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The Value of Financial Flexibility
We develop a model that endogenizes dynamic financing, investment, and cash retention/payout policies in order to analyze the effect of financial flexibility on firm value. We show that the value ofExpand
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Why Do Firms Go Dark? Causes and Economic Consequences of Voluntary SEC Deregistrations
We examine a comprehensive sample of going-dark deregistrations where companies cease SEC reporting, but continue to trade publicly. We document a spike in going dark that is largely attributable toExpand
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Interactions of Corporate Financing and Investment Decisions: A Dynamic Framework
This article analyzes the interaction between a firm's dynamic investment, operating, and financing decisions in a model with operating adjustment and recapitalization costs. Using numericalExpand
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Dynamic R&D Investment Policies
This paper examines dynamic R&D investment policies and the valuation of R&D programs in a contingent claims framework. We incorporate the following characteristics of R&D programs into our model:Expand
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REAL OPTIONS: STATE OF THE PRACTICE
In the mid-1980s, financial economists began building option-based models to value corporate investments in real assets, laying the foundation for an extensive academic literature in this area. TheExpand
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Realizing the Potential of Real Options: Does Theory Meet Practice?
The idea of viewing corporate investment opportunities as “real options” has been around for over 25 years. Real options concepts and techniques now routinely appear in academic research in financeExpand
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REAL OPTIONS AND CORPORATE RISK MANAGEMENT
By formulating an integrated strategy that combines the creation and exercise of real options together with other risk management techniques, management can reduce risk and thereby increase firmExpand
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Are Angels Different? An Analysis of Early Venture Financing
We examine the role of angel investors in early venture financing using a unique sample of 182 Series A preferred stock rounds. Our sample includes deals in which angels invest alone, VCs investExpand
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An integrated model of multinational flexibility and financial hedging
Abstract We construct a model of a multinational firm with flexibility in sourcing its production and with the ability to use financial markets to hedge exchange rate risk. Agency costs generated byExpand
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Investing in Human Capital: The Efficiency of Covenants Not to Compete
Covenants not to compete (CNCs) are used in employment contracts to prevent employees from working for other employers. The legal enforcement of CNCs varies across jurisdictions in the U.S.: someExpand
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