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Optionen der Internationalisierung: Motive ausländischer Direktinvestitionen in einem neuen Licht
[Options of internationalisation: motives for foreign direct invetsment in a new light]

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  • Gilroy, Bernard Michael
  • Lukas, Elmar

Abstract

The application of theorectical option pricing evaluation procedures for the analysis of real investment decisions indicates a new trend in the classical theory of investment and finance. In this regard, the formative term of the real option approach subsumes three basic attributes of investment decisions: irreversibility, operational flexibility and uncertainty, and brings them together in an economically quantifiable context. The reseach focus aims at applying the methodology to the existing theory of foreign direct investment (FDI). This also comprises the attempt to reason the heterogenity concerning the choice of market cultivation as well as market entry strategies and the therewith affiliated location decisions of multinational enterprises in an economically rational manner.

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File URL: http://mpra.ub.uni-muenchen.de/21539/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 21539.

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Date of creation: 2004
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Handle: RePEc:pra:mprapa:21539

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Keywords: internationalisation; foreign direct investment; real option approach;

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  1. Robert C. Merton, 1973. "Theory of Rational Option Pricing," Bell Journal of Economics, The RAND Corporation, The RAND Corporation, vol. 4(1), pages 141-183, Spring.
  2. Gilroy, Bernard Michael & Lukas, Elmar, 2002. "The New Agenda for FDI: Evidence from South Korea and Germany," MPRA Paper 17970, University Library of Munich, Germany.
  3. Black, Fischer & Scholes, Myron S, 1973. "The Pricing of Options and Corporate Liabilities," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 81(3), pages 637-54, May-June.
  4. Peter J Buckley & Mark C Casson, 1998. "Models of the Multinational Enterprise," Journal of International Business Studies, Palgrave Macmillan, vol. 29(1), pages 21-44, March.
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