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It 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 experience when making risky investment decisions, exposing their companies to potentially costly pitfalls. Playing at Acquisitions provides managers with a powerful methodology for designing and executing successful acquisition strategies. The book tackles the myriad executive biases that infect decision making at every stage of the acquisition process, and the inadequacy of current valuation approaches to help mitigate these biases and more realistically represent value in uncertain environments.Bringing together the latest advances in behavioral finance, real option valuation, and game theory, this unique playbook explains how to express acquisition strategies as sets of real options, explicitly introducing uncertainty and future optionality into acquisition strategy design. It shows how to incorporate the competitive dynamics that exist in different acquisition contexts, acknowledge and even embrace uncertainty, identify the value of the real options embedded in targets, and more.Rooted in economic theory and featuring numerous real-world case studies, Playing at Acquisitions will enhance the ability of CEOs and their teams to derive value from their acquisition strategies, and is also an ideal resource for researchers and MBAs.

Consolidation and merger of corporations. --- Corporations --- Stocks --- Acquisition of corporations --- Acquisitions and mergers --- Amalgamation of corporations --- Business combinations --- Business mergers --- Buyouts, Corporate --- Corporate acquisitions --- Corporate buyouts --- Corporate mergers --- Corporate takeovers --- Fusion of corporations --- Hostile takeovers of corporations --- M & A (Mergers and acquisitions of corporations) --- Merger of corporations --- Mergers and acquisitions of corporations --- Mergers, Corporate --- Takeovers, Corporate --- Valuation. --- Valuation --- Consolidation --- Mergers --- Corporate reorganizations --- Golden parachutes (Executive compensation) --- Industrial concentration --- Trusts, Industrial --- Finance --- Consolidation and merger of corporations --- E-books --- BUSINESS & ECONOMICS / Finance. --- BUSINESS & ECONOMICS / Mergers & Acquisitions. --- CEOs. --- Chris Gent. --- Falconbridge. --- Vodafone. --- Xstrata. --- acquisition process. --- acquisition strategy. --- acquisition. --- acquisitions. --- behavioral finance. --- bidding. --- company valuation. --- competitive games. --- deal framing. --- deal markets. --- decision bias. --- decision framework. --- decision making. --- economic theory. --- executives. --- game theory. --- investment. --- investments. --- market value. --- option bidding. --- option games. --- rational analyses. --- real option theory. --- real option valuation. --- real options theory. --- real options. --- strategic decision making. --- uncertainty. --- valuation analysis. --- valuation. --- value-based framework. --- volatility.