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Real options in finance

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  • Lambrecht, Bart M.

Abstract

Although the academic literature on real options has grown enormously over the past three decades, the adoption of formal real option valuation models by practitioners appears to be lagging. Yet, survey evidence indicates that managers’ decisions are near optimal and consistent with real option theory. We critically review real options research and point out its strengths and weaknesses. We discuss recent contributions published in this issue of the journal and highlight avenues for future research. We conclude that, in some ways, academic research in real options has catching up to do with current practice.

Suggested Citation

  • Lambrecht, Bart M., 2017. "Real options in finance," Journal of Banking & Finance, Elsevier, vol. 81(C), pages 166-171.
  • Handle: RePEc:eee:jbfina:v:81:y:2017:i:c:p:166-171
    DOI: 10.1016/j.jbankfin.2017.03.006
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    More about this item

    Keywords

    Real option; Capital budgeting;

    JEL classification:

    • G13 - Financial Economics - - General Financial Markets - - - Contingent Pricing; Futures Pricing
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies

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