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Comprehensive studies on project management in multi-dimensional models

Research Project

Project/Area Number 22710142
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  大阪大学, 大学院・経済学研究科, 准教授 (20456940)

Project Period (FY) 2010 – 2012
Project Status Completed (Fiscal Year 2012)
Budget Amount *help
¥3,900,000 (Direct Cost: ¥3,000,000、Indirect Cost: ¥900,000)
Fiscal Year 2012: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2011: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2010: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Keywords金融工学 / ファイナンス
Research Abstract

I conducted a variety of studies on real options. Specifically, in multi-dimensional models, I analyzed two major characteristics of real options: heterogeneous stakeholders and complicated payoff functions. In virtue of multi-dimensional models, I could reveal the effects of multiple projects with synergies, the prospective occurrence and disappearance of alternative projects, and the interactions of cash flows and reserves, etc., on the project management policies.

Report

(4 results)
  • 2012 Annual Research Report   Final Research Report ( PDF )
  • 2011 Annual Research Report
  • 2010 Annual Research Report
  • Research Products

    (62 results)

All 2013 2012 2011 2010 Other

All Journal Article (16 results) (of which Peer Reviewed: 16 results) Presentation (42 results) Remarks (4 results)

  • [Journal Article] Optimal investment decision under regulatory and environmental risks2013

    • Author(s)
      Michi NISHIHARA
    • Journal Title

      International Journal of Management Science and Engineering Management

      Volume: 8 Pages: 67-77

    • Related Report
      2012 Annual Research Report 2012 Final Research Report
    • Peer Reviewed
  • [Journal Article] The effects of external financing costs on investment timing and sizing decisions2013

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

      Journal of Banking and Finance

      Volume: 37 Pages: 1160-1175

    • Related Report
      2012 Final Research Report
    • Peer Reviewed
  • [Journal Article] The effects of external financing costs on investment timing and sizing decisions2013

    • Author(s)
      Nishihara, M. and Shibata, T.
    • Journal Title

      Journal of Banking and Finance

      Volume: 37(4) Issue: 4 Pages: 1160-1175

    • DOI

      10.1016/j.jbankfin.2012.11.014

    • Related Report
      2012 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Real option valuation of abandoned farmland2012

    • Author(s)
      Michi NISHIHARA
    • Journal Title

      Review of Financial Economics

      Volume: 21 Pages: 188-192

    • Related Report
      2012 Annual Research Report 2012 Final Research Report
    • Peer Reviewed
  • [Journal Article] Investment timing with incentive-disincentive contracts under asymmetric information2012

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

      Technology and Investment

      Volume: 3 Pages: 74-86

    • Related Report
      2012 Annual Research Report 2012 Final Research Report
    • Peer Reviewed
  • [Journal Article] Investment timing under debt issuance constraint2012

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

      Journal of Banking and Finance

      Volume: 36 Pages: 981-991

    • Related Report
      2012 Annual Research Report 2012 Final Research Report
    • Peer Reviewed
  • [Journal Article] Real options with synergies: static versus dynamic policies2012

    • Author(s)
      Michi NISHIHARA
    • Journal Title

      Journal of the Operational Research Society

      Volume: 63 Pages: 107-121

    • Related Report
      2012 Final Research Report
    • Peer Reviewed
  • [Journal Article] Real options with synergies : static versus dynamic policies2012

    • Author(s)
      Michi NISHIHARA
    • Journal Title

      Journal of the Operational Research Society

      Volume: 63 Issue: 1 Pages: 107-121

    • DOI

      10.1057/jors.2011.5

    • Related Report
      2011 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Interactions between investment timing and management effort under asymmetric information: Costs and benefits of privatized firms2011

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

      European Journal of Operational Research

      Volume: 215 Pages: 688-696

    • Related Report
      2012 Final Research Report
    • Peer Reviewed
  • [Journal Article] he effects of costly exploration on optimal investment timing2011

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

      Review of Financial Economics

      Volume: 20 Pages: 105-112

    • Related Report
      2012 Final Research Report
    • Peer Reviewed
  • [Journal Article] 大学経営政策の意思決定モデル構築に向けての考察 -横断的大学格付けと全入時代到来期待時刻シミュレーションを踏まえて-2011

