Examinando por Materia "Opciones reales"
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Ítem Aplicación de opciones reales para la evaluación de inversión en el sector hidroeléctrico(2019) Ortega Gómez, David; Támara Ayús, Armando Lenin; 15051573Ítem Cuantificación de la reconversión de un sistema productivo de aguacate hass, con enfoque nacional hacia otro orientado al mercado internacional, aplicando la metodología de opciones reales(Universidad Eafit, 2020) López Castaño, Héctor Fabio; Braga, JessicaÍtem Evaluación financiera de proyecto de comercialización internacional de aguacate a través de la aplicación de opciones reales(2019) Restrepo Sarmiento, Mateo; Pareja Vasseur, Julián AlbertoThe 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.Ítem Las opciones reales como método de valoración de un proyecto de internacionalización de una cadena de gimnasios(Universidad EAFIT, 2023) Arboleda Espinosa, Nelly Daniela; Tamara Ayus, Armando LeninÍtem Las opciones reales como metodología alternativa en la evaluación de proyectos de inversión(Universidad EAFIT, 2012) Támara Ayús, Armando Lenin; Aristizábal Velásquez, Raúl Enrique; Profesor-Investigador de la Universidad EAFIT, Departamento de Finanzas, Escuela de Economía y Finanzas, Medellín, Colombia; Norte. Profesor-Investigador de la Universidad EAFIT, Departamento de Finanzas, Escuela de Economía y Finanzas, Medellín, Colombia; Economía y Finanzas; Finanzas; Grupo de Investigación Finanzas y BancaÍtem Opciones reales en el sector de la construcción(Universidad EAFIT, 2019) Mendoza Estrada, Maria Cristina; Montoya Duque, Nicolas; Támara Ayús, Armando LenínReal options have become a key element when it comes to valuing investment projects, especially when they have the option of deferring the investment. This work values a real estate project incorporating the option of deferring the beginning of its constructionfor for a period of five years, the methodology used to calculate the option value was binomial trees, where volatility was calculated based on the project cash flows. The results provide evidence confirming that the option value increases the total project value by 58%.Publicación Opciones reales secuenciales compuestas como método para valorar proyectos de inversión de varias etapas para empresas farmacéuticas en Colombia(Universidad EAFIT, 2024) Velásquez Pajón, Simón; Lohle García, Carlos Santiago; Pareja Vasseur, Julián AlbertoÍtem El papel de las opciones reales a la hora de diferir la adquisición de una empresa.(Universidad Eafit, 2019) Mora Arboleda, Diana Marcela; San Martín Plaza, Delia Isabel; Támara Ayús, Armando LenínThis work depicts the paper that real options play when deciding on the horizontal acquisition of a ground transportation company in Colombia´s department of Antioquia through a deferring option. For its development, the theory of discounted cash flows and real options was first reviewed. Then the valuation of the company was elaborated by discounted cash flows and, later, the calculation of the deferring option was made through the binomial tree methodology. Finally, it was shown that the inclusion of the deferring option in the acquisitions generates an added value, with which it was possible to define the best moment to carry out the acquisition of the company, taking as reference the possible scenarios that could be presented during a year.Ítem The real options as valuation methodology for a project in the electrical sector(Universidad EAFIT, 18/11/2019) Támara Ayús, Armando Lenin; Forero Corrales, Julián; Gil Osorio, Isabella; Almonacid Hurtado, Paula María; Universidad EAFITÍtem Valoración de la opción de abandono en un proyecto minero(Universidad EAFIT, 2019) Botero Botero, Glómer; Gomez Sierra, Valentina; Sánchez Gómez, EduardoThe attractiveness of real options as a valuation methodology is the flexibility that managers have to make decisions in order to mitigate the losses in adverse situations or to increase the value in favorable ones. This technique is very useful to evaluate projects with a high degree of uncertainty. This work analyzes the financial viability of opening a surface coal mine under an uncertain demand and price scenario, in addition to the operational risks of the mine activity itself. Starting from a discounted cash flow (DCF) valuation, a binomial lattice approach is used to value the possibility of abandoning the project. In the end, the result showed that the project´s value is maximized and increased by 33 % when managers included under their alternatives the possibility of abandoning the project.Ítem Valoración de proyecto inmobiliario por medio de opciones reales(Universidad EAFIT, 2019) Zuluaga Alzate, Maryori; Méndez Vega, Keyla Marcela; Pareja Vasseur, Julian AlbertoIn 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.Ítem La valoración de proyectos de energía eólica en Colombia bajo el enfoque de opciones reales.(Universidad Pontificia Javeriana, 2012) Maya Ochoa, Cecilia; Hernández Betancur, Juan David; Gallego Múnera, Óscar Mauricio; Docente de cátedra, Investigadora del Grupo de Investigación en Finanzas y Banca (gifyb), Universidad Eafit, Medellín, Colombia; Coordinador financiero, Gases Industriales de Colombia, Cryogas S.A., docente de cátedra en pregrado y posgrado, Universidad de Medellín, Medelín, Colombia; profesional en Negocios de Inversión, Empresas Públicas de Medellín S.A. E.S.P, Colombia; Economía y Finanzas; Finanzas; Grupo de Investigación Finanzas y BancaÍtem Valoración de proyectos de infraestructura mediante Project Finance y APP, con la aplicación de opciones reales(Universidad EAFIT, 2019) García Londoño, Carlos Bernardo; Ledesma Cañas, Yessica Alejandra; González Ruíz, Juan DavidIn a market that seeks to protect your investments, the financing of any type of project, be it short or long term, has its risks. In the case of infrastructure projects, which are very high risk for their investors, project finance, together with PPPs, has become in a reliable financing instrument. This instrument has been accompanied by the application of real options, which play an important role in the contracting process of the projects. In this sense, if it is true that the international economy is increasingly demanding in the road, rail and airport sectors, in the case of Colombia it is necessary that the concessions that have been conformed for a better economic development, can have security , flexibility, volatility and feasibility that in the future generate profitability and that their disbursements can be in a positive nature and do not generate losses for the development companies.