Making capital budgeting decisions for project abandonment by fuzzy approach

Yu Hong Liu; I. Ming Jiang; Meng I. Tsai

doi:10.1007/978-3-319-61833-3_29

Making capital budgeting decisions for project abandonment by fuzzy approach

Yu Hong Liu, I. Ming Jiang, Meng I. Tsai

財務金融研究所

研究成果: Conference contribution

摘要

This paper incorporates a fuzzy process into an abandonment option approach, to investigate the effects of managerial optimism and pessimism when a manager considers whether to abandon capital budgeting decisions or not under conditions of irreversible investment and uncertain market environment. We find that managerial optimism would encourage firms to continue the project, while managerial pessimism would encourage them to liquidate it, when the abandonment option value is located in a fuzzy sentiments region.

原文	English
主出版物標題	Advances in Swarm Intelligence - 8th International Conference, ICSI 2017, Proceedings
編輯	Ben Niu, Hideyuki Takagi, Yuhui Shi, Ying Tan
發行者	Springer Verlag
頁面	277-284
頁數	8
ISBN（列印）	9783319618326
DOIs	https://doi.org/10.1007/978-3-319-61833-3_29
出版狀態	Published - 2017 一月 1
事件	8th International Conference on Swarm Intelligence, ICSI 2017 - Fukuoka, Japan 持續時間: 2017 七月 27 → 2017 八月 1

出版系列

名字	Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)
卷	10386 LNCS
ISSN（列印）	0302-9743
ISSN（電子）	1611-3349

Other

Other	8th International Conference on Swarm Intelligence, ICSI 2017
國家	Japan
城市	Fukuoka
期間	17-07-27 → 17-08-01

指紋

All Science Journal Classification (ASJC) codes

Theoretical Computer Science
Computer Science(all)

引用此

Liu, Y. H., Jiang, I. M., & Tsai, M. I. (2017). Making capital budgeting decisions for project abandonment by fuzzy approach. 於 B. Niu, H. Takagi, Y. Shi, & Y. Tan (編輯), Advances in Swarm Intelligence - 8th International Conference, ICSI 2017, Proceedings (頁 277-284). (Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics); 卷 10386 LNCS). Springer Verlag. https://doi.org/10.1007/978-3-319-61833-3_29

Liu, Yu Hong ; Jiang, I. Ming ; Tsai, Meng I. / Making capital budgeting decisions for project abandonment by fuzzy approach. Advances in Swarm Intelligence - 8th International Conference, ICSI 2017, Proceedings. 編輯 / Ben Niu ; Hideyuki Takagi ; Yuhui Shi ; Ying Tan. Springer Verlag, 2017. 頁 277-284 (Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)).

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title = "Making capital budgeting decisions for project abandonment by fuzzy approach",

abstract = "This paper incorporates a fuzzy process into an abandonment option approach, to investigate the effects of managerial optimism and pessimism when a manager considers whether to abandon capital budgeting decisions or not under conditions of irreversible investment and uncertain market environment. We find that managerial optimism would encourage firms to continue the project, while managerial pessimism would encourage them to liquidate it, when the abandonment option value is located in a fuzzy sentiments region.",

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Liu, YH, Jiang, IM & Tsai, MI 2017, Making capital budgeting decisions for project abandonment by fuzzy approach. 於 B Niu, H Takagi, Y Shi & Y Tan (編輯), Advances in Swarm Intelligence - 8th International Conference, ICSI 2017, Proceedings. Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics), 卷 10386 LNCS, Springer Verlag, 頁 277-284, 8th International Conference on Swarm Intelligence, ICSI 2017, Fukuoka, Japan, 17-07-27. https://doi.org/10.1007/978-3-319-61833-3_29

Making capital budgeting decisions for project abandonment by fuzzy approach. / Liu, Yu Hong; Jiang, I. Ming; Tsai, Meng I.

Advances in Swarm Intelligence - 8th International Conference, ICSI 2017, Proceedings. 編輯 / Ben Niu; Hideyuki Takagi; Yuhui Shi; Ying Tan. Springer Verlag, 2017. p. 277-284 (Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics); 卷 10386 LNCS).

研究成果: Conference contribution

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Liu YH, Jiang IM, Tsai MI. Making capital budgeting decisions for project abandonment by fuzzy approach. 於 Niu B, Takagi H, Shi Y, Tan Y, 編輯, Advances in Swarm Intelligence - 8th International Conference, ICSI 2017, Proceedings. Springer Verlag. 2017. p. 277-284. (Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)). https://doi.org/10.1007/978-3-319-61833-3_29

存取文件

10.1007/978-3-319-61833-3_29