STRATEGIC EXERCISE OF REAL OPTIONS：INVESTMENT DECISIONS IN TECHNOLOGICAL SYSTEMS

Viewing investment projects in new technologies as real options, this paper studies the effects ofendogenous competition and asymmetric information on the strategic exercise of real options. We firstdevelop a multi-period, game-theoretic model and show how competition leads to early exercise andaggressive investment behaviors and how competition erodes option values. We then relax the typicalfull-information assumption found in the literature and allow information asymmetry to exist acrossfirms. Our model shows, in contrast to the literature that payoff is independent of the ordering ofexercise, that the sequential exercise of real options may generate both informational and payoffexternalities. We also find some surpising but interesting results such as having more information isnot necessarily better.     

韩国大学IT结构的发展

具有战略意义的信息系统会给一个组织带来极大的机遇,使其在执行商业计划和实现商业目标时获得极具竞争力的优势.大学信息系统始于最初的计算机应用,后来扩展到管理和教育信息系统,直至全方位的概念.通过实际分析和案例补充,当前的研究工作谨慎地选择了三所大学,主要基于其已经承担了从1995到2001年信息系统计划过程.而这三所学校可以从信息产业系统结构的三个组成部分(即信息结构、基结构和信息管理结构)进行比照.这三个系统领域涵盖了信息产业结构的发展,并影响着大学信息化的进程.作为满足当前客户需求的执行计划的一部分,市场中的一流大学通过获得教育和研究进步及管理效率化,将信息化作为获得更高竞争力的阶梯是显然的.研究分析结果显示,薄弱环节反映在信息管理结构上.由此,对于大学职员、管理者和教授而言,清楚信息系统的成功执行和维护的意义是至关重要的.我们的研究一定可以成为未来大学信息化工程的催化剂.     

Role of lactone ring of aflatoxin B1 in toxicity and mutagenicity

Cleavage of the lactone ring of aflatoxin B1 results in a nonfluorescent compound that has greatly reduced biological activity. Mutagenicity, as measured by the Ames test, is reduced 450-fold compared to that of B1, and toxicity, as measured by the chick embryo test, is reduced 18-fold.     

Role of lactone ring of aflatoxin B1 in toxicity and mutagenicity

Summary Cleavage of the lactone ring of aflatoxin B₁ results in a nonfluorescent compound that has greatly reduced biological activity. Mutagenicity, as measured by the Ames test, is reduced 450-fold compared to that of B₁, and toxicity, as measured by the chick embryo test, is reduced 18-fold.     

Ametropic efficiency of visual pathway neurons

Zusammenfassung Bestimmung der Auswirkung von artefiziellen Refraktionsanomalien auf die Aktivität von Neuren in primären Sehzentren.

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This work was supported by U.S.P.H.S. Grant No. EY00576.