    • Author(s)
      大山篤之, 小原一仁, 西原理
    • Journal Title

      高等教育研究

      Volume: 14 Pages: 249-270

    • NAID

      130007649145

    • Related Report
      2012 Final Research Report
    • Peer Reviewed
  • [Journal Article] 大学経営政策の意思決定モデル構築に向けての考察-横断的大学格付けと全入時代到来期待時刻シミュレーションを踏まえて-2011

    • Author(s)
      大山篤之, 小原一仁, 西原理
    • Journal Title

      高等教育研究

      Volume: 14 Pages: 249-270

    • NAID

      130007649145

    • Related Report
      2011 Annual Research Report
    • Peer Reviewed
  • [Journal Article] The effects of costly exploration on optimal investment timing2011

    • Author(s)
      Nishihara, M., Shibata T.
    • Journal Title

      Review of Financial Economics

      Volume: 20 Issue: 3 Pages: 105-112

    • DOI

      10.1016/j.rfe.2011.06.001

    • Related Report
      2011 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Interaction between investment timing and management effort under asymmetric information : Costs and benefits of privatized firms2011

    • Author(s)
      Shibata, T. and Nishihara, M.
    • Journal Title

      European Journal of Operational Research

      Volume: 215 Pages: 688-696

    • DOI

      10.1016/j.ejor.2011.06.025

    • Related Report
      2011 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Interactions between preemptive competition and a financing constraint2010

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

      Journal of Economics and Management Strategy

      Volume: 19 Pages: 1013-1042

    • Related Report
      2012 Final Research Report 2010 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Can financial synergy motivate M&A?2010

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

      Recent Advance in Financial Engineering

      Pages: 253-272

    • Related Report
      2010 Annual Research Report
    • Peer Reviewed
  • [Presentation] Investment timing, investment size, and financing costs2013

    • Author(s)
      Michi NISHIHARA, Takashi SHIBATA
    • Organizer
      The SIBR 2013 Kuala Lumpur Conference on Interdisciplinary Business and Economics Research
    • Place of Presentation
      Royale Bintang Hotel, Kuala Lumpur, マレーシア
    • Year and Date
      2013-02-15
    • Related Report
      2012 Final Research Report
  • [Presentation] Investment timing with proportional and fixed costs of external financing2013

    • Author(s)
      Michi NISHIHARA
    • Organizer
      The SIBR 2013 Kuala Lumpur Conference on Interdisciplinary Business and Economics Research
    • Place of Presentation
      Royale Bintang Hotel, マレーシア
    • Related Report
      2012 Annual Research Report
  • [Presentation] The effects of external financing costs on investment timing and sizing decisions2012

    • Author(s)
      Michi NISHIHARA, Takashi SHIBATA
    • Organizer
      INFORMS Annual Meeting, Hyatt Regency Phonix, Phoenix
    • Place of Presentation
      アメリカ合衆国
    • Year and Date
      2012-10-17
    • Related Report
      2012 Final Research Report
  • [Presentation] Real options valuation of abandoned farmland2012

    • 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
      2012-09-19
    • Related Report
      2012 Final Research Report
  • [Presentation] The effects of external financing costs on investment timing and sizing decisions2012

    • Author(s)
      西原理, 芝田隆志
    • Organizer
      日本オペレーションズ・リサーチ学会 2012 年秋季研究発表会
    • Place of Presentation
      ウインク愛知, 名古屋
    • Year and Date
      2012-09-13
    • Related Report
      2012 Final Research Report
  • [Presentation] Investment timing with fixed and proportional costs of external financing2012

    • Author(s)
      西原理, 芝田隆志
    • Organizer
      日本オペレーションズ・リサーチ学会研究部会「不確実性環境下での意思決定科学」第9回研究会
    • Place of Presentation
      西宮市大学交流センター, 西宮
    • Year and Date
      2012-08-25
    • Related Report
      2012 Final Research Report
  • [Presentation] Investment timing with fixed and proportional costs of external financing2012

