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Die Finanzierung von Realoptionen unter Informationsasymmetrie

Die Finanzierung von Realoptionen unter Informationsasymmetrie
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Year:    1996

Author:    Nippel, Peter

Credit and Capital Markets – Kredit und Kapital, Vol. 29 (1996), Iss. 1 : pp. 123–152

Abstract

Financing Real Options in an Environment of Asymmetric Information

A model based on asymmetric information between the management of a corporation and external investors discusses the incentives that emanate from financing and influence decision-making on whether to exercise a real option, i.e. to make use of an opportunity for investment. It is taken into account that a financing relationship may come into existence at the time of investment in a real option and the time of the possible exercise of the option. Such financing relations may be associated with countervailing incentives on the corporate management’s investment behaviour. It turns out that an appropriately shaped financing scheme would allow the real option to be exercised precisely if it is efficient. This shows that welfare losses do not occur in spite of asymmetric information. The model analysis is followed by a discussion of the question to what extent this result is robust in a scenario of possible expansions.

Journal Article Details

Publisher Name:    Global Science Press

Language:    Multiple languages

DOI:    https://doi.org/10.3790/ccm.29.1.123

Credit and Capital Markets – Kredit und Kapital, Vol. 29 (1996), Iss. 1 : pp. 123–152

Published online:    1996-01

AMS Subject Headings:    Duncker & Humblot

Copyright:    COPYRIGHT: © Global Science Press

Pages:    30

Author Details

Nippel, Peter

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Section Title Page Action Price
Peter Nippel: Die Finanzierung von Realoptionen\runter Informationsasymmetrie 123
I. Einleitung 123
II. Ein einfaches Investitions- und Finanzierungsproblem 126
1. Modellprämissen 126
2. Die Investitions- und FinanzierungsentScheidung im Fälligkeitszeitpunkt der Realoption 127
3. Auswirkungen einer vor Fälligkeit der Realoption begründeten Kreditfinanzierungsbeziehung 133
4. Die Entscheidung über die Investition in die Realoption 138
III. Diskussion möglicher Modellerweiterungen 139
1. Komplexere Investitionsmöglichkeiten 139
2. Das Risikoanreizproblem 140
3. Assets in Place 141
IV. Zusammenfassung 143
Anhang 144
Literatur 150
Zusammenfassung: Die Finanzierung von Realoptionen unter Informationsasymmetrie 151
Summary: Financing Real Options in an Environment of Asymmetric Information 151
Résumé: Le financement d'options réelles dans une situation d'asymétrie d'informations 152