Real options investments: Lessons from the US shale gas industry
利用美国上游天然气行业的项目级投资数据，研究了未行使实物期权对企业实物期权投资的影响，发现未行使期权数量对投资有微弱的负效应，且上市公司与私营企业的决策存在显著差异。
Abstract Using detailed project‐level investment data from the U.S. upstream natural gas industry, we examine the effect of the unexercised real options on individual firms’ real options investments. Drilling an unconventional well is a real options investment that is exercised by fracturing and completing the drilled well at an opportune time. We find a small negative but statistically significant effect of the number of unexercised options on real options investments. There is also a significant difference in the effect of unexercised real options on real options investment decisions of publicly traded and privately held firms.