    • Author(s)
      Michi NISHIHARA, Takashi SHIBATA
    • Organizer
      25th European Conference on Operational Research
    • Place of Presentation
      Radisson Blu Hotel Lietuva, Vilnius, リトアニア
    • Year and Date
      2012-07-11
    • Related Report
      2012 Final Research Report
  • [Presentation] A real options game involving multiple projects2012

    • Author(s)
      Michi NISHIHARA
    • Organizer
      12th SAET Conference
    • Place of Presentation
      University of Queenland, Brisbane, オーストラリア
    • Year and Date
      2012-06-30
    • Related Report
      2012 Final Research Report
  • [Presentation] Investment timing with proportional and fixed costs of external financing2012

    • Author(s)
      Michi NISHIHARA, Takashi SHIBATA
    • Organizer
      Bachelier Finance Society 7th World Congress
    • Place of Presentation
      Hilton Hotel Sydney, オーストラリア、Sydney
    • Year and Date
      2012-06-22
    • Related Report
      2012 Final Research Report
  • [Presentation] Investment timing with fixed and proportional costs of external financing2012

    • Author(s)
      西原理, 芝田隆志
    • Organizer
      日本ファイナンス学会第20回大会
    • Place of Presentation
      一橋大学学術総合センター, 東京
    • Year and Date
      2012-05-26
    • Related Report
      2012 Final Research Report
  • [Presentation] Investment timing with fixed and proportional costs of external financing2012

    • Author(s)
      Michi NISHIHARA
    • Organizer
      Winter Workshop on Finance
    • Place of Presentation
      北海道大学(北海道)
    • Year and Date
      2012-02-14
    • Related Report
      2011 Annual Research Report
  • [Presentation] Evaluating the occurrence and disappearance of real options2012

    • Author(s)
      Michi NISHIHARA
    • Organizer
      Global Conference on Business and Finance
    • Place of Presentation
      Alamoana Hotel, Honolulu, アメリカ合衆国
    • Year and Date
      2012-01-06
    • Related Report
      2012 Final Research Report
  • [Presentation] Evaluating the occurrence and disappearance of real options2012

    • Author(s)
      Michi NISHIHARA
    • Organizer
      Global Conference on Business and Finance
    • Place of Presentation
      Alamoana Hotel(Honolulu,米国)
    • Year and Date
      2012-01-06
    • Related Report
      2011 Annual Research Report
  • [Presentation] Investment timing with fixed and proportional costs of external financing2012

    • Author(s)
      Michi NISHIHARA, Takashi SHIBATA
    • Organizer
      Winter Workshop on Finance
    • Place of Presentation
      Hokkaido University Sapporo, 日 本
    • Related Report
      2012 Final Research Report
  • [Presentation] The effects of external financing costs on investment timing and sizing decisions2012

    • Author(s)
      Michi NISHIHARA
    • Organizer
      INFORMS Annual Meeting
    • Place of Presentation
      Hyatt Regency Phonix, アメリカ合衆国
    • Related Report
      2012 Annual Research Report
  • [Presentation] Investment timing with fixed and proportional costs of external financing2012

    • Author(s)
      Michi NISHIHARA
    • Organizer
      25th European Conference on Operational Research
    • Place of Presentation
      Radisson Blu Hotel Lietuva, リトアニア
    • Related Report
      2012 Annual Research Report
  • [Presentation] A real options game involving multiple projects2012

    • Author(s)
      Michi NISHIHARA
    • Organizer
      12th SAET Conference
    • Place of Presentation
      University of Queenland, オーストラリア
    • Related Report
      2012 Annual Research Report
  • [Presentation] Investment timing, investment size, and financing costs2012

    • Author(s)
      Michi NISHIHARA
    • Organizer
      Bachelier Finance Society 7th World Congress
    • Place of Presentation
      Hilton Hotel Sydney, オーストラリア
    • Related Report
      2012 Annual Research Report
  • [Presentation] Investment timing with fixed and proportional costs of external financing2012

