Finite Project Life and Uncertainty Effects on Investment

This paper revisits the important result of the real options approach to investment under uncertainty, which states that increased uncertainty raises the value of waiting and thus decelerates investment.Typically in this literature projects are assumed to be perpetual.However, in today.s economy .rms face a fast-changing technology environment, implying that investment projects are usually considered to have a .nite life.The present paper studies investment projects with .nite project life, and we .nd that, in contrast with the existing theory, investments may be accelerated by increased uncertainty.It is shown that this particularly happens when uncertainty is limited and project life is short.investment;uncertainty;finite project length

Die Pharisäer und die Johanneskirche

nicht vorhanden

Essays on Competition, Corporate Financing and Investment: A stochastic Dynamic Approach.

This thesis contains four studies on economic and finance theory that analyze the effects of time, uncertainty and information on firms’ strategic and financial decisions. The first essay presents a game-theoretic model of dynamic signaling taking place in an evolving environment. The model is applied to study dynamic limit-pricing strategies under stochastic demand. The second essay analyzes the effects of short-term liquidity shocks and long-term solvency distress on corporate finance policies. The last two papers study corporate investment decisions under uncertainty. In one essay, investment project lifetime is shown to critically affect investment behavior. The last paper studies optimal divestment policies and the trade-off between the flexibility of partial divestment and the premium of full-firm sale.

APPLICATION OF GENETIC ALGORITHMS TO THE TRAVELING SALESMAN PROBLEM

The purpose of this paper was to investigate in practice the possibility of using evolutionary algorithms to solve the traveling salesman problem on a real example. The goal was achieved by developing an original implementation of the evolutionary algorithm in Python, and by preparing an example of the traveling salesman problem in the form of a directed graph representing polish voivodship cities. As part of the work an application in Python was written. It provides a user interface which allows setting selected parameters of the evolutionary algorithm and solving the prepared problem. The results are presented in both text and graphical form. The correctness of the evolutionary algorithm's operation and the implementation was confirmed by performed tests. A large number of tested solutions (2500) and the analysis of the obtained results allowed for a conclusion that an optimal (relatively suboptimal) solution had been found

Less Popular But More Effective Toeholds in Corporate Takeovers

Despite their claimed advantages, toehold strategies have rarely been adopted in recent corporate takeovers and do not seem to increase acquirer returns. Are toeholds ineffective and becoming obsolete? We show that this is not the case. We find that toeholds are preferred for executing difficult takeovers. After controlling for such endogeneity in toehold-based acquisitions, toeholds do increase returns to acquirers. Moreover, the performance of toehold strategies improves over time due to more selective and more effective acquisition of toeholds. We find that this time trend is in part explained by learning from past toehold acquisitions

Utterance intonation imaging using the cepstral analysis

Speech intonation consists mainly of fundamental frequency, i.e. the frequency of vocal cord vibrations. Finding those frequency changes can be very useful — for instance, studying foreign languages where speech intonation is an inseparable part of a language (like grammar or vocabulary). In our work we present the cepstral algorithm for F0 finding as well as an application for facilitating utterance intonation learning

Utterance intonation imaging using the cepstral analysis

Speech intonation consists mainly of fundamental frequency, i.e. the frequency of vocal cord vibrations. Finding those frequency changes can be very useful — for instance, studying foreign languages where speech intonation is an inseparable part of a language (like grammar or vocabulary). In our work we present the cepstral algorithm for F0 finding as well as an application for facilitating utterance intonation learning