This paper contributes to the debate on the role of real options theory in business strategy
and organizational decision‐making. It analyses and critiques the decision‐making and …

Operations management aims to match the supply with demand of material flows, whereas
corporate finance seeks to match the supply with demand of monetary flows. These two …

This paper examines the relative importance of many factors in the capital structure
decisions of publicly traded American firms from 1950 to 2003. The most reliable factors for …

We propose a model of dynamic investment, financing, and risk management for financially
constrained firms. The model highlights the central importance of the endogenous marginal …

Theory predicts that nonfinancial corporations might use derivatives to lower financial
distress costs, coordinate cash flows with investment, or resolve agency conflicts between …

The appearance of a major work of survey and synthesis, which goes into successive
editions (Caves 1996), is a clear sign that a subject has reached maturity. Maturity can …

When firms experience financial distress, equity holders may act strategically, forcing
concessions from debtholders and paying less than the originally‐contracted interest …

We examine interactions between flexible financing and investment decisions in a model
with stockholder–bondholder conflicts over investment policy. We find that financial flexibility …

This study investigates the foreign exchange risk management program of HDG
Inc.(pseudonym), a US-based manufacturer of durable equipment. Precise examination of …

An analysis of the links between risk management and value creation Risk Management
and Value Creation in Financial Institutions explores a variety of methods that can be utilized …