Escuela de Finanzas, Economía y Gobierno

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https://hdl.handle.net/10784/24

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Examinando Escuela de Finanzas, Economía y Gobierno por Materia "Abandonment option"

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    Ítem
    Evaluación financiera de proyecto de comercialización internacional de aguacate a través de la aplicación de opciones reales
    (2019) Restrepo Sarmiento, Mateo; Pareja Vasseur, Julián Alberto
    The objective of this work is to identify the impacts in terms of value when evaluating projects where management's flexibility or decision making is present. For this purpose, the evaluation of an industrial project, dedicated to Hass avocado processing, using traditional methods of valuation with NVP criteria was defined as a methodology. Then binomial trees were built to evaluate the real options of expansion, abandonment and choice complementing the initial assessment. The results indicate that both methods complement each other and that the presence of flexibility and reaction to changes in uncertainty variables represent a portion of additional value in the evaluation of projects. The motivation of the work lies in demonstrating how the concepts of value can be limited by assuming the passivity of the project managers and how strategic factors are ignored.
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    Ítem
    Valoración de proyecto inmobiliario por medio de opciones reales
    (Universidad EAFIT, 2019) Zuluaga Alzate, Maryori; Méndez Vega, Keyla Marcela; Pareja Vasseur, Julian Alberto
    In the present document is carried out the valuation real options method applied to the real estate sector. It is considered an abandonment option for a homebuilding project through the binomial tree methodology, which is counteracted to the application of traditional methods such as FCF (free cash flow) and APV (adjusted present value). The objective is to demonstrate that the complementarity of these technics add value in making managerial decisions because of the flexibility can make that an unviable project, evaluated by traditional methods, a profitable project or to increase the value of it through the real option. In Colombia there is little application of real options in the studied industry, in spite of the multiple benefits that it can be provides in a business considered different from conventional ones due to the dependence of uncontrollable factors.
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