as options can add significant insight to an adaptive and 'opportunistic' strategy, as the currently-envisioned acquisition trajectory is not regarded as static, but allows for the dynamic revision of targets and periodic adjustments in the number and pattern of investments, depending on market growth or unexpected adverse external developments. The proposed approach highlights how platform acquisitions effectively change the universe of future acquisition opportunities available to the firm and also to its competitors. Most importantly, it provides a framework for directly integrating finance and acquisition strategy in an uncertain environment. (C) 2009 Elsevier Ltd All rights reserved
Keyword:
REAL OPTIONS
STRATEGY
INVESTMENT
CHOICE
RISK
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IF:
6.3
论文数:
3.1K
被引数:
8.8K
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引用论文
The strategic exercise of options: Development cascades and overbuilding in real estate markets
JOURNAL OF FINANCE
IF9.5

