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Heinrich, Bernd ; Müller, Marcel ; Stoeckl, Sebastian ; Zimmermann, Steffen

Towards a Well-Founded Valuation of Managerial Fleibilities in IT Investment Projects - A Multidisciplinary Literature Review

Heinrich, Bernd, Müller, Marcel, Stoeckl, Sebastian und Zimmermann, Steffen (2015) Towards a Well-Founded Valuation of Managerial Fleibilities in IT Investment Projects - A Multidisciplinary Literature Review. SSRN.

Veröffentlichungsdatum dieses Volltextes: 16 Nov 2015 08:35
Artikel
DOI zum Zitieren dieses Dokuments: 10.5283/epub.32770


Zusammenfassung

In the IS literature standard financial option pricing models are predominantly used to value real options embedded in uncertain IT projects. Based on a multidisciplinary literature review, we discuss the assumptions implicit in the prevalent Black-Scholes model and argue for relaxed assumptions that better represent characteristics of uncertain IT projects. This is followed by a discussion of ...

In the IS literature standard financial option pricing models are predominantly used to value real options embedded in uncertain IT projects. Based on a multidisciplinary literature review, we discuss the assumptions implicit in the prevalent Black-Scholes model and argue for relaxed assumptions that better represent characteristics of uncertain IT projects. This is followed by a discussion of real option approaches from the fields of IS, Finance, and Economics in respect of their compliance with these relaxed assumptions. Findings are: (I) by relaxing the assumptions, the option value and project selection decisions are liable to change; (II) several approaches from Finance and Economics literature better comply with our relaxed assumptions compared to existing approaches in IS literature; (III) no existing real option approach complies with all relaxed assumptions. Adapting and enhancing approaches of other disciplines could be a push towards a well-founded valuation of real options embedded in IT projects.



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Details

DokumentenartArtikel
Titel eines Journals oder einer ZeitschriftSSRN
Datum2015
InstitutionenWirtschaftswissenschaften > Institut für Wirtschaftsinformatik > Lehrstuhl für Wirtschaftsinformatik II (Prof. Dr. Bernd Heinrich)
Informatik und Data Science > Fachbereich Wirtschaftsinformatik > Lehrstuhl für Wirtschaftsinformatik II (Prof. Dr. Bernd Heinrich)
Identifikationsnummer
WertTyp
10.2139/ssrn.2575521DOI
Klassifikation
NotationArt
G11Journal of Economics Literature Classification
G13Journal of Economics Literature Classification
Stichwörter / KeywordsReal Options Analysis, Black-Scholes Model, Assumptions, Characteristics of IT Projects, Multidisciplinary Literature Review
Dewey-Dezimal-Klassifikation300 Sozialwissenschaften > 330 Wirtschaft
StatusVeröffentlicht
BegutachtetJa, diese Version wurde begutachtet
An der Universität Regensburg entstandenJa
URN der UB Regensburgurn:nbn:de:bvb:355-epub-327706
Dokumenten-ID32770

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