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Real options studies : development and analysis of theoretical models and case studies

Research Project

Project/Area Number 20710116
Research Category

Grant-in-Aid for Young Scientists (B)

Allocation TypeSingle-year Grants
Research Field Social systems engineering/Safety system
Research InstitutionOsaka University

Principal Investigator

NISHIHARA Michi  Osaka University, 大学院・経済学研究科, 講師 (20456940)

Project Period (FY) 2008 – 2009
Project Status Completed (Fiscal Year 2009)
Budget Amount *help
¥2,990,000 (Direct Cost: ¥2,300,000、Indirect Cost: ¥690,000)
Fiscal Year 2009: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2008: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
Keywordsファイナンス / 金融工学
Research Abstract

I carried out two types of researches. The first is an analysis of real investment problems in the corporate finance framework. I revealed interactions among corporate financing, capital structure, and investment strategies, and I pointed out the presence of agency problems among managers, shareholders, and bondholders. The second research consists of case studies on real options. This includes many useful findings in evaluation of universities and adjustment of the number of entrants.

Report

(3 results)
  • 2009 Annual Research Report   Final Research Report ( PDF )
  • 2008 Annual Research Report
  • Research Products

    (30 results)

All 2010 2009 2008 Other

All Journal Article (12 results) (of which Peer Reviewed: 8 results) Presentation (15 results) Remarks (3 results)

  • [Journal Article] Hybrid or electric vehicles? A real options perspective2010

    • Author(s)
      Michi NISHIHARA
    • Journal Title

      Operations Research Letters 38

      Pages: 87-93

    • Related Report
      2009 Final Research Report
    • Peer Reviewed
  • [Journal Article] Strategic investment with debt financing2010

    • Author(s)
      Michi NISHIHARA, Takashi SHIBATA
    • Journal Title

      International Journal of Management Science and Engineering Management 5

      Pages: 3-14

    • Related Report
      2009 Final Research Report
    • Peer Reviewed
  • [Journal Article] Dynamic investment and capital structure under manager-shareholder conflict2010

    • Author(s)
      Takashi SHIBATA, Michi NISHIHARA
    • Journal Title

      Journal of Economic Dynamics and Control 34

      Pages: 158-178

    • Related Report
      2009 Annual Research Report 2009 Final Research Report
    • Peer Reviewed
  • [Journal Article] Hybrid or Electric Vehicles? A Real Options Perspective2010

    • Author(s)
      Michi NISHIHARA
    • Journal Title

      Operations Research Letters 38

      Pages: 87-93

    • Related Report
      2009 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Strategic Investment with Debt Financing2010

    • Author(s)
      Michi NISHIHARA, Takashi SHIBATA
    • Journal Title

      International Journal of Management Science and Engineering Management 5

      Pages: 3-14

    • Related Report
      2009 Annual Research Report
    • Peer Reviewed
  • [Journal Article] リアルオプションと資金調達2008

    • Author(s)
      西原理, 芝田隆志
    • Journal Title

      オペレーションズ・リサーチ 53

      Pages: 628-634

    • NAID

      110006990368

    • Related Report
      2009 Final Research Report
  • [Journal Article] 企業内の利害対立と最適投資タイミング2008

    • Author(s)
      芝田隆志, 西原理
    • Journal Title

      オペレーションズ・リサーチ 53

      Pages: 620-627

    • NAID

      110006990367

    • Related Report
      2009 Final Research Report
  • [Journal Article] Optimal aid in environmental policy: a real options approach2008

    • Author(s)
      Atsuyuki OHYAMA, Michi NISHIHARA
    • Journal Title

      The Kyoto Economic Review 71

      Pages: 21-50

    • NAID

      120001159902

    • Related Report
      2009 Final Research Report
    • Peer Reviewed
  • [Journal Article] R&D投資のリアルオプションモデル2008

    • Author(s)
      西原理
    • Journal Title

      オペレーションズ・リサーチ 53

      Pages: 288-293

    • NAID

      110006664679

    • Related Report
      2009 Final Research Report 2008 Annual Research Report
  • [Journal Article] Optimal Aid in Environmental Policy : A Real Options Approach2008

    • Author(s)
      Atsuyuki OHYAMA, Michi NISHIHARA
    • Journal Title

      The Kyoto Economic Review 71

      Pages: 21-50

    • NAID

      120001159902

    • Related Report
      2008 Annual Research Report
    • Peer Reviewed
  • [Journal Article] リアルオプションと資金調達2008

    • Author(s)
      西原理、芝田隆志
    • Journal Title

      オペレーションズ・リサーチ 53

      Pages: 628-634

    • NAID

      110006990368

    • Related Report
      2008 Annual Research Report
  • [Journal Article] Interactions between preemptive competition and a financing constraint

    • Author(s)
      Michi NISHIHARA, Takashi SHIBATA
    • Journal Title

      Journal of Economics and Management Strategy, forthcoming (採択済)

    • Related Report
      2009 Final Research Report
    • Peer Reviewed
  • [Presentation] リアルオプションマネジメント2010

    • Author(s)
      西原理
    • Organizer
      日本オペレーションズ・リサーチ学会2010年春季研究発表会
    • Place of Presentation
      東京, 首都大学東京
    • Year and Date
      2010-03-04
    • Related Report
      2009 Final Research Report
  • [Presentation] Preemptive Investment Game with Alternative Projects2010