    • Author(s)
      西原 理
    • Organizer
      日本ファイナンス学会第20回大会
    • Place of Presentation
      一橋大学
    • Related Report
      2012 Annual Research Report
  • [Presentation] Investment timing with fixed and proportional costs of external financing2012

    • 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「不確実性環境下での意思決定科学」第9回研究会
    • Place of Presentation
      西宮市大学交流センター
    • Related Report
      2012 Annual Research Report
  • [Presentation] The effects of external financing costs on investment timing and sizing decisions2012

    • Author(s)
      西原 理
    • Organizer
      日本オペレーションズ・リサーチ学会2012年秋季研究発表会
    • Place of Presentation
      ウインク愛知
    • Related Report
      2012 Annual Research Report
  • [Presentation] Real options valuation of abandoned farmland2012

    • 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
      京都大学
    • Related Report
      2012 Annual Research Report
  • [Presentation] Investment timing with fixed and proportional costs of external financing2011

    • Author(s)
      西原理, 芝田隆志
    • Organizer
      JAFEE「ファイナンスの意思決定解析」研究部会第2回研究会
    • Place of Presentation
      SIT 総研・佃イノベーションスクエア, 東京
    • Year and Date
      2011-11-26
    • Related Report
      2012 Final Research Report
  • [Presentation] Investment timing with fixed and proportional costs of external financing2011

    • Author(s)
      西原理
    • Organizer
      JAFEE「ファイナンスの意思決定解析」研究部会第2回研究会
    • Place of Presentation
      SIT総研・佃イノベーションスクエア(東京都)
    • Year and Date
      2011-11-26
    • Related Report
      2011 Annual Research Report
  • [Presentation] Real options valuation of abandoned farmland2011

    • Author(s)
      Michi NISHIHARA
    • Organizer
      INFORMS Annual Meeting, Charlotte Convention Center
    • Place of Presentation
      Charlotte, アメリカ合衆国
    • Year and Date
      2011-11-14
    • Related Report
      2012 Final Research Report
  • [Presentation] Real options valuation of abandoned farmland2011

    • Author(s)
      Michi NISHIHARA
    • Organizer
      INFORMS Annual Meeting
    • Place of Presentation
      Charlotte Convention Center(Charlotte,米国)
    • Year and Date
      2011-11-14
    • Related Report
      2011 Annual Research Report
  • [Presentation] The effects of costly exploration on optimal investment timing2011

    • Author(s)
      西原理, 芝田隆志
    • Organizer
      日本オペレーションズ・リサーチ学会 2011 年秋季研究発表会
    • Place of Presentation
      甲南大学, 神戸
    • Year and Date
      2011-09-15
    • Related Report
      2012 Final Research Report
  • [Presentation] The effects of costly exploration on optimal investment timing2011

    • Author(s)
      西原理
    • Organizer
      日本オペレーションズ・リサーチ学会秋季研究発表会
    • Place of Presentation
      甲南大学(兵庫県)
    • Year and Date
      2011-09-15
    • Related Report
      2011 Annual Research Report
  • [Presentation] Real options valuation of abandoned farmland2011

    • Author(s)
      Michi NISHIHARA
    • Organizer
      International Conference on Operations Research
    • Place of Presentation
      University of Zurich, Zurich, スイス
    • Year and Date
      2011-08-31
    • Related Report
      2012 Final Research Report
  • [Presentation] Real options valuation of abandoned farmland2011

    • Author(s)
      Michi NISHIHAEA
    • Organizer
      International Conference on Operations Research
    • Place of Presentation
      University of Zurich(Zurich,スイス)
    • Year and Date
      2011-08-31
    • Related Report
      2011 Annual Research Report
  • [Presentation] Real options valuation of abandoned farmland2011

    • Author(s)
      Michi NISHIHARA
    • Organizer
      3rd International Conference on Applied Operational Research
    • Place of Presentation
      Bahcesehir University, Istanbul, トルコ
    • Year and Date
      2011-08-25
    • Related Report
      2012 Final Research Report
  • [Presentation] Real options valuation of abandoned farmland2011

