Repository logo
 
Publication

Some results on relocation policies

2013Journal article Open access
Simple item page
dc.contributor.authorPereira, José Azevedo
dc.contributor.authorCouto, Gualter
dc.contributor.authorNunes, Cláudia
dc.date.accessioned2022-06-27T10:05:45Z
dc.date.available2022-06-27T10:05:45Z
dc.date.issued2013
dc.description.abstractIn this paper, we derive general results concerning optimal relocation policy under some assumptions.We consider a firm that is located in a specific location, producing at a certain level of efficiency.With time, the firm can decide to change its location to a new and more efficient site, paying relocation costs. Moreover, we assume that these new sites become available according to a Poisson process, and that the levels of efficiency improvement inherent to each one of these sites are random variables.With this framework, we characterise certain parameters of the optimal relocation policy. In particular, we characterise the expected relocation time and we prove that it depends on the distribution of the level of efficiency improvement only through an expected value. Therefore, the optimal policy shows a kind of robustness in terms of the stochastic assumptions of the problem, which has a major impact in the application of relocation policies. In addition, we also characterise the optimal relocation time. Impacts on the final results driven by the characteristics of the firm’s original location site, the market environment and the way in which risk is modelled are studied numerically. The overall results are in line with economic intuition.pt_PT
dc.description.versioninfo:eu-repo/semantics/publishedVersionpt_PT
dc.identifier.citationAzevedo Pereira, José; Gualter Couto and Cláudia Nunes. (2013) "Some results on relocation policies." The European Journal of Finance, Vol. 19, nos. 7-8,: pp. 779-790.pt_PT
dc.identifier.urihttp://hdl.handle.net/10400.5/24673
dc.language.isoengpt_PT
dc.publisherTaylor & Francis Grouppt_PT
dc.subjectFinancept_PT
dc.subjectRelocationpt_PT
dc.subjectProject Schedulingpt_PT
dc.subjectReal Optionspt_PT
dc.subjectOptimal Timingpt_PT
dc.subjectErlang Distributionpt_PT
dc.titleSome results on relocation policiespt_PT
dc.typejournal article
dspace.entity.typePublication
rcaap.rightsopenAccesspt_PT
rcaap.typearticlept_PT

Files

Original bundle
Now showing 1 - 1 of 1
No Thumbnail Available
Name:
JAZPEREIRA, GCOUTO, CNUNES, 2013.pdf
Size:
314.61 KB
Format:
Adobe Portable Document Format
Download
License bundle
Now showing 1 - 1 of 1
No Thumbnail Available
Name:
license.txt
Size:
1.71 KB
Format:
Item-specific license agreed upon to submission
Description:
Download

Collections

DG - Artigos em Revistas Internacionais / Articles in International Journals
CIEF - Documentos de Trabalho / CIEF - Working Papers