The purpose of this article is to present a sequential modelization of the following dilemma: should a firm get indebted today or should it keep the option of getting indebted later under better terms? Thus, we shall first define the concept of financial flexibility and then give a modelization of this concept along with simulations based on the inclusion of the opportunity cost due to immediate indebtment.
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Paper provided by Ecole Superieure de Commerce de Paris. Groupe ESCP- in its series Papers with number
97/133.