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AbstractCash Flow from operations can be controlled using real options. In this normative paper, we quantify Trigeorgis's intuition [Trigeorgis, L., 1996. Real options: Managerial flexibility and strategy in resource allocation. Cambridge, MA: MIT Press] (p 123), about the risk management properties of real options with respect to downside risk. This result is reached modeling the whole distribution in expanded NPV using a Markov chain Monte Carlo method, computing forward the same expected expanded NPV previously obtained in a backward induction process. A number of original results are derived for an all equity financed firm which exercises optimally the options to wait, to mothball, and to abandon. Cash Flow distribution and CFaR are derived for each epoch in the life of the project. A VaR for the expanded NPV at time 0 is derived. A numerical example studies value and risk in shipping finance.

En komparativ analyse af kønskritik og alternative kønsstrategier i Jean Baudrillards De la séduction (1979) og Judith Butlers Gender Trouble (1990).

This monograph deals with the so-called Structural Vector Autoregressive (SVAR) approach, the most recent development of vector autoregressive econometric modeling. Three different types of models, which encompass all the models used so far in the SVAR applied literature, are analysed using a full-information likelihood-based set up and linear constraints of the more general form. Identification analysis andestimation of these models are carried out using compact formulae coming from an application of some new tools in matrix differential analysis. Using approximation theorems of mathematical statistics, the asymptotic distributions of impulse response and forecast error variance decomposition functions are analytically derived, avoiding the use of bootstrapping and Monte Carlo integration techniques. The monograph also contains a qualitative discussion of the results of an exercise on Italian data and two rats procedures implementing identification, estimation and simulation phases according to the proposed approach

Publ. i Tillæg til Information: Børn bruger bøger, 24.11.83.