This course will be taught by Professor Lenos Trigeorgis over three days in 10 sessions of 90 minutes each.

The course is equivalent to 3 ECTS points.

Objective

The main objective of the course is to help analyze capital investment and company valuation decisions in an uncertain competitive marketplace using real options analysis.  The 3-day course consists of four parts (divided into 10 sessions of 90 minutes each). The first part is an introduction to optimal investment decisions involving embedded managerial flexibility, such as options to defer or stage, expand, abandon or switch operations and their interactions. The second part focuses on the theory of growth investing, valuing growth stocks or companies and intangibles; it involves modeling the firm’s portfolio of growth options based on an in-depth understanding of the company’s strategic plans, businesses and strategic options. The third part examines competitive strategy in a dynamic context using real options and games (both in discrete and continuous time). The last part discusses empirical research aimed to test real options-based hypotheses based on data from the US and multinational context. The overall emphasis will be on understanding the basic economic and valuation principles rather than the mathematics (which will be kept minimal), focusing on the big picture and strategic issues.

> download course layout

Professor Lenos Trigeorgis

Professor Lenos Trigeorgis is the Bank of Cyprus Chair Professor of Finance at the University of Cyprus. He previously taught at leading international universities, including Boston University, MIT, Columbia University, the University of Chicago, and the University of California at Berkeley. He holds a doctorate in Business Administration from Harvard University.

He published widely in numerous journals on corporate finance, resource allocation, competition and strategy, financial risk and distress, and various other topics. Professor Trigeorgis is considered a world authority on managerial flexibility in decision-making under uncertainty (Theory of Real Options).

> Lenos Trigeorgis’ staff page

Where and when

The course will take place on 24, 25 and 26 August 2011 in auditorium M2 at Aarhus University, Business & Social Sciences, Fuglesangs Allé 4, 8210 Aarhus V, Denmark.

Schedule

Wednesday 24 August

11.00-12.30 session
12.30-14.00 lunch
14.00-15.30 session
15.30-16.00 coffee
16.00-17.30 session

Thursday 25 August

09.00-10.30 session
10.30-11.00 coffee
11.00-12.30 session
12.30-14.00 lunch
14.00-15.30 session
15.30-16.00 coffee
16.00-17.30 session
19.30-22.00 dinner

Friday 26 August

09.00-10.30 session
10.30-11.00 coffee
11.00-12.30 session
12.30-14.00 lunch
14.00-15.30 session

Participation fee

There is no tuition fee for this course. The participation fee is EUR200 for PhD students and other academic staff,  and EUR600 for practitioners (PhD students have preference). This covers breakfasts, lunches and coffee breaks as well as a course dinner.

Participation is limited and we therefore accept registrations on a first-come, first-served basis. Please register no later than 15 August to Susanne Lannie, sla@asb.dk

Accommodation and travel

Unfortunately, there is no accommodation on campus. Use the links below for more information on accommodation and travel.

> Book accommodation

> How to get to Aarhus University, Business & Social Sciences

Contact

Department of Economics and Business

Academic organiser:
Stefan Hirth
stefanh@asb.dk
+45 89 48 63 65

Administrative organiser:
Susanne Lannie
sla@asb.dk
+45 89 48 66 54