The aim of this article is to summarize exhaustively and concisely, the different methodologies for estimating the volatility that has been proposed for the real options approach (ROA), and also provide a theoretical and practical explanation for estimating an unbiased volatility and...

At emerging financial markets, the R&D, intangible and technological basis firms (TBF) valuation, they make the traditional real option binomial approach questionable. For that, a numerical model that modified the traditional binomial model is proposed, incorporating trinomial lattice, changing...

Las fuertes inversiones iniciales que son necesarias para comenzar una actividad acuícola, unidas al período tan dilatado del ciclo de explotación y al riesgo que esta actividad comporta, son situaciones que comprometen el futuro de la actividad cuya continuidad pasa necesariamente por la...

[EN] The irreversibility of the investment expenditures in a fishery and the high degree of uncertainty attaching to the price of the fishing resources make the evaluation of investment opportunity in a fishery particularly difficult. The net-present-value proposes the following rule: "Invest in...

[EN] The valuation of development opportunity of a fishery is made particularly difficult by the high degree of uncertainty attaching to the price of the fishing resource. The net-present-value and other discounted cash-flows cannot properly capture the management s flexibility, thus they may...

En este documento se propone un modelo binomial para valorar empresas, proyectando y condicionando escenarios de continuidad o liquidación de la firma. El modelo se basa en la Teoría de Opciones Reales para estimar el valor de la firma, que resulta de un balance explícito de las ventajas y...

La presente investigación tiene como objetivo principal desarrollar un análisis de toma de decisiones bajo incertidumbre a través de la aplicación de opciones reales en la evaluación de inversiones en proyectos mineros. Asimismo, se propone estudiar el comportamiento de los precios del oro,...

Based on two theoretical works, Burgstahler y Dichev (1997) and Zhang (2000), this paper tests an option-style valuation approach whose main prediction is that market value is a convex function of both earnings and book value, where the function depends on the relative values of earnings and...

We evaluate the empirical significance of the effects of uncertainty on investment analizing panel data for public mexican companies from the 1997-2007 period, we found ambiguos effects: the impact on small and medium size companies investments is negative, while at large companies, the effect...