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It is widely accepted that a large proportion of acquisition strategies fail to deliver the expected value. Globalizing markets characterized by growing uncertainty, together with the advent of new competitors, are further complicating the task of valuing acquisitions. Too often, managers rely on flawed valuation models or their intuition and experience when making risky investment decisions, exposing their companies to potentially costly pitfalls. Playing at Acquisitions provides managers with a powerful methodology for designing and executing successful acquisition strategies. The book tackles the myriad executive biases that infect decision making at every stage of the acquisition process, and the inadequacy of current valuation approaches to help mitigate these biases and more realistically represent value in uncertain environments.Bringing together the latest advances in behavioral finance, real option valuation, and game theory, this unique playbook explains how to express acquisition strategies as sets of real options, explicitly introducing uncertainty and future optionality into acquisition strategy design. It shows how to incorporate the competitive dynamics that exist in different acquisition contexts, acknowledge and even embrace uncertainty, identify the value of the real options embedded in targets, and more.Rooted in economic theory and featuring numerous real-world case studies, Playing at Acquisitions will enhance the ability of CEOs and their teams to derive value from their acquisition strategies, and is also an ideal resource for researchers and MBAs.

Consolidation and merger of corporations. --- Corporations --- Stocks --- Acquisition of corporations --- Acquisitions and mergers --- Amalgamation of corporations --- Business combinations --- Business mergers --- Buyouts, Corporate --- Corporate acquisitions --- Corporate buyouts --- Corporate mergers --- Corporate takeovers --- Fusion of corporations --- Hostile takeovers of corporations --- M & A (Mergers and acquisitions of corporations) --- Merger of corporations --- Mergers and acquisitions of corporations --- Mergers, Corporate --- Takeovers, Corporate --- Valuation. --- Valuation --- Consolidation --- Mergers --- Corporate reorganizations --- Golden parachutes (Executive compensation) --- Industrial concentration --- Trusts, Industrial --- Finance --- Consolidation and merger of corporations --- E-books --- BUSINESS & ECONOMICS / Finance. --- BUSINESS & ECONOMICS / Mergers & Acquisitions. --- CEOs. --- Chris Gent. --- Falconbridge. --- Vodafone. --- Xstrata. --- acquisition process. --- acquisition strategy. --- acquisition. --- acquisitions. --- behavioral finance. --- bidding. --- company valuation. --- competitive games. --- deal framing. --- deal markets. --- decision bias. --- decision framework. --- decision making. --- economic theory. --- executives. --- game theory. --- investment. --- investments. --- market value. --- option bidding. --- option games. --- rational analyses. --- real option theory. --- real option valuation. --- real options theory. --- real options. --- strategic decision making. --- uncertainty. --- valuation analysis. --- valuation. --- value-based framework. --- volatility.

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In a world dominated by uncertainty, modeling and understanding the optimal behavior of agents is of the utmost importance. Many problems in economics, finance, and actuarial science naturally require decision makers to undertake choices in stochastic environments. Examples include optimal individual consumption and retirement choices, optimal management of portfolios and risk, hedging, optimal timing issues in pricing American options, and investment decisions. Stochastic control theory provides the methods and results to tackle all such problems. This book is a collection of the papers published in the Special Issue “Applications of Stochastic Optimal Control to Economics and Finance”, which appeared in the open access journal Risks in 2019. It contains seven peer-reviewed papers dealing with stochastic control models motivated by important questions in economics and finance. Each model is rigorously mathematically funded and treated, and the numerical methods are employed to derive the optimal solution. The topics of the book’s chapters range from optimal public debt management to optimal reinsurance, real options in energy markets, and optimal portfolio choice in partial and complete information settings. From a mathematical point of view, techniques and arguments of dynamic programming theory, filtering theory, optimal stopping, one-dimensional diffusions and multi-dimensional jump processes are used.

debt crisis --- government debt management --- optimal government debt ceiling --- government debt ratio --- stochastic control --- decision analysis --- risk management --- Bayesian learning --- Markowitz problem --- optimal portfolio --- portfolio selection --- Markov additive processes --- Markov regime switching market --- Markovian jump securities --- asymptotic arbitrage --- complete market --- multiple optimal stopping --- general diffusion --- real option analysis --- energy imbalance market --- optimal reinsurance --- excess-of-loss reinsurance --- Hamilton-Jacobi-Bellman equation --- stochastic factor model --- American options --- least square method --- derivatives pricing --- binomial tree --- stochastic interest rates --- quadrinomial tree --- insurance --- unemployment --- optimal stopping --- geometric Brownian motion --- martingale --- free boundary problem --- American call option --- utility

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There is no term that better describes the essential features of human society than complexity. On various levels, from the decision-making processes of individuals, through to the interactions between individuals leading to the spontaneous formation of groups and social hierarchies, up to the collective, herding processes that reshape whole societies, all these features share the property of irreducibility, i.e., they require a holistic, multi-level approach formed by researchers from different disciplines. This Special Issue aims to collect research studies that, by exploiting the latest advances in physics, economics, complex networks, and data science, make a step towards understanding these economic and social systems. The majority of submissions are devoted to financial market analysis and modeling, including the stock and cryptocurrency markets in the COVID-19 pandemic, systemic risk quantification and control, wealth condensation, the innovation-related performance of companies, and more. Looking more at societies, there are papers that deal with regional development, land speculation, and the-fake news-fighting strategies, the issues which are of central interest in contemporary society. On top of this, one of the contributions proposes a new, improved complexity measure.

