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Strategy is ultimately aimed at creating shareholder value. We examine the relationship among intrinsic (DCF) value, market value, and the value of growth options using a “perfect foresight” model. Our findings suggest that Kester's (1984) initial assessment of growth option values may not hold under alternative valuation models. We highlight important issues in the valuation of growth options related to market expectations, modeling assumptions and estimation methods. The findings suggest that the firm's growth option value depends on three factors, each of which impacts investor expectations: (1) the macroeconomic environment; (2) the industry in which the firm participates; and (3) firm specific factors.

Depending on the research approach one uses, the development of particular bodies of knowledge over time is the result of a combination of agency, chance, opportunity, patronage, power, or structure. This particular account of the development of geographies of tourism stresses its place as understood within the context of different approaches, different research behaviors and foci, and its location within the wider research community and society. The chapter charts the development of different epistemological, methodological, and theoretical traditions over time, their rise and fall, and, in some cases, rediscovery. The chapter concludes that the marketization of academic production will have an increasingly important influence on the nature and direction of tourism geographies.

This chapter aims to familiarize the reader with some of the important aspects of tourism geography in the German-speaking countries. It starts with a primarily historical-genetic perspective on tourism development and the theoretical traditions associated with them. The second section describes the structure of the discipline, with a focus on the institutionalization of the field in the universities including their research specialization. The chapter maintains that tourism geography plays a marginal role compared with other subdisciplines of geography, though this is reflected primarily in its institutionalization and less so in the research undertaken. The last section deals with the current challenges and future prospects in German-speaking geographies of tourism from a problem-centered perspective.

This chapter discusses the main research interests and outputs in the various branches of geography that have influenced the study of tourism from a geographical perspective. It argues that the idiographic tradition has been transversal throughout, leading to the growing interest for tourism within the geography academic community in the last 10 years. There is a focus on the birth of specific research groups, mainly related to a constellation of new university curricula on tourism and—with few exceptions of territorial tradition—to an intermittent availability of public research funds. The chapter concludes with a more general picture of the place of tourism within the geography discipline in Italy and of evolving trends in terms of research results, dissemination, and evaluation.