實質選擇權與策略投資
Real Options and Strategic Investment
| 節 | 週四 |
|---|---|
5 13:20–14:10 | 實質選擇權與策略投資 M102 3 節連堂 |
6 14:20–15:10 | |
7 15:30–16:20 |
* 根據陽明交大上課時間表所列
1. This is the class about the valuation of an investment project or a company. 2. The course first reviews the traditional discounted-cash-flow (DCF) or net-present-value (NPV) methods. 3. This class then introduces some real-options concepts to value an investment project or a company. This new approach is called an expanded NPV method. 4. Finally, some basic game-theory concepts will be further employed into the expanded NPV method to consider the strategic action by competitors. 5. By introducing lots of numerical examples, practical cases and applications, this course will train students and provide them the ability to value an investment project or a company by themselves. 6. Lecture will be provided in Chinese.
1. Elementary Investment (undergraduate level) 2. Elementary Statistics (undergraduate level) 3. Elementary Futures and Options (undergraduate level, optional)
1. Please note that this course will be lectured in Chinese. 2. Welcome all the students who have learned NPV method in valuation. 3. Midterm and final projects and presentations are the most important part in this course in which students will learn how to use NPV and Real Options methods to evaluate a project or a firm.
Attendance 5% Homework 15% Midterm Exam 30% Midterm Project (NPV project) 15% Final Term Project (Real option project) 35%
| 週次 | 主題 |
|---|---|
| 第 1 週 | Introduction to the course (Lecture 1) What real options is and why it matters What game theory is and why it matters An options game example: Innovation Race |
| 第 2 週 | DCF/NPV method (Lecture 1) Review traditional DCF/NPV method Case Study 1 (DCF Exercise): Valuing CHT Case Study 2 (DCF Exercise): Valuing Secure Mail |
| 第 3 週 | Corporate real options (I) (Lecture 2) Introduction of derivatives Basic nature of options From Financial to real options valuation There is NO free lunch Binomial option valuation Real options example: Valuing Project Sable Binomial real options example: A license by high-tech firm |
| 第 4 週 | Corporate real options (II) (Lecture 3) Overview of common real options Valuing an R&D investment decision and mine concession license |
| 第 5 週 | Corporate real options (III) (Lecture 4) Case Study 3 (Binomial Real Options Exercise): Offshore oil concessions in the Netherlands |
| 第 6 週 | Corporate real options (IV) (Lecture 5) Case Study 4 (DCF + Real Options Exercise): Aqua Bounty |
| 第 7 週 | Midterm Exam (Lecture 2 and 3) |
| 第 8 週 | Corporate real options (V) (Lecture 6) Case Study 5 (Real options application): A real option in a jet engine maintenance contract |
| 第 9 週 | Corporate real options (V) (Lecture 7) Case Study 6 (Real options application): A practical method for valuing real options: The Boeing approach |
| 第 10 週 | Games and strategic decisions I (Lecture 8) The rules of the game E-commerce auctions and the winner's curse Mixed strategies: game theory and sports Types of basic games Two-Stage Games: Strategic Value of Early Commitment |
| 第 11 週 | Midterm Project Presentation (NPV project) |
| 第 12 週 | Midterm Project Presentation (NPV project) |
| 第 13 週 | Simple strategic investment games (Lecture 9) One-stage strategic investment: Licensing problem of high-tech firms (Digital vs. Sony) Two-stage strategic investment: proprietary R&D case (Hewlett-Packard vs. Microsoft) |
| 第 14 週 | Final Team Project Presentation (Real option project) |
| 第 15 週 | Final Team Project Presentation (Real option project) |
| 第 16 週 | Simple strategic investment games (Lecture 9) Two-stage investments with endogenous competition (IBM vs. Toshiba, GE vs. Toyota) Cooperation in the first stage: joint R&D ventures (Philips and Sony vs. Toshiba and Matsushita) |
No Textbook. Lecture will be uploaded on NYCU E3 system.
- 地點
- 管一館 4樓 R414
- 時間
- 1. THU, 4:30~5:30 pm 2. 請事先email跟老師約時間, 3. 更歡迎於每次剛上課時提出問題進行討論
- 聯絡方式
- hsinghua.huang@nycu.edu.tw