Strategy, Value and Risk: A Guide to Advanced Financial Management

Overview

The final quarter of the 20th century saw the beginnings of a transformation with the decline of industrial economy and rise of the information economy. Today the economy is increasingly centered around intangible assets and services, intellectual assets, new business models, open innovation, and network economies. The central issue however is still the same, delivering firm value in both the short and long term while maintaining a sustainable competitive advantage. These issues are examined within the context of...

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Strategy, Value and Risk: A Guide to Advanced Financial Management

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Overview

The final quarter of the 20th century saw the beginnings of a transformation with the decline of industrial economy and rise of the information economy. Today the economy is increasingly centered around intangible assets and services, intellectual assets, new business models, open innovation, and network economies. The central issue however is still the same, delivering firm value in both the short and long term while maintaining a sustainable competitive advantage. These issues are examined within the context of innovation, the evolution of industry sectors, and advanced financial analysis, corporate finance, quantitative finance, and risk management concepts. Financial analysis includes stocks and flows, reformulating the financial statements and ROCE and ROIC ratios, while corporate finance covers DCF and real options investment analysis methods. Advanced derivatives methods are applied to financial and real assets in case studies that cover energy, biotech, climate change, media, commercial real estate, and modularity to illustrate the issues.

Updated and revised, this third edition applies advanced financial analytics within a strategic framework that recognizes an environment where sustainable competitive advantage is a progressively more difficult task. Real options offer the link to value and the strategic opportunities that lie in an increasingly dynamic landscape.

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Editorial Reviews

From the Publisher
"The idea that options exist in almost every decision scenario is intuitively sensible. What we need to do is recognize them, assess their value and include that value in the decision making process. This concise book effectively gets those two basic ideas over in a manner that can be understood by even the most mathematically-challenges executives." - Maria Barbera, Innovations E-newsletter

"For the reader looking for a clear and concise introduction to real options, this book hits the spot. While the focus is on real options analysis, Rogers provides a pleasing blend of financial engineering, modern finance, and accounting-based valuation, all with the view of understanding the value from strategies and all under the eye of an informed, experienced practitioner." - Stephen H. Penman, George O. May Professor of Accounting, Columbia Business School, New York, USA

"Real option theory represents an innovative approach to valuation. This book does a sound job of blending theory and practice. The inclusion of case studies is useful. The addition of material on corporate finance theory and financial statement in the Second Edition enhances the utility of the book." - Satyajit Das, Risk Consultant and Author

"Jamie Rogers' compact treatment of real options invites managers to learn the field by studying its stories and successes, with just enough theory to demonstrate the rigor of thought beyond the case studies. No manager can fully understand modern strategy and valuation without some knowledge of real options, and this book provides a strong starting point." - David C. Shimko, Chief Risk Officer, NewOak Capital, New York, USA

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Product Details

  • ISBN-13: 9780230392670
  • Publisher: Palgrave Macmillan
  • Publication date: 5/1/2013
  • Series: Global Financial Markets Series
  • Edition description: Third Edition,Revised Edition,3rd edition
  • Edition number: 3
  • Pages: 248
  • Product dimensions: 6.30 (w) x 9.30 (h) x 1.00 (d)

Meet the Author

JAMIE ROGERS is a consultant based in New York. He has extensive experience in a range of areas that include valuation and risk management in the financial, energy, and commodity markets, corporate finance, and derivatives.

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Table of Contents

List of Figures and Tables
Preface
Acknowledgements

Introduction
The external environment
Strategy, value and risk
References

THE EVOLUTION OF STRATEGY, VALUE AND MEASURING RISK

Strategy
Innovation and the entrepreneur
The evolution of industry sectors
From corporate planning to shareholder value
Strategy and value
Appendix - The classification of industry sectors References

Value
Overview
The accounting foundations
Stocks and flows
Ratio analysis
Investments
References

Risk
Investment risk
Why manage risk
Defining and measuring risk
The risk drivers
Value and risk
References

THE ANALYSIS OF PERFORMANCE AND INVESTMENTS

The Analysis of Performance
Valuation
Firm
Asset
Debt
Equity
Residual earnings
Free cash flows
Pro forma analysis
References

The Analysis of Investments
Introduction
A corporate software upgrade
An energy natural gas power plant
Pharmaceutical research and development
Growth, adaption and continuity
Firm abandonment
The sale of corporate real estate assets References

QUANTITATIVE ANALYTICS AND METHODS

Data Analysis
Data and information
Time series analysis
Volatility
The lognormal distribution
Which volatility?
References

Derivatives
Futures, forwards and options
The replicating portfolio and risk-neutral valuation References

Option Pricing Methods
A model for asset prices
The Black-Scholes formula
Numerical techniques
References

Implementing Derivative Models
Spot price models
Forward curve models
Alternative real options methods
Model risk
Real option portfolios and complex payoffs References

Conclusion and Practical Implications Index

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