Real options implicit in the strategic development of a food distribution company
DOI:
https://doi.org/10.22320/hem.v17i1.3280Keywords:
valuation, firm expansion, deferring, real, optionsAbstract
The present article focuses in valuate the option of deferring the firm´s expansion through the construction of branches on cities of the south of Chile. It was possible to infer that the real option of postponing an expansion project generates an additional value, due to the benefit of opening before schedule, considering the risk and variability of the sales. In other words, it minimized the exposure to risk by postponing the investing, maximizing the earnings under favourable circumstances.
References
Copeland, T. E., Weston, J. F., & Shastri, K. (1983). Financial theory and corporate policy (Vol. 3). Massachusetts: Addison-Wesley.
Copeland, T. E., Antikarov, V., & Copeland, T. E. (2001). Real options: a practitioner's guide (p. 4). New York: Texere.
Mascareñas , J. M. M., Fernández, P. L., Lubián, F. J. L., & de Luna Butz, W. (2003). Opciones reales y valoración de activos: cómo medir la flexibilidad operativa en la empresa.
Sapag N. S. (2007). Proyectos de inversión: formulación y evaluación. Pearson Educación.
Yuan, F. C. (2009). Simulation–optimization mechanism for expansion strategy using real option theory. Expert Systems with.
Copeland, T. E., Antikarov, V., & Copeland, T. E. (2001). Real options: a practitioner's guide (p. 4). New York: Texere.
Mascareñas , J. M. M., Fernández, P. L., Lubián, F. J. L., & de Luna Butz, W. (2003). Opciones reales y valoración de activos: cómo medir la flexibilidad operativa en la empresa.
Sapag N. S. (2007). Proyectos de inversión: formulación y evaluación. Pearson Educación.
Yuan, F. C. (2009). Simulation–optimization mechanism for expansion strategy using real option theory. Expert Systems with.
Downloads
Published
2018-05-31
Issue
Section
Artículos de Investigación
