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Modelo binomial para la valoración de empresas y los efectos de la deuda: escudo fiscal y liquidación de la firma

Author

Listed:
  • Milanesi, Gastón

    (Universidad Nacional del Sur, Buenos Aires, Argentina)

Abstract

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 riesgos de tomar deuda. El trabajo se estructura de la siguiente manera: Primeramente, la introducción y desarrollo del modelo teórico; luego se ilustra mediante un caso de aplicación, comparando los resultados obtenidos con el modelo de descuento de flujos de fondos. Se sensibilizan variables como: endeudamiento, tasa de impuesto y volatilidad para analizar el impacto en el valor de la empresa. Finalmente, se describen las ventajas del modelo propuesto.

Suggested Citation

  • Milanesi, Gastón, 2014. "Modelo binomial para la valoración de empresas y los efectos de la deuda: escudo fiscal y liquidación de la firma," Journal of Economics, Finance and Administrative Science, Universidad ESAN, vol. 19(36), pages 2-10.
  • Handle: RePEc:ris:joefas:0068
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    File URL: http://zl.elsevier.es/en/revista/journal-of-economics-finance-and-352/resumen/binomial-model-for-company-valuation-90328817
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    Cited by:

    1. Gast¨®n S. Milanesi & Emilio El Alabi & Gabriela Pesce, 2015. "Continuity or Liquidation in Situations of Ambiguity: Fuzzy Binomial Model to Valuate Leveraged Firms," Research in Applied Economics, Macrothink Institute, vol. 7(1), pages 26-47, March.

    More about this item

    Keywords

    Opciones reales; Binomial; Deuda; Valuación;
    All these keywords.

    JEL classification:

    • A00 - General Economics and Teaching - - General - - - General

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