Real Asset Valuation: A Back-to-basics Approach
AbstractDifferent valuation methods can lead to different corporate investment decisions, and the conventional "static, single discount rate" DCF approach in particular is biased against many of the kinds of decisions that corporate managers tend to view as "strategic." Reducing the bias from valuations involves two main tasks: treating risk in a way that is consistent with observed market pricing, and accounting for the ability of companies to make decisions "dynamically" over time. The authors propose two separate tools, market-based valuation and complete decision tree analysis, for accomplishing these two improvements in valuation. Copyright (c) 2008 Morgan Stanley.
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Bibliographic InfoArticle provided by Morgan Stanley in its journal Journal of Applied Corporate Finance.
Volume (Year): 20 (2008)
Issue (Month): 2 ()
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=1078-1196
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