Publication: Strategic technology adoption and hedging under incomplete markets
Strategic technology adoption and hedging under incomplete markets
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Leippold, M., & Stromberg, J. (2017). Strategic technology adoption and hedging under incomplete markets. Journal of Banking and Finance, 81, 181–199. https://doi.org/10.1016/j.jbankfin.2016.09.008
Abstract
Abstract
Abstract
We investigate the implications of technological innovation and non-diversifiable risk on entrepreneurial entry and optimal portfolio choice. In a real options model where two risk-averse individuals strategically decide on technology adoption, we show that the impact of non-diversifiable risk on the option timing decision is ambiguous and depends on the frequency of technological change. Compared to the complete market case, non-diversifiable risk may accelerate or delay the optimal investment decision. Moreover, strategic considerat
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- Stromberg, Jacob
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Citations
Leippold, M., & Stromberg, J. (2017). Strategic technology adoption and hedging under incomplete markets. Journal of Banking and Finance, 81, 181–199. https://doi.org/10.1016/j.jbankfin.2016.09.008
