Briefly explain what real options are and what makes these options valuable.

Can a firm with no ongoing projects and investment opportunities that have only negative NPVs still be an attractive investment? Why?

Why it might not be appropriate to simply pick the highest NPV project when comparing mutually exclusive investments?

Give an example of a real option(s) in capital budgeting process for any "new era" firm (Amazon, Google, Facebook etc.)? Be brief and specific.