Corporate investment under uncertainty and competition: A real options approach

G. Pawlina

Research output: ThesisDoctoral Thesis

388 Downloads (Pure)


Corporate investment opportunities can be represented as a set of (real) options to acquire productive assets. Identification of the optimal exercise strategies for these options plays a crucial role in improving the quality of capital budgeting decisions and, as a consequence, in maximizing shareholders¿ wealth. Structural changes in the economic environment, imperfect product market competition and agency conflicts across different groups of the firm¿s stakeholders make the standard option theory alone often insufficient for analyzing real investment decisions. This thesis combines option theory with non-cooperative game theory to establish some new results concerning the impact of policy uncertainty, product market interactions, and debt financing on the firm¿s optimal investment strategy.
Original languageEnglish
QualificationDoctor of Philosophy
Awarding Institution
  • Tilburg University
  • Kort, Peter, Promotor
Award date20 Jun 2003
Place of PublicationTilburg
Print ISBNs9056681184
Publication statusPublished - 2003


Dive into the research topics of 'Corporate investment under uncertainty and competition: A real options approach'. Together they form a unique fingerprint.

Cite this