This chapter is organized as follows. The economic problem on which this book focuses is motivated in Section 1. The two tools used to study this economic problem, which are real options theory and game theory, are discussed in Sections 2 and 3, respectively. Section 4 surveys the contents of this book. In Section 5 some promising extensions of the research presented in this book are listed. 1. TECHNOLOGY INVESTMENT Investment expenditures of companies govern economic growth. Es- pecially investments in new and more efficient technologies are an impor- tant determinant. In particular, in the last two decades an increasing part of the investment expenditures concerns investments in informa- tion and communication technology. Kriebel, 1989 notes that (already) in 1989 roughly 50 percent of new corporate capital expenditures by major United States companies was in information and communication technology. Due to the rapid progress in these technologies, the tech- nology investment decision of the individual firm has become a very complex matter. As an example of the very high pace of technological improvement consider the market for personal computers. IBM intro- duced its Pentium personal computers in the early 1990s at the same price at which it introduced its 80286 personal computers in the 1980s. Therefore it took less than a decade to improve on the order of twenty times in terms of both speed and memory capacities, without increasing the cost (Yorukoglu, 1998).
The purpose of this book is to present the principles of alternative investments in management. The individual chapters provide a detailed analysis of various classes of alternative investments on the financial market. Despite many different definitions of alternative investments, it can be assumed that a classical approach to alternative investments includes hedge funds, fund of funds (FOF), managed accounts, structured products and private equity/venture capital. Alternative investment in keeping with this broad definition is the subject of consideration here. The theoretical part of each chapter is meant to collect, systematize and deepen readers' understanding of a given investment category, while the practical part of each focuses on an analysis of the current state of development of alternative investments on the global market and outlines the prospects of future market development. This book will be a valuable tool for scholars, practitioners and policy-makers alike.
Sound investment decisions require an in-depth knowledge of the financial markets and available financial instruments. This book provides students and professionals with an understanding of the role and activities of an equity security analyst within the investment process. Emphasis is on understanding the process of analyzing companies; the valuation process; and the challenges of achieving success in a highly competitive capital market. The authors present a comprehensive compendium on the financial theory, the empirical evidence and the mathematical tools that form the underlying principles of investment decisions.
The growing importance of international investment law, fuelled by the processes of globalisation and the search for natural resources, and fostered by the ease of cross-border financial flows, has given rise to a huge expansion in the incidence of new investment treaties and, consequently, disputes. The complexity of this area and the enormous sums of investment involved mean that the agreements and treaties themselves are highly evolved, while the disputes arising are often hugely intricate and intractible. No area of international law is more in need of the careful and balanced attention of scholars, of the sort which this Handbook brings to bear. Anyone interested in international investment law will appreciate the comprehensive, thoughtful and detailed exploration of this area which this distinguished group of German scholars have provided.
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