主题：Investment
under Uncertainty and the Value of Real and Financial Flexibility（不确定性投资与实物弹性和财务弹性的价值）
主讲人：王能，哥伦比亚大学商德州扑克大小
金融学教授
日期：2015年10月14日（周三）
时间：上午10:00-11:30
地点：德州扑克大小
金融德州扑克大小
4号楼102教室
语言：英文
摘要：
We develop a
model of investment timing under uncertainty for a financially constrained
firm. Facing external financing costs, the firm prefers to fund its investment
through internal funds, so that the firm's optimal investment policy and value
depend on both its earnings fundamentals and liquidity holdings. We show that
financial constraints significantly alter the standard real options results,
with the financial flexibility conferred by internal funds acting as a
complement, and at times as a substitute, to the real flexibility given by the
optimal timing of investment. We show that: 1) the investment hurdle is highly
nonlinear and non-monotonic in the firm's internal funds; 2) in contrast to
predictions implied by standard corporate savings models, a financially
constrained firm may behave in a risk seeking sense (and thus firm value may be
convex in liquidity) due to the interaction between financial and real
(growth/abandonment) flexibility; 3) with multiple rounds of growth options, a
value-maximizing financially constrained firm may choose to over-invest via
accelerated investment timing in earlier stages in order to mitigate
under-investment problems in later stages.
主讲人简介:
Neng Wang is the Professor of Finance
at Columbia Business School, Columbia University. He is also the
Research Associate of National Bureau of Economic Research since 2009. Professor
Wang received a B.S. in Physical Chemistry from Nanjing University in 1992, and
a M.S. in chemistry from California Institute of Technology and a Ph.D. in
Finance from Stanford University. His research fields are corporate
finance, asset pricing, macroeconomics and real estate finance. His papers have
appeared in Journal of Financial Economics, Review of Financial
Studies, and Journal of Finance and other leading finance journals.
