Real Option and Investment Decision

• Project/Area Number: 23530450
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Business administration
• Research Institution: Waseda University
• Principal Investigator: KATSURAYAMA Yasunori 早稲田大学, 社会科学総合学術院, 教授 (10257222)
• Project Period (FY): 2011 – 2013
• Project Status: Completed (Fiscal Year 2013)
• Budget Amount: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000); Fiscal Year 2013: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000); Fiscal Year 2012: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000); Fiscal Year 2011: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
• Keywords: リアルオプション / 投資意思決定

Research Abstract

In this research, the situation where there exists agency relationship between manager and investors is considered. Investors are contract with managers to run their company. Usually there are conflicts of interest called agency problem. One of the causes of the agency problem is a difference of the time horizon between two parties. It is modeled via the real option problem which enables us to deal with the flexibility of the management. For example the manager has an opportunity to reduce the size of investment by introducing a new technology which is costly. The effects of time horizon are analyzed.
Empirical study around SEOs(Seasoned Equity Offering) are also analyzed. Especially the cumulative abnormal return around Japanese SEO and the effect of law reforms are reported.

Research Products

• [Journal Article] 資本予算とリアルオプション (2013)
  • Author(s): 葛山康典
  • Journal Title: 早稲田商学 Volume: Vol.434 Pages: 429-444
  • NAID: 120005290634
• [Journal Article] 資本予算とリアルオプション (2013)
  • Author(s): 葛山 康典
  • Journal Title: 早稲田商学 Volume: 434 Pages: 429-444
  • NAID: 120005290634
• [Presentation] SEO returns and Japanese Law Reforms (2014)
  • Author(s): Yasunori Katsurayama, Keiji Abe
  • Organizer: INFORMS Annual meeting in San Francisco
  • Place of Presentation: San Francisco
• [Presentation] SEOs return and Japanese Law Reforms. (2014)
  • Author(s): Yasunori Katsurayama, Keiji Abe
  • Organizer: INFORMS
  • Place of Presentation: Hilton San Francisco