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Titolo:
Justifying electronic banking network expansion using real options analysis
Autore:
Benaroch, M; Kauffman, RJ;
Indirizzi:
Syracuse Univ, Sch Management, Syracuse, NY 13244 USA Syracuse Univ Syracuse NY USA 13244 ch Management, Syracuse, NY 13244 USA Univ Minnesota, Carlson Sch Management, Minneapolis, MN 55455 USA Univ Minnesota Minneapolis MN USA 55455 gement, Minneapolis, MN 55455 USA
Titolo Testata:
MIS QUARTERLY
fascicolo: 2, volume: 24, anno: 2000,
pagine: 197 - 225
SICI:
0276-7783(200006)24:2<197:JEBNEU>2.0.ZU;2-0
Fonte:
ISI
Lingua:
ENG
Soggetto:
INFORMATION TECHNOLOGY; INVESTMENTS;
Keywords:
Black-Scholes model; investment decision making under uncertainty; electronic banking networks; POS debit systems; project investments; IT investment evaluation; option pricing models; real options;
Tipo documento:
Article
Natura:
Periodico
Settore Disciplinare:
Social & Behavioral Sciences
--discip_BC--
Citazioni:
25
Recensione:
Indirizzi per estratti:
Indirizzo: Benaroch, M Syracuse Univ, Sch Management, Syracuse, NY 13244 USA SyracuseUniv Syracuse NY USA 13244 t, Syracuse, NY 13244 USA
Citazione:
M. Benaroch e R.J. Kauffman, "Justifying electronic banking network expansion using real options analysis", MIS QUART, 24(2), 2000, pp. 197-225

Abstract

The application of real options analysis to information technology investment evaluation problems recently has been proposed in the IS literature (Chalasani et al. 1997; Dos Santos 1991, Kambil et al. 1993; Kumar 1996; Taudes 1998). The research reported on in this paper illustrates the value of applying real options analysis in the context of a case study involving the deployment of point-of-sale (POS) debit services by the Yankee 24 shared electronic banking network of New England. in the course of so doing, the paper also attempts to operationalize real options analysis concepts by examining claimed strengths of this analysis approach and balancing them against methodological difficulties that this approach is believed to involve. The research employs a version of the Black-Scholes option pricing model that isadjusted for risk-averse investors, showing how it is possible to obtain reliable values for Yankee 24's "investment timing option, "even in the absence of a market to price it. To gather evidence for the existence of the timing option, basic scenario assumptions, and the parameters of the adjustedBlack-Scholes model a structured interview format was developed. The results obtained using real options analysis enabled the network's senior management to identify conditions for which entry into the POS debit market wouldbe profitable. These results also indicated that, in the absence of formalevaluation of the timing option, traditional approaches for evaluating information technology investments would have produced the wrong recommendations.

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Documento generato il 15/07/20 alle ore 08:11:57