About the Conference

Matrix Program 2023

Program Abstracts 2023

Workshop on Environmental Policy Options

Paper Management


Past Papers

Venue & Hotels


Annual International Conference on Real Options: Theory Meets Practice

The Annual International Conference on
Real Options, Corporate Finance, Innovation and Strategy


To bring together academics and practitioners at the forefront of real options and investment under uncertainty to discuss recent developments and applications. The conference features academic and professional presentations of theoretical and applied work, workshops and case discussions, experiences from the field and panel discussions.


Any paper on the theory or application of real options, corporate finance, innovation and strategy or international business. Possible topics include: R&D, entrepreneurship and innovation, new product development, capabilities, infrastructure and network (tel, power) investments, valuation of natural resources, commodities and power investments, growth options, competition and strategy, corporate valuation and IPOs, investments involving learning, agency issues and incentives, public infrastructure, the environment and public policy, case studies etc. We expect to have sessions on oil/ energy/renewables, corporate finance, innovation and entrepreneurship, corporate and IB strategy, infrastructure, the environment and various public policy issues. We are generally interested in theoretical, applied or empirical papers and case studies in these and various other industries.


Lenos Trigeorgis (Durham U. & ROG)
Tyrone Pitsis (Durham U.)
VP Program: Gordon Sick (U. Calgary).
VP Operations & Logistics: Karena Yan (Durham U.)
Co-organizer of one-day workshop: Laura Marsiliani (Durham U.)


2021 Erwan Morellec (Swiss Finance Institute)
2020 Conference Cancelled due to the Covid-19 pandemic
2019 Christoph Loch (U. Cambridge)
2018 Arnd Huchzermeier (WHU)
2017 Carliss Baldwin (Harvard U.)
2016 Kunno Huisman (Tilburg University) and Peter Kort (Tilburg University)
2015 Bart Lambrecht (U. Cambridge)
2014 Marco Antonio Guimarães Dias (Petrobras and PUC Rio)
2013 Lenos Trigeorgis (U. Cyprus & King's College London)
2012 Avinash Dixit (Princeton U.)
2011 Dean Paxson (Manchester U.)
2010 John Kensinger (U. N. Texas)
2008 Tom Copeland (MIT)
2007 Mark Rubinstein (UC Berkeley)
2006 Robert C. Merton (Harvard U.)
2005 Robert S. Pindyck (MIT)
2004 Stewart C. Myers (MIT)
2003 Alex Triantis (U. Maryland)
2002 Gordon Sick (U. Calgary)
2001 Eduardo Schwartz (UCLA)
2000 Myron Scholes (Stanford U.)
1999 Stephen A. Ross (MIT)
1998 Robert L. McDonald (Northwestern U.)
1997 Michael J. Brennan (UCLA)

SUBMISSION and PAPER MANAGEMENT: The paper submission deadline was February 20. Please use the Paper Management link to make sure your paper is up-to-date. The title page should include the affiliation, address, phone, and e-mail of each author, as well as the date of that version of the paper. You can replace your file with an updated version at any time up until the conference (using your ID on the same page).

REVIEW COMMITTEE: Submitted papers will be reviewed by a committee headed by Professors Luiz Brandao (PUC/Rio, Brazil and U. Texas at Austin, USA), Marco Dias (PUC/Rio, Brazil), Stein- Erik Fleten (NTNU, Norway), Kuno Huisman (Tilburg U., Netherlands), Peter Kort (Tilburg U., Netherlands & U. Antwerp, Belgium), Yuri Lawryshyn (U. Toronto, Canada), Dean Paxson (U. Manchester, UK), Paulo Pereira (U. Porto, Portugal), Gordon Sick (U. Calgary, Canada), Afzal Siddiqui (Stockholm U., Sweeden), Ryuta Takashima (Tokyo U. of Science, Japan), Lenos Trigeorgis (Durham U., UK), Andrianos Tsekrekos (AUEB, Greece), and Motoh Tsujimura (Doshisha U., Japan).

BEST STUDENT PAPER AWARD: Submissions for best papers by Ph.D. students are encouraged. Interested students should submit a complete draft via the Real Options Conference Website by the same deadline and indicate they wish to be considered for the best student paper award. Papers should be no more than thirty pages in length and be written only by the student or at most co-authored with a single supervisor. Submissions will be assessed by a panel. In advance of the conference, authors of the top three papers will be notified and asked to present their work in a special session during the conference. The winner of the best student paper will be announced during the conference and receive an award of €400.

€540 by May 8; €650 thereafter. (Fees go up by 20% after May 8.)

DISCUSSANT: Submission of a paper is with the understanding that one of the (co)authors will present and serve as a discussant. Each academic paper will be discussed by a discussant.

NOTIFICATION & INQUIRIES: Please address all registration and other conference-related inquiries to Evgenia at conference.registration@realoptions.org. For local inquiries and logistics about Durham or the Business School, please contact Kristen at business.researchhub@durham.ac.uk or Prof. Karena Yan at ji.yan@durham.ac.uk.

RELATED BACK-TO-BACK PRACTITIONER CONFERENCE: Academics attending this conference are entitled to participate in the back-to-back practitioner conference in the same location. Practitioners, company executives or consultants interested to share their application experiences as speakers or panelists at the practitioner conference should email a proposal to Lenos Trigeorgis at lenos.trigeorgis@durham.ac.uk

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