Creating Value by Spawning Investment Opportunities
关注企业如何合理配置资金，在维持运营的同时战略性地寻找新投资机会，将投资机会视为看涨期权，并提供了分析和管理这些机会随时间演化的新工具。
A central managerial concern is how to generate a proper mix of investment projects. Funds are needed for the strategic search for new investment opportunities as well as for the maintenance of operational business lines. Any investment, especially in strategic projects such as new technology, brand name or company image, may generate future investment opportunities (hence the use of the word spawning). Investment opportunities can be seen as call options on certain capabilities or assets. This paper presents new tools for analyzing the spawning structure and for managing investment opportunities over time.