Google full text of our books:


Playing at Acquisitions:
Behavioral Option Games
Han Smit & Thras Moraitis

Paperback | 2017 | $24.95 | £19.95 | ISBN: 9780691176413
216 pp. | 6 x 9 1/4
Hardcover | 2015 | $57.50 | £48.95 | ISBN: 9780691140001
216 pp. | 6 x 9 1/4 | 1 halftone. 28 line illus.
Add to Shopping Cart

eBook | ISBN: 9781400852178 |
Our eBook editions are available from these online vendors

Reviews | Table of Contents
Chapter 1[PDF] pdf-icon

Google full text of this book:

Supporting Materials

It is widely accepted that a large proportion of acquisition strategies fail to deliver the expected value. Globalizing markets characterized by growing uncertainty, together with the advent of new competitors, are further complicating the task of valuing acquisitions. Too often, managers rely on flawed valuation models or their intuition and experience when making risky investment decisions, exposing their companies to potentially costly pitfalls. Playing at Acquisitions provides managers with a powerful methodology for designing and executing successful acquisition strategies. The book tackles the myriad executive biases that infect decision making at every stage of the acquisition process, and the inadequacy of current valuation approaches to help mitigate these biases and more realistically represent value in uncertain environments.

Bringing together the latest advances in behavioral finance, real option valuation, and game theory, this unique playbook explains how to express acquisition strategies as sets of real options, explicitly introducing uncertainty and future optionality into acquisition strategy design. It shows how to incorporate the competitive dynamics that exist in different acquisition contexts, acknowledge and even embrace uncertainty, identify the value of the real options embedded in targets, and more.

Rooted in economic theory and featuring numerous real-world case studies, Playing at Acquisitions will enhance the ability of CEOs and their teams to derive value from their acquisition strategies, and is also an ideal resource for researchers and MBAs.

Han Smit is professor of corporate finance at Erasmus University Rotterdam. He is the coauthor of Strategic Investment: Real Options and Games (Princeton). Thras Moraitis is a cofounder of X2 Resources, a privately funded mining and metals investment vehicle.


"This book presents some practical advice for firms and their investment bankers on how to ‘de-bias’ their judgement when making merger and acquisition decisions. . . . Practitioners in mergers and acquisitions should certainly consider adding this book to their existing toolkit."--David Butler, Economic Record


"This book brings together the best insights from strategy, corporate finance, and psychology to explore in a real, fine-grained, and practical way how to derive winning acquisition strategies using both real options and game theory to optimally time and leverage investments. It is a must-read for serious practitioners and those aiming to get into the game."--Dan Lovallo, University of California, Berkeley

"Smit and Moraitis are the first to incorporate behavioral biases into a book for M&A practitioners. Accessible yet theoretically rigorous, Playing at Acquisitions subdivides complex strategies into manageable building blocks and illustrates concepts through an in-depth study of a successful multistage acquisitions strategy. Highly recommended for corporate strategists and M&A professionals."--Carliss Y. Baldwin, Harvard Business School

"This accessible book provides important tools to enrich existing valuation techniques and teaches how to deal with economic uncertainty, strategic interaction between economic agents, and behavioral biases. Playing at Acquisitions blends state-of-the-art academic insight with a wealth of practical experience and real-world intuition."--Bart Lambrecht, University of Cambridge

"Playing at Acquisitions enables practitioners to move beyond intuition-based acquisition decisions. It invites readers to explore a series of case studies and real-life examples and guides them through the novel tools that are available to them, as well as the advantages and pitfalls of their use."--P. M. Kort, Tilburg University

Table of Contents

Another Princeton book authored or coauthored by Han Smit:

Subject Areas:

Shopping Cart options:

  • For ebooks:

Our eBook editions are available
from these online vendors:

  • Amazon Kindle Store
  • Apple iBooks
  • Barnes & Noble Nook Store
  • Google Play eBook Store
  • Kobo eBook Store
  • Many of our ebooks are available through
    library electronic resources including these platforms:

  • Books at JSTOR
  • Ebrary
  • Ebook Library
  • EBSCO Ebooks
  • MyiLibrary
  • Dawsonera (UK)

    • For hardcover/paperback orders in United States, Canada, Latin America, Asia, and Australia

     Paperback : $24.95 ISBN: 9780691176413

    Add to shopping cart

     Hardcover : $57.50 ISBN: 9780691140001

    Add to shopping cart
    View contents of your shopping cart

    • For hardcover/paperback orders in Europe, Africa, the Middle East, India, and Pakistan

     Hardcover  £48.95 ISBN: 9780691140001

    Add to shopping cart

     Paperback  £19.95 ISBN: 9780691176413

    Add to shopping cart
    View contents of your shopping cart

    Prices subject to change without notice

    File created: 9/7/2017

    Questions and comments to:
    Princeton University Press

    New Book E-mails
    New In Print
    PUP Blog
    Princeton APPS
    Sample Chapters
    Princeton Legacy Library
    Exam/Desk Copy
    Recent Awards
    Princeton Shorts
    Freshman Reading
    PUP Europe
    About Us
    Contact Us
    PUP Home

    Bookmark and Share 
    Send me emails
    about new books in:
    More Choices