    • Author(s)
      西原理
    • Organizer
      日本オペレーションズ・リサーチ学会研究部会「ソフトコンピューティングと最適化」「不確実性下の意思決定モデリング」合同研究会
    • Place of Presentation
      京都, 龍谷大学
    • Year and Date
      2010-02-20
    • Related Report
      2009 Final Research Report
  • [Presentation] Preemptive Investment Game with Alternative Projects2009

    • Author(s)
      西原理
    • Organizer
      京都大学数理解析研究所研究集会「ファイナンスの数理解析とその応用」
    • Place of Presentation
      京都, 京都大学
    • Year and Date
      2009-11-26
    • Related Report
      2009 Final Research Report
  • [Presentation] Real Options with multidimensional state variables2009

    • Author(s)
      Michi NISHIHARA
    • Organizer
      23rd European Conference on Operational Research
    • Place of Presentation
      Bonn, Germany, Gustav-Stresemann-Institut
    • Year and Date
      2009-07-08
    • Related Report
      2009 Final Research Report
  • [Presentation] Real options with multidimensional state variables2009

    • Author(s)
      Michi NISHIHARA
    • Organizer
      23rd European Conference on Operational Research
    • Place of Presentation
      Maritim Hotel(ボン、ドイツ)
    • Year and Date
      2009-07-08
    • Related Report
      2009 Annual Research Report
  • [Presentation] 2次元の状態変数を持つリアルオプション2009

    • Author(s)
      西原理
    • Organizer
      日本オペレーションズ・リサーチ学会2009年春季研究発表会
    • Place of Presentation
      つくば, 筑波大学
    • Year and Date
      2009-03-18
    • Related Report
      2009 Final Research Report
  • [Presentation] リアルオプションと資金調達2009

    • Author(s)
      西原理, 芝田隆志
    • Organizer
      関学-阪大金融・保険合同講演会
    • Place of Presentation
      大阪, 関西学院大学
    • Year and Date
      2009-01-17
    • Related Report
      2009 Final Research Report
  • [Presentation] The effects of the debt financing restriction in a real options model2008

    • Author(s)
      Michi NISHIHARA, Takashi SHIBATA
    • Organizer
      The IEEE International Conference on Industrial Engineering and Engineering Management
    • Place of Presentation
      Singapore, Hotel Furama River Front
    • Year and Date
      2008-12-10
    • Related Report
      2009 Final Research Report
  • [Presentation] The effects of the debt financing restriction in a real oplions model2008

    • Author(s)
      Michi NISHIHARA, Takashi SHIBATA
    • Organizer
      The IEEE International Conference on Industrial Engineering and Engineering Management
    • Place of Presentation
      Hotel Furama River Front(シンガポール)
    • Year and Date
      2008-12-10
    • Related Report
      2008 Annual Research Report
  • [Presentation] The effects of the debt financing constraint in a real options model2008

    • Author(s)
      Michi NISHIHARA, Takashi SHIBATA
    • Organizer
      The 2nd International Colloquium on Business & Management
    • Place of Presentation
      Bangkok, Bangkok Palace Hotel
    • Year and Date
      2008-11-18
    • Related Report
      2009 Final Research Report
  • [Presentation] リアルオプションにおける資金制約の影響2008

    • Author(s)
      西原理, 芝田隆志
    • Organizer
      日本リアルオプション学会2008年研究発表大会
    • Place of Presentation
      浦安, 明海大学
    • Year and Date
      2008-11-09
    • Related Report
      2009 Final Research Report
  • [Presentation] The effects of debt financing constraint in a real options model2008

    • Author(s)
      Michi NISHIHARA, Takashi SHIBATA
    • Organizer
      INFORMS Annual Meeting
    • Place of Presentation
      Washington D.C., Marriott Wardman Park Hotel
    • Year and Date
      2008-10-14
    • Related Report
      2009 Final Research Report
  • [Presentation] Strategic Investment with Debt Financing2008

    • Author(s)
      Michi NISHIHARA, Takashi SHIBATA
    • Organizer
      Workshop on Finance and Related Mathematical and Statistical Issues
    • Place of Presentation
      Kyoto, Kyoto Research Park
    • Year and Date
      2008-09-06
    • Related Report
      2009 Final Research Report
  • [Presentation] Investment Game with Debt Financing2008

    • Author(s)
      Michi NISHIHARA, Takashi SHIBATA
    • Organizer
      Daiwa International Workshop on Financial Engineering
    • Place of Presentation
      Tokyo, Otemachi Sankei Plaza
    • Year and Date
      2008-08-04
    • Related Report
      2009 Final Research Report
  • [Presentation] Real Options, Debt financing, and Competition2008

    • Author(s)
      Michi NISHIHARA, Takashi SHIBATA
    • Organizer
      Real Options 12th Annual International Conference
    • Place of Presentation
      Rio de Janeiro, Brazil, Pestana Rio Atlantica Hotel
    • Year and Date
      2008-07-10
    • Related Report
      2009 Final Research Report
  • [Remarks]

    • URL

      http://www2.econ.osaka-u.ac.jp/~nishihara/nishihara-study.html

    • Related Report
      2009 Final Research Report
  • [Remarks] 上記記載以外の研究成果の詳細(学会発表やプロシーディングス,投稿中の論文多数)については、を参照

    • URL

      http://www2.econ.osaka-u.ac.jp/~nishihara/nishihara-study.html

    • Related Report
      2009 Annual Research Report
  • [Remarks] 上記記載以外の研究成果の詳細については

    • URL

      http://www2.econ.osaka-u.ac.jp/~nishihara/nishihara-study.html

    • Related Report
      2008 Annual Research Report

URL: 

Published: 2008-04-01   Modified: 2016-04-21  

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