When are real options exercised? An empirical study of mine closings

被引：153

作者：

Moel, A

Tufano, P

机构：

[1] Harvard Sch Business, Boston, MA 02163 USA

[2] NBER, Cambridge, MA 02138 USA

来源：

REVIEW OF FINANCIAL STUDIES | 2002年 / 15卷 / 01期

关键词：

D O I：

10.1093/rfs/15.1.35

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

In this article, we study a well-known real option: the opening and closing of mines. Using a new database that tracks the annual opening and closing decisions of 285 developed North American gold mines in the period 1988-1997, we find that the real options model is a useful descriptor of mines' opening and shutting decisions. In addition, we find that the decision whether to shut a mine is related to firm-specific managerial factors not normally considered within a strict real options model.

引用

页码：35 / 64

页数：30

共 40 条

[1]

AMRAM M, 1999, MANAGING STATEGIC IN

[2]

[Anonymous], FINANCIAL REV

[3] Investor valuation of the abandonment option [J].