search query: @indexterm MINING INDUSTRY / total: 113
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| Author: | Moel, A. Tufano, P. |
| Title: | When Are Real Options Exercised? An Empirical Study of Mine Closings |
| Journal: | Review of Financial Studies
2002 : SPRING, VOL. 15:1, p. 35-64 |
| Index terms: | OPTIONS OPTION VALUATION MINING INDUSTRY ANALYTICAL REVIEW |
| Language: | eng |
| Abstract: | In the beginning of this article, the authors study a well known real option, the opening and closing of mines. Using a new database that tracks the annual opening and closing decisions of 285 developed North American gold mines in the period 1988-1997, the authors of the article find that the real options model is a useful descriptor of mines' opening and shutting decisions. In addition, the authors find that the decision whether to shut a mine is related to firm-specific managerial factors not normally considered within a strict real options model. The paper also provides a substantial list of references on this subject. |
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