Information technology industries --- volatility clustering --- Baidu Index --- information demand --- generalized autoregressive conditional heteroscedasticity model (GARCH) --- mixture of distribution hypothesis --- speculation --- land acquisition --- motivation --- real estate --- development --- Ethiopia --- systemic risk --- macroprudential policy --- agent-based modelling --- inequality --- central-banking --- information transfer --- transfer entropy --- stock markets --- econophysics --- complexity science --- information theory --- economic complexity --- evolutionary dynamics --- network theory --- leveraged trading --- stock price crash risk --- threshold effect --- complexity in stock market --- entropy economics --- non-extensive cross-entropy econometrics --- non-ergodic ill-behaved inverse problems --- general system theory --- non-linear dynamics --- complex adaptive systems --- homo oeconomicus --- edge of chaos --- complexity economics --- pricing constraint --- IPO timing --- dynamic game model --- real option --- complexity of IPOs --- financial institution --- complex network --- jump volatility --- entropy weight TOPSIS --- structural entropy --- stock market --- EMD --- cluster-entropy --- Shannon-entropy --- financial markets --- time series --- dynamics --- Tsallis entropy --- copula functions --- cross-shareholding network --- finance --- cryptocurrencies --- multivariate transfer entropy --- complex networks --- liquidity proxy --- liquidity benchmark --- volatility estimate --- correlation coefficient --- partial determination --- mutual information --- forecasting market risk --- value at risk --- extreme returns --- peaks over threshold --- self-exciting point process --- discrete-time models --- generalized Pareto distribution --- dynamical complexity --- universal complexity measure --- irreversible processes --- entropies --- entropic susceptibilities --- complex systems --- multifractal analysis --- detrended cross-correlations --- minimal spanning tree --- wealth condensation --- agent-based computational economics --- bargaining --- gain function --- macroeconomics --- innovative activity --- manufacturing industry --- conjunctural movements --- cybernetics --- feedback loops --- correspondence analysis --- Polish Green Island effect --- Red Queen effect --- Kondratieff waves --- power law --- Zipf law --- gender productivity gap --- fake news --- rumor spreading --- Nash equilibrium --- evolutionarily stable strategies --- evolutionary information search dynamics --- nonlinear dynamics --- chaos --- time series analysis --- stock exchange market --- Lyapunov --- recurrence plots --- BDS --- correlation dimension --- GARCH model --- measure of economic development --- websites --- public administration sector --- municipality --- four-colour theorem --- prosumption --- platforms for participation --- location quotient --- dual graph --- Euler characteristic --- volatility clustering --- Baidu Index --- information demand --- generalized autoregressive conditional heteroscedasticity model (GARCH) --- mixture of distribution hypothesis --- speculation --- land acquisition --- motivation --- real estate --- development --- Ethiopia --- systemic risk --- macroprudential policy --- agent-based modelling --- inequality --- central-banking --- information transfer --- transfer entropy --- stock markets --- econophysics --- complexity science --- information theory --- economic complexity --- evolutionary dynamics --- network theory --- leveraged trading --- stock price crash risk --- threshold effect --- complexity in stock market --- entropy economics --- non-extensive cross-entropy econometrics --- non-ergodic ill-behaved inverse problems --- general system theory --- non-linear dynamics --- complex adaptive systems --- homo oeconomicus --- edge of chaos --- complexity economics --- pricing constraint --- IPO timing --- dynamic game model --- real option --- complexity of IPOs --- financial institution --- complex network --- jump volatility --- entropy weight TOPSIS --- structural entropy --- stock market --- EMD --- cluster-entropy --- Shannon-entropy --- financial markets --- time series --- dynamics --- Tsallis entropy --- copula functions --- cross-shareholding network --- finance --- cryptocurrencies --- multivariate transfer entropy --- complex networks --- liquidity proxy --- liquidity benchmark --- volatility estimate --- correlation coefficient --- partial determination --- mutual information --- forecasting market risk --- value at risk --- extreme returns --- peaks over threshold --- self-exciting point process --- discrete-time models --- generalized Pareto distribution --- dynamical complexity --- universal complexity measure --- irreversible processes --- entropies --- entropic susceptibilities --- complex systems --- multifractal analysis --- detrended cross-correlations --- minimal spanning tree --- wealth condensation --- agent-based computational economics --- bargaining --- gain function --- macroeconomics --- innovative activity --- manufacturing industry --- conjunctural movements --- cybernetics --- feedback loops --- correspondence analysis --- Polish Green Island effect --- Red Queen effect --- Kondratieff waves --- power law --- Zipf law --- gender productivity gap --- fake news --- rumor spreading --- Nash equilibrium --- evolutionarily stable strategies --- evolutionary information search dynamics --- nonlinear dynamics --- chaos --- time series analysis --- stock exchange market --- Lyapunov --- recurrence plots --- BDS --- correlation dimension --- GARCH model --- measure of economic development --- websites --- public administration sector --- municipality --- four-colour theorem --- prosumption --- platforms for participation --- location quotient --- dual graph --- Euler characteristic