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Playing at AcquisitionsBehavioral Option Games$
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Han Smit and Thras Moraitis

Print publication date: 2015

Print ISBN-13: 9780691140001

Published to Princeton Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691140001.001.0001

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Learning to See, to Adapt to, and to Value Uncertainty

Learning to See, to Adapt to, and to Value Uncertainty

(p.1) Chapter 1 Learning to See, to Adapt to, and to Value Uncertainty
Playing at Acquisitions

Han Smit

Thras Moraitis

Princeton University Press

This chapter provides the reader with a helicopter view of a quantitative value-based framework. A key argument in this book is that volatility is always present. Uncertainty means that today's successful CEOs and their executive teams need to be able to act simultaneously as strategists—that is, designers of corporate strategy—and opportunists—with the ability to grasp opportunities that meet their value criteria as they arise. In essence, this requires the setting of clear strategic goals, but—given the reality of uncertainty—also being willing to revise intended decisions, seeking to continually maximize the organization's options to appropriate value. While uncertainty generally deters investment, executives who reframe their roles as strategic opportunists can actually benefit from uncertainty.

Keywords:   value-based framework, uncertainty, acquisition, executives, CEOs, volatility

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