Staff profile

Lenos Trigeorgis is Professor of Strategy and Finance at Durham University Business School and Emeritus Professor of Finance at the University of Cyprus. He holds a doctorate from Harvard University. He previously taught at Boston University, University of Cyprus, Columbia University, University of Chicago, MIT, UC Berkeley, London Business School, and King’s College London. Professor Trigeorgis has authored 8 books and over 90 scholarly journal articles. He is widely known for pioneering the field of real options through his leading journal publications and books, including Real Options (MIT Press, 1996), Strategic Investment (Princeton University Press, 2004) and Competitive Strategy (MIT Press, 2012). Top journal publications in the last 7 years alone include Academy of Management Review, Strategic Management Journal, Journal of International Business Studies, Management Science, Global Strategy Journal, Journal of Financial and Quantitative Analysis, Journal of Corporate Finance, Journal of Banking and Finance, European Journal of Operations Research, Production and Operations Management, Journal of Retailing, and others. His work has garnered over 18,000 Google scholar citations (h-index 50, i-10 index 91). Recently he spent two years at MIT’s Sloan School on a Marie Curie fellowship from the European Commission to do research on innovation. He is President of the Real Options Group and organizer of the Annual International Conference on Real Options (in its 27th year). He has consulted with leading organizations, such as British Petroleum, the Fiat Group, Swisscom, Ernst & Young, Accenture, Morgan Stanley, J.P Morgan, and the US government.

Research interests

• Real options
• Corporate finance
• Corporate strategy
• Operational flexibility
• International strategy
• Innovation
• Competition and collaboration

Below are select journal publications since 2017 (only)

