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• W1603175079 abstract "In the standard real options approach to investment under uncertainty, agents formulate optimal policies under the assumptions of risk neutrality or perfect capital markets. However in most situations, corporate executives face incomplete markets either because they receive compensation packages that restrict their portfolios or because cash flows from the firm’s investment opportunities are not spanned by those of existing assets. The present paper examines the impact of managerial risk aversion on investment decisions when the manager is exposed to idiosyncratic risk and faces the risk of a control challenge. In the paper, the investment policy selected by the manager reflects a trade-off between his incentives to reduce risk and the need to ensure sufficient efficency to prevent control challenges. The analysis demonstrates that risk aversion induces the manager to speed up investment, leading to a significant erosion of the value of the option to wait and to investment near the zero net present value threshold." @default.
• W1603175079 created "2016-06-24" @default.
• W1603175079 creator A5002167713 @default.
• W1603175079 creator A5080989714 @default.
• W1603175079 date "2004-05-01" @default.
• W1603175079 modified "2023-09-27" @default.
• W1603175079 title "Investment Under Uncertainty and Incomplete Markets" @default.
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• W1603175079 hasPublicationYear "2004" @default.
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