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Dynamic firm valuation: a real options approach to strategic reinvestment using Schwartz & Moon
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Resumo(s)
This thesis evaluates the adequacy of different valuation methods in high-uncertainty
environments, focusing on the dynamic internet sector. It presents an innovative valuation
approach through the development of an Extended Schwartz & Moon model that integrates real
options to account for conditional accelerated reinvestment periods. This adaptation better
captures strategic flexibility often overlooked by traditional methods. A case study of a leading
internet company, then illustrates the substantial discrepancies in valuation outcomes,
highlighting the inadequacies of conventional approaches. The findings underscore the
necessity for more sophisticated valuation methodologies to accurately reflect the volatile
dynamics of contemporary business environments.
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Corporate finance Real options Valuation methods Investment decisions