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When Are Real Options Exercised? An Empirical Study of Mine Closings

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  • Alberto Moel

Abstract

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. Copyright 2002, Oxford University Press.

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  • Alberto Moel, 2002. "When Are Real Options Exercised? An Empirical Study of Mine Closings," The Review of Financial Studies, Society for Financial Studies, vol. 15(1), pages 35-64, March.
    • Handle: RePEc:oup:rfinst:v:15:y:2002:i:1:p:35-64
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