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1、VOLUME18
2、NUMBER2
3、SPRING2006JournalofAPPLIEDCORPORATEFINANCEAMORGANSTANLEYPUBLICATIONInThisIssue:Valuation,CapitalBudgeting,andValue-BasedManagementLondonBusinessSchoolRoundtableonShareholderActivismintheU.K.8Panelists:VictorBlank,GUSPlcandTrinityMirrorPlc;Alastair
4、RossGoobey,MorganStanleyInternational;JulianFranks,LondonBusinessSchool;MarcoBecht,UniversitéLibredeBruxelles;DavidPitt-Watson,HermesFocusAssetMan-agement;AnitaSkipper,MorleyFundManagement;andBrianMagnus,MorganStanley.ModeratedbyLauraTyson,LondonBusinessSchool,and
5、ColinMayer,OxfordUniversityTheRoleofRealOptionsinCapitalBudgeting:TheoryandPractice28RobertL.McDonald,NorthwesternUniversityHowKimberly-ClarkUsesRealOptions40MarthaAmram,GrowthOptionInsights,andFanfuLiandCherylA.Perkins,Kimberly-ClarkCorporationHandlingValuationMo
6、dels48StephenH.Penman,ColumbiaUniversityFMARoundtableonStockMarketPricingandValue-BasedManagement56Panelists:TomCopeland,MIT;BennettStewart,SternStewart;TrevorHarris,MorganStanley;StephenO’Byrne,ShareholderValueAdvisors;JustinPettit,UBS;DavidWessels,UniversityofPe
7、nnsylvania;andDonChew,MorganStanley.ModeratedbyJohnMartin,BaylorUniversity,andSheridanTitman,UniversityofTexasatAustinExpectations-BasedManagement82TomCopeland,MIT,andAaronDolgoff,CRAIIncentivesandInvestorExpectations98StephenO’Byrne,ShareholderValueAdvisors,andS.
8、DavidYoung,INSEADTheEffectof“Private”and“Public”RisksonOilfieldAssetPricing:Empirical106GavinL.KretzschmarandPeterMoles,InsightsintotheGeorgetownRealOptionDebateUniversityofEdinburghTheRealReasonsEnronFailed116BennettStewart,SternStewart&Co.MultinationalsintheMiddl
9、eKingdom:Performance,120DavidGlassman,PrinceManagementConsultingOpportunity,andRiskHandlingValuationModelsbyStephenH.Penman,ColumbiaUniversity*Theconceptoffutureprospectsandparticularlyofcontinuedgrowthinthefutureinvitestheapplicationofformulasoutofhighermathemati
10、cstoestablishthepresentvalueofthefavoredissue.Butthecombinationofpreciseformulaswithhighlyimpreciseassumptionscanbeusedtoestablish,orratherjustify,pract
