This paper investigates the connection between market valuation and a type of the merger (stock, cash) using REAL OPTIONS setup. I solve explicitly for the timing and terms of cash mergers in two deferent settings to demonstrate that cash mergers generally occur at low market valuations, whereas stock mergers that may be observed at both low and high valuations, the result holds with some dierences for two dynamic setups. I also investigate the dynamics of the intra-industry mergers within thefirst setup. I solve for the optimal order of mergers inside an industry for dierent initial capital allocations to demonstrate that stock mergers in more concentrated industries occur at higher market valuation (i.e. later) as compared to mergers in less concentrated industries.

Supply chain management is one of the requirements for achieving economic growth in any supply chain. If managers' decisions are optimally allocated, it will be possible for companies and industries with a competitive and profitable advantage to grow and develop. The main desire of any company for survival is to minimize costs and maximize profitability. Due to the increasing complexity and dynamics of the situation, decision-making in this area requires more advanced analytical methods. Accordingly, the REAL OPTIONS theory has emerged, which introduces a new way of thinking about investing, especially in conditions of uncertainty. In this paper, a multi-period model is considered that examines the demand uncertainty in each period and also uses the REAL OPTIONS theory to seek the optimal strategy for investors in conditions of uncertainty and the effect of investors’ discretion on it. Using a decision tree to estimate the probable demand in each period and using Monte Carlo simulations to identify the lowest cost scenario in each period, the model has been solved in this research. In the case of the uncertainty parameter, sensitivity analysis is performed, and under different values ​​of this parameter, the obtained result is evaluated and validated. And the extension of outsourcing will increase the company’s profitability and meet higher demand and lower costs.

Most of the organizations do not have enough knowledge about how to evaluate future investments in information technology. Most of these types of decisions are taken in management board. As a result, very few organizations have deep knowledge about the value of the funds invested in the field of information technology. In this research, investment in an ERP project considering expansion and contraction OPTIONS based on REAL OPTIONS theory is studied. The findings showed that the value estimated based on REAL OPTIONS which considers flexibility in management decisions is different from the outcome of discounted cash flow method. Based on the value analysis of expansion option, current asset value is estimated 1998 million Rials for current project. If today's project is extended, the asset value will become 3086 million Rials which is much more than the asset value without imposing the right of expansion. So, imposing the right of expansion has 1088 million Rials added value. Also, imposing the right of project contraction, the estimated value is 1182 million Rials. So, project contraction is irrational. Finally, based on the evaluation of the OPTIONS, a strategic road map is proposed for the one year life span of the project.

In this paper, we discuss the REAL OPTIONS theory and its applications in IT investment evaluation. We provide a framework within which the appropriateness of using REAL OPTIONS theory in strategic IT investment evaluation (in the contrast of traditional methods) is systematically justified. In our framework, IT investment opportunities are classified into four categories based on two criteria: the technology switching costs and the nature of competition. We point out those different REAL OPTIONS models should be adopted for each category. In this paper we conclude: Applicability of various REAL OPTIONS models should be scrutinized under different scenarios.

The main purpose of this paper was to examine the dividend policy under the conditions of liquidity uncertainty using natural OPTIONS. As one of the most important issues of financial management, Dividend policy is, in fact, a basis for valuing companies. The value of all companies is equal to the total present value of their future cash flows. Investors will receive two types of returns in return for accepting investment risk in the company, including cash benefits and capital gains (due to changes in stock value). Stock profits are the most important source of cash payments to shareholders and therefore. As a result, they are of great importance. In this paper, after introducing the method of REAL discretion and its variants, the randomization optimization problem has been introduced and discussed. Specifically, Monte Carlo simulation method was used to solve numerical problems. The results indicated that earnings and growth opportunities had a positive effect on the value of the company. Finally, the mutual effects of equity and debt income also made a U-shaped relationship in the company's value. Also, there was a negative relationship between accumulated profits and external financing costs.

In this paper we examine this idea that the market prices of shares reflecting expectations of investors to the REAL OPTIONS value. To this end, the relationship between the market value of the stock-firm, that is the result of REAL OPTIONS (ROR) and variables that are associated with REAL OPTIONS, were studied. The empirical analysis of a panel of 133 industrial companies listed on the Tehran Stock Exchange (TSE) during the period 1381– 1390 shows that for the three approaches net income (NI), free cash flow to equity (FCFE) and free cash flow to the firm (FCFF) an average of 24. 14, 29. 37 and 23. 68 percent of the market value of stock-companies related to REAL OPTIONS that are statistically different from zero too. Compared to the power and precision of prediction models from the three approaches show that net income (NI) approach in the explaining REAL OPTIONS market value is relatively better than the other two approaches.

In recent years, there has been a very increasing trend in energy consumption worldwide, especially in the electricity sector, which, due to global sensitivities to protecting the environment and reducing greenhouse gas emissions, leads to the use of other non-fossil sources of electricity generation, such as renewable energy (wind, hydropower and solar) as well as nuclear energy. Nuclear power has been re-evaluated as a viable alternative to fossil fuels due to growing energy costs, climate change, and concerns about supply security. The present implementation of economies of scale has led to the development of a Light Water Reactor (LWR) design that lacks the ability to assess the strategic advantage and economic potential of contemporary nuclear systems. REAL OPTIONS analysis and portfolio theory are used to diversify and modify nuclear investments. According to this study, a single investor may make better selections for efficient and mindful nuclear energy development. The nuclear power industry received special attention. Multiple commercial and technology problems face huge, irrevocable investments. The fuel cycle's front and rear ends provide versatility. By leveraging the fuel cycle, many nuclear energy alternatives have the potential to provide economic benefits, hence expediting the shift towards more environmentally friendly energy usage. A wide range of operational and strategic considerations need the expanding use of mathematical models to help decision-making.