Analyzing the Cutting Process of a Heated Flexible Blade in Extruded Polystyrene Foam

For the “Free Form Thick Layered Object Manufacturing” technology that is being developed at the Delft University, it is vital that Extruded Polystyrene Foam (XPS) can be cut accurately with a heated blade. The shape of the blade is actively controlled during the cutting process, which results in double curved cutting surfaces. In order to make this cutting process controllable it must be known how the cutting behavior is under varying conditions, like cutting speed, cutting angle and heating power. The authors executed a range of experiments, analyzed the results and describe a practical model for the cutting process of XPS with a heated blade.Mechanical Engineerin

Investment Analysis of Offshore Concessions in The Netherlands

Describes the valuation of a complex capital project, the staged development of an oil field concession in the Netherlands. Stages of offshore petroleum development on the Dutch continental shelf; Asset valuation based on replication in financial markets; Major insights and conclusions

Waarde en Ontwikkeling van Buyouts

Terwijl de grote golf van buyouts in de jaren tachtig voornamelijk tot doel had logge conglomeraten die aan zware agencyproblemen en inefficiënties onderhevig waren te herstructureren, werd de tweede grote golf in de jaren negentig tot 2001 veelal gekenmerkt door een totaal andere waardestuwer, namelijk het nastreven van groei. Na deze golf werd het door de economische stagnatie en de waardedaling van de financiële markten steeds moeilijker een exit route te vinden naar een strategische speler of de beurs, met een toename van het aantal secondary buyouts als gevolg. In dit artikel geef ik een overzicht van deze recente economische ontwikkelingen in de buyout-markt en stel ik een raamwerk voor dat deze ontwikkelingen relateert aan gevestigde economische theorieën. Dit waarderingsraamwerk van private overnames integreert de verschillende waardecreërende factoren met een waardering en geeft de mogelijkheid om ieder type buyout op correcte wijze te waarderen

A Real Option and a Game Theoretic Approach to Corporate Investment Strategy under Competition

Presents a real options and game-theoretic approach to corporate investment strategy under competition. Analysis of aspects of competition in a microeconomic framework; Forecasting of operating cash inflows based on economic rents or excess profits; Implications of results obtained

Strategic Investment: Real Options and Games

Corporate finance and corporate strategy have long been seen as different sides of the same coin. Though both focus on the same broad problem, investment decision-making, the gap between the two sides--and between theory and practice--remains embarrassingly large. This book synthesizes cutting-edge developments in corporate finance and related fields--in particular, real options and game theory--to help bridge this gap. In clear, straightforward exposition and through numerous examples and applications from various industries, Han Smit and Lenos Trigeorgis set forth an extended valuation framework for competitive strategies. The book follows a problem-solving approach that synthesizes ideas from game theory, real options, and strategy. Thinking in terms of options-games can help managers address questions such as: When is it best to invest early to preempt competitive entry, and when to wait? Should a firm compete in R&D or adopt an accommodating stance? How does one value growth options or infrastructure investments? The authors provide a wide range of valuation examples, such as acquisition strategies, R&D investment in high-tech sectors, joint research ventures, product introductions in consumer electronics, infrastructure, and oil exploration investment. Representing a major step beyond standard real options or strategy analysis, and extending the power of real options and strategic thinking in a rigorous fashion, Strategic Investment will be an indispensable guide and resource for corporate managers, MBA students, and academics alike

Playing at Serial Acquisitions

Behavioral biases can result in suboptimal acquisition decisions-with the potential for errors exacerbated in consolidating industries, where consolidators design serial acquisition strategies and fight escalating takeover battles for platform companies that may determine their future competitive position. To guide objective managerial judgment, and to rationally anticipate the irrational behavior of rival bidders or financial markets, this article proposes a modified option-game toolkit for serial acquisition strategy. It brings together insights from both strategy and finance, which quantify acquisition strategies, thus allowing executives to make rational intuitive decisions under uncertainty

Real Options: Examples and Principles of Valuation and Strategy

The paper illustrates the use of real options and game theory principles to value prototypical investment projects and capture important competitive/strategic dimensions in a step-by-step analysis of investment decisions (options) under uncertainty. It first illustrates the application of real options principles to a mining concession and to an R&D program. It then provides examples from innovation cases and uses basic game theory principles to discuss other strategic and competitive aspects, especially applicable to oligopolistic industries like consumer electronics. The issue of whether (and when) it is optimal to compete independently or coordinate/collaborate (e.g., via joint R&D ventures or strategic alliances) is given particular attention

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

De Private Equity Golf

In de laatste decennia heeft private equity zich ontwikkeld tot een belangrijke component van ondernemingsfi nanciering. Private equity is een bron van fi nanciering voor start-up ondernemingen, private middelgrote ondernemingen, ondernemingen die geherstructureerd worden of onder nemingen die hun beursnotering willen beëindigen. De ontwikkelingsgang van private equity kent een golfpatroon dat gekenmerkt wordt door perioden van expansie en perioden van verschansing. Dit artikel beschrijft aan de hand van de recente literatuur de privateequitygolf, en de consequenties voor de verschillende partijen in de markt voor private equity, zoals de ondernemingen die privaat gefi nancierd worden, de investeringsmaatschappijen en de verschaffers van privaat vermogen