Hung, Mao-WeiMao-WeiHungChang, J.-R.J.-R.Chang2008-10-222018-06-292008-10-222018-06-29200607426046http://ntur.lib.ntu.edu.tw//handle/246246/84734The timing of investment in e-commerce remains hotly debated in both the academic and investment communities. This study develops a framework for analyzing the optimal timing for a company to invest in e-commerce for conducting its business-to-business (B2B) or business-to-consumer (B2C) transactions. This study applies a real option theory to assess a new risk-reward dynamic for investing in e-commerce. The numerical results demonstrate that the optimal timing of investment in e-commerce depends on uncertainties regarding future cash flows and the opportunity costs associated with e-commerce. Implications with regard to the behavior of Internet companies from a financial perspective are discussed. © 2006 Wiley Periodicals, Inc.application/pdf194734 bytesapplication/pdfen-USjournal article10.1002/mar.201142-s2.0-33645776668https://www.scopus.com/inward/record.uri?eid=2-s2.0-33645776668&doi=10.1002%2fmar.20114&partnerID=40&md5=2c88c1e04bcae0d36918c136c6bfbcebhttp://ntur.lib.ntu.edu.tw/bitstream/246246/84734/1/31.pdf