Journal Article

• Martzoukos, S., Trigeorgis, L., & Pospori, N. (2024). Corporate Investment Decisions with Switch Flexibility, Constraints, and Path-dependency. Review of Quantitative Finance and Accounting, 62(3), 1223-1250. https://doi.org/10.1007/s11156-023-01234-4
• Aabo, T., Pantzalis, C., Park, J. C., Trigeorgis, L., & Wulff, J. N. (2024). CEO personality traits, strategic flexibility, and firm dynamics. Journal of Corporate Finance, 84, Article 102524. https://doi.org/10.1016/j.jcorpfin.2023.102524
• Anagnostopoulou, S. C., Trigeorgis, L., & Tsekrekos, A. E. (2023). Enhancement in a firm's information environment via options trading and the efficiency of corporate investment. Journal of Banking and Finance, 149, Article 106809. https://doi.org/10.1016/j.jbankfin.2023.106809
• Bali, T. G., Del Viva, L., Hefnawy, M. E., & Trigeorgis, L. (2023). Value Uncertainty. Management Science, 70(7), 4167-4952. https://doi.org/10.1287/mnsc.2023.4888
• Trigeorgis, L., Baldi, F., & Makadok, R. (2022). Compete, Cooperate, or Both? Integrating the Demand Side into Patent Deployment Strategies for the Commercialization and Licensing of Technology. Academy of Management Review, 47(1), 31-58. https://doi.org/10.5465/amr.2018.0119
• Trigeorgis, L., Baldi, F., & Katsikeas, C. S. (2021). Valuation of brand equity and retailer growth strategies using real options. Journal of Retailing, 97(4), 523-544. https://doi.org/10.1016/j.jretai.2021.01.002
• Del Viva, L., Kasanen, E., Saunders, A., & Trigeorgis, L. (2021). Is bailout insurance and tail risk priced in bank equities?. Journal of Financial Stability, 55, Article 100909. https://doi.org/10.1016/j.jfs.2021.100909
• Del Viva, L., Kothari, S., Lambertides, N., & Trigeorgis, L. (2021). Asymmetric Returns and the Economic Content of Accruals and Investment. Management Science, 67(6), 3921-3942. https://doi.org/10.1287/mnsc.2020.3676
• Chevalier-Roignant, B., Flath, C. M., Kort, P. M., & Trigeorgis, L. (2021). Capacity investment choices under cost heterogeneity and output flexibility in oligopoly. European Journal of Operational Research, 290(3), 1154-1173. https://doi.org/10.1016/j.ejor.2020.08.046
• Ioulianou, S. P., Leiblein, M. J., & Trigeorgis, L. (2021). Multinationality, portfolio diversification, and asymmetric MNE performance: The moderating role of real options awareness. Journal of International Business Studies, 52(3), 388-408. https://doi.org/10.1057/s41267-020-00357-3
• Choi, J. J., Ju, M., Trigeorgis, L., & Zhang, X. T. (2021). Outsourcing flexibility under financial constraints. Journal of Corporate Finance, 67, Article 101890. https://doi.org/10.1016/j.jcorpfin.2021.101890
• Del Viva, L., Kasanen, E., Saunders, A., & Trigeorgis, L. (2021). US government TARP bailout and bank lottery behavior. Journal of Corporate Finance, 66, https://doi.org/10.1016/j.jcorpfin.2020.101777
• Bali, T. G., Del Viva, L., Lambertides, N., & Trigeorgis, L. (2020). Growth Options and Related Stock Market Anomalies: Profitability, Distress, Lotteryness, and Volatility. Journal of Financial and Quantitative Analysis, 55(7), 2150-2180. https://doi.org/10.1017/s0022109019000619
• Driouchi, T., Trigeorgis, L., & So, R. H. (2020). Individual antecedents of real options appraisal: The role of national culture and ambiguity. European Journal of Operational Research, 286(3), 1018-1032. https://doi.org/10.1016/j.ejor.2020.03.015
• Driouchi, T., So, R. H., & Trigeorgis, L. (2020). Investor ambiguity, systemic banking risk and economic activity: The case of too-big-to-fail. Journal of Corporate Finance, 62, Article 101549. https://doi.org/10.1016/j.jcorpfin.2019.101549
• Chevalier-Roignant, B., Flath, C. M., & Trigeorgis, L. (2019). Disruptive Innovation, Market Entry and Production Flexibility in Heterogeneous Oligopoly. Production and Operations Management, 28(7), https://doi.org/10.1111/poms.12995
• Trigeorgis, L., & Tsekrekos, A. E. (2018). Real Options in Operations Research: A Review. European Journal of Operational Research, 270(1), 1-24. https://doi.org/10.1016/j.ejor.2017.11.055
• Choi, J. J., Ju, M., Kotabe, M., Trigeorgis, L., & Zhang, X. T. (2018). Flexibility as firm value driver: Evidence from offshore outsourcing. Global Strategy Journal, 8(2), 351-376. https://doi.org/10.1002/gsj.1181
• Driouchi, T., Trigeorgis, L., & So, R. H. (2018). Option implied ambiguity and its information content: Evidence from the subprime crisis. Annals of Operations Research, 262(2), 463-491. https://doi.org/10.1007/s10479-015-2079-y
• Smit, H. T., & Trigeorgis, L. (2017). Strategic NPV: Real Options and Strategic Games under Different Information Structures. Strategic Management Journal, 38(13), 2555-2578. https://doi.org/10.1002/smj.2665
• Ioulianou, S., Trigeorgis, L., & Driouchi, T. (2017). Multinationality and firm value: The role of real options awareness. Journal of Corporate Finance, 46, 77-96. https://doi.org/10.1016/j.jcorpfin.2017.06.011
• Koussis, N., Martzoukos, S. H., & Trigeorgis, L. (2017). Corporate liquidity and dividend policy under uncertainty. Journal of Banking and Finance, 81, 221-235. https://doi.org/10.1016/j.jbankfin.2017.01.021
• Del Viva, L., Kasanen, E., & Trigeorgis, L. (2017). Real Options, Idiosyncratic Skewness, and Diversification. Journal of Financial and Quantitative Analysis, 52(1), 215-241. https://doi.org/10.1017/s0022109016000703
• Trigeorgis, L., & Reuer, J. J. (2017). Real options theory in strategic management. Strategic Management Journal, 38(1), 42-63. https://doi.org/10.1002/smj.2593