Repositorio Institucional Universidad EAFIT ::Examinando por Materia "Proyectos de infraestructura

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Opciones reales como estrategia de generación de valor para inversionistas en proyectos APP
(Universidad EAFIT, 2018) Aristizábal Isaza, María Camila; Restrepo Tobón, Diego Alexander
Closing the infrastructure gap in Latin America is one of the region's biggest challenges -- The structuring of projects through public-private partnerships is one of the tools we have today to involve the private sector and achieve the level of investment required in the region -- The long-term nature of this type of contracts increases the risk and makes the project’s bankability difficult due to the high degree of uncertainty associated -- Private investors require guarantees that mitigate these risks but the public sector is not willing to take more risks than necessary by compromising future period’s resources through government guarantees -- The real options are presented as a tool to provide flexibility in the projects in such a way that risks can be molded and mitigated as new information is presented to the investor -- This paper presents a case study comparing the financial viability of an infrastructure project valued only according to the criterion of net present value with respect to a scenario that includes real options that generate flexibility for the investor