    • Author(s)
      Michi NISHIHAEA
    • Organizer
      3rd International Conference on Applied Operational Research
    • Place of Presentation
      Bahcesehir University(Istanbul,トルコ)
    • Year and Date
      2011-08-25
    • Related Report
      2011 Annual Research Report
  • [Presentation] The effects of costly exploration on optimal investment timing2011

    • Author(s)
      Michi NISHIHARA, Takashi SHIBATA
    • Organizer
      19th Triennial Conference of the International Federation of Operational Research Societies
    • Place of Presentation
      Melbourne Convention and Exhibition Centre, Melbourne, オーストラリア
    • Year and Date
      2011-07-15
    • Related Report
      2012 Final Research Report
  • [Presentation] The effects of costly exploration on optimal investment timing2011

    • Author(s)
      Michi NISHIHAEA
    • Organizer
      19th Triennial Conference of the International Federation of Operational Research Societies
    • Place of Presentation
      Melbourne Convention and Exhibition Centre(Melb ourne,オーストラリア)
    • Year and Date
      2011-07-15
    • Related Report
      2011 Annual Research Report
  • [Presentation] The effects of costly exploration on optimal investment timing2011

    • Author(s)
      Michi NISHIHARA, Takashi SHIBATA
    • Organizer
      15th Annual International Real Options Conference
    • Place of Presentation
      Abo Akademi University,Turku, フィンランド
    • Year and Date
      2011-06-18
    • Related Report
      2012 Final Research Report
  • [Presentation] The effects of costly exploration on optimal investment timing2011

    • Author(s)
      Michi NISHIHARA
    • Organizer
      15th Annual International Real Options Conference
    • Place of Presentation
      Abo Akademi University(Turku,フィンランド)
    • Year and Date
      2011-06-18
    • Related Report
      2011 Annual Research Report
  • [Presentation] A real options game involving multiple projects2011

    • Author(s)
      Michi NISHIHARA
    • Organizer
      IAENG International Conference on Operations Research
    • Place of Presentation
      Royall Garden Hotel, Hong Kong, 中華人民共和国
    • Year and Date
      2011-03-17
    • Related Report
      2012 Final Research Report
  • [Presentation] A real options game involving multiple projects2011

    • Author(s)
      Michi Nishihara
    • Organizer
      IAENG International Conference on Operations Research
    • Place of Presentation
      Royal Garden Hotel(香港、中国)
    • Year and Date
      2011-03-17
    • Related Report
      2010 Annual Research Report
  • [Presentation] Evaluating the occurrence and disappearance of real options2010

    • 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
      2010-11-26
    • Related Report
      2012 Final Research Report
  • [Presentation] A model for evaluating the occurrence and disappearance of real options2010

    • Author(s)
      Michi NISHIHARA
    • Organizer
      OR 52 Annual Conference
    • Place of Presentation
      Royall Holloway University of London, London, イギリス
    • Year and Date
      2010-09-07
    • Related Report
      2012 Final Research Report
  • [Presentation] Dynamic management of multiple real options2010

    • Author(s)
      Michi NISHIHARA
    • Organizer
      24th European Conference on Operational Research
    • Place of Presentation
      Univeristy of Lisbon, Lisbon, ポルトガル
    • Year and Date
      2010-07-12
    • Related Report
      2012 Final Research Report
  • [Presentation] Interactions between preemptive competition and a financing constraint2010

    • Author(s)
      西原理, 芝田隆志
    • Organizer
      日本ファイナンス学会第18回大会
    • Place of Presentation
      東京, 上智大学
    • Year and Date
      2010-05-22
    • Related Report
      2012 Final Research Report
  • [Remarks]

    • Related Report
      2012 Final Research Report
  • [Remarks] 西原理のホームページ

    • URL

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

    • Related Report
      2012 Annual Research Report
  • [Remarks]

    • URL

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

    • Related Report
      2011 Annual Research Report
  • [Remarks]

    • URL

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

    • Related Report
      2010 Annual Research Report

URL: 

Published: 2010-08-23   Modified: 2019-07-29  

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