Ítem Valoración de un edificio de apartamentos a través de la aplicación de la teoría de opciones reales(2019) Delgado Gonzalez, Daniel; Támara Ayús, Armando LenínThe construction sector in Colombia plays a fundamental role in economic growth and, in particular, in the generation of non-formal employment. In the present work, the evaluation of an option to defer the construction of an apartment building is carried out, which is used as a complement to the net present value of the project in its traditional valuation. The value of the real option is obtained using the binomial tree methodology, where volatility is calculated based on the cash flows of the project. The results indicate that the financial viability of the project is increased and ratified by including the value of the option to defer.Ítem Valoración de un proyecto agrícola aplicando la teoría de opciones reales. Caso de estudio: Cultivo de Aguacate Hass en Angostura - Antioquia(Universidad EAFIT, 2019) González Giraldo, Eliana María; Vivares Mira, Carlos Andrés; Támara Ayús, Armando LenínTraditional valuation methods have a static character because they assume that the basic conditions of a project cannot be changed. For this reason, they present great limitations for analyzing projects in the agricultural sector that are subject to conditions of risk, uncertainty and flexibility. In this sense, the analysis with real options (RO) is presented as an alternative for decision making in this sector. In the present work, a general review is carried out of the theory of RO: Types, concepts and valuation models. Additionally, a case study is shown where an expansion option is evaluated for a Hass Avocado crop in the municipality of Angostura, department of Antioquia. The results showed that the option increased the value of the project by 63% in contrast to the Net Present Value (NPV) technique.Ítem Valoración de un proyecto para la construcción de un parqueadero cerca del Aeropuerto Internacional José María Córdova, con el enfoque de opciones reales(Universidad EAFIT, 2019) Restrepo López, Carlos David; López Osorio, Luz Adriana; Lenin Támara, ArmandoThis research aims to design the valuation of a parking lot with the real options approach. It will be developed through the use of traditional methodologies as a primary information source, then, the Real Options approach will provide us with the viability of the expansion of the project. The methodology of binomial trees and the Monte Carlo simulation will be used to demonstrate the viability of the expansion, thus taking a time horizon of six years to make such an assessment. The results will indicate if the real options approach allows the evaluation of the possible scenarios arising throughout the project and the implementation strategies that allow to take the best decision and carry out the execution of a project which generates profitability for the investors.Ítem Valoración de una empresa tecnológica emergente mediante opciones reales(2019) Peláez Escobar, Tomás; Lotero Botero, JorgeThis paper aims to value a StartUp technology using the methodology of the real options as a complement of the traditional valuation. Due to the high volatility of the variables that affect the development of these companies the Real Option methodology helps to obtain the final value. This work presents a traditional valuation under the discounted cash flow at an adequate rate for the company's risk, and subsequently the valuation of a real expansion option. Basically the company has the possibility of opening its operations in a new market, so this allow to value this real option. The combination of both methodologies enable to approach the reality presented by this type of companies since it includes the value of flexibility in the final value of the company. The Risk Simulator software is used to calculate the uncertainties of the variables associated with this type of companies, as well as the SLS software to assess the real expansion option.Ítem Valoración de una fintech a través de opciones reales (ROV)(Universidad EAFIT, 2019) Palacio Marín, Laura; Huepa Bolívar, Carlos Eduardo; Bravo Vélez, Juan FelipeThe discounted cash flow (DCF) considers the variables statically or deterministically. For this reason, through a Monte Carlo simulation proceed to sensitize variables of the environment and the company randomly, considering the main indicators of value generation that can be obtained in the DCF. Additionally, as a complementary methodology, a valuation is made by real options considering the management flexibility implicit in the project; this model can translate this flexibility into volatility, allowing to incorporate the extrinsic value of upside potential risk of the investment.Ítem Valoración de una opción de diferir en la adquisición de un sistema de seguridad informática(Universidad EAFIT, 2021) Ordoñez Caicedo, Evelyn; Támara Ayús, Armando LeninÍtem Valoración de una opción simultánea en el proceso de producción de un producto farmacéutico(Universidad EAFIT, 2020) Sarria Ipia, Vianny Alexandra; Lara Papamija, Denis Augusto; Támara Ayús, Armando Lenin