{"product_id":"playing-at-acquisitions-9780691140001","title":"Playing at Acquisitions","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003cp\u003e\u003c\/p\u003e\u003cp\u003eIt 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 exper\u003c\/p\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003e\"This book presents some practical advice for firms and their investment bankers on how to ‘de-bias' their judgement when making merger and acquisition decisions. . . . Practitioners in mergers and acquisitions should certainly consider adding this book to their existing toolkit.\"\u003cb\u003e---David Butler, \u003ci\u003eEconomic Record\u003c\/i\u003e\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003eLIST OF FIGURES vii  LIST OF TABLES ix  PREFACE xi  About This Book xi  Who Should Read This Book? Xii  A New Strategic Valuation Approach as a Bridge between Theory and Practice xiv  Academic Contribution and Features xvi  A Guide through the Book xviii  CHAPTER 1. LEARNING TO SEE, TO ADAPT TO, AND TO VALUE UNCERTAINTY 1  Learning to See Uncertainty 3  Learning to Adapt to Uncertainty 8  Learning to Value Uncertainty 11  Summary 15  PART I. LEARNING TO SEE UNCERTAINTY 17  CHAPTER 2. HOW TO DE-BIAS VALUATION OVER THE CYCLE 19  Problem Diagnosis: Why Acquisitions Occur in Go\/No-Go Waves 20  Avoiding Irrational Infection of the Valuation Analysis 22  A Remedy for Uncertainty Neglect: Broaden Your Narrow View 25  Examples of Appropriate Real Options Thinking in Hot and Cold Deal Markets 32  Conclusions 41  CHAPTER 3. PLAYING AT SERIAL ACQUISITIONS: THE CASE OF VODAFONE 43  Six Potential Pitfalls in the Execution of a Serial Acquisition Strategy 44  Can Rational Analysis Discipline Strategy? 57  Dual Valuation of Growth Option Value to Avoid Irrational Infection 61  How to Use Option Games to Overcome Bidding Pitfalls 65  Conclusions 68  PART II. LEARNING TO ADAPT TO UNCERTAINTY 73  CHAPTER 4. STRATEGY AS OPTIONS GAMES 75  Classifying Acquisition Options under Competition 78  Expressing a Buy-and-Build Strategy as an Option Portfolio 81  Competition in the Bidding Game 87  Play Poker against Rivals Who Overshoot or Fall Asleep 93  Conclusions 95  CHAPTER 5. DUAL REAL OPTIONS VALUATION: THE XSTRATA CASE 101  Illustrative Example of the Dual Approach: Xstrata's Journey 103  Bottom-Up Framework: Xstrata's Serial Acquisitions 106  Top-Down Framework for Listed Companies: How Finance Can Enlighten Strategy 112  General Implications and Limitations 117  Conclusions 118  PART III. LEARNING TO VALUE UNCERTAINTY 121  CHAPTER 6. OPTION GAMES VALUATION 123  Designing and Solving an Option Bidding Game 124  Quantifying the Optionality of the Falconbridge Episode 133  Conclusions: How Option Games Can Deliver Their Potential 147  CHAPTER 7. CONCLUSION AND IMPLICATIONS 151  Biases and Options Are Everywhere 152  The Problem: Selected Pitfalls in Acquisition Decision Making 154  The Solution: How Executives Can De-bias Their Acquisition Decisions 158  Selected Implications to Deal Rationally with One's Own Biases,Financial Markets, and \"Irrational\" Rivals 163  Empirical Evidence 166  Promising Future Research Directions 169  Broaden Your View with Option Games 171  BIBLIOGRAPHY 173  INDEX 185","brand":"Princeton University Press","offers":[{"title":"Default Title","offer_id":49526156951895,"sku":"9780691140001","price":46.75,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780691140001.jpg?v=1731863166","url":"https:\/\/bookcurl.com\/products\/playing-at-acquisitions-9780691140001","provider":"Book Curl","version":"1.0","type":"link"}