Option value and entry timing
研究了企业在不确定环境下进入新市场时，如何通过初始投资（实物看涨期权）获得灵活性，并提出了进入时机的决策标准，分析了股息、先发优势等因素对最优时机的影响。
Abstract When facing uncertainty, firms entering new markets can make initial foothold investments rather than undertake large sunk investments. Such investments are real call option purchases. They offer management flexibility, but also raise questions about whether and when to increase commitments to new markets. We present an entry timing decision criterion and discuss its application to a variety of market entry situations. Optimal timing for exercising real options depends on current dividends, possibilities for preemption, and whether the option is simple or compound, proprietary or shared. Our analysis reveals critical assumptions and new theoretical insights regarding market entry timing. Copyright © 2002 John Wiley & Sons, Ltd.