Advanced Search
MyIDEAS: Login

La flexibilidad como creadora de valor. El caso de una explotaci¢n forestal en Portugal

Contents:

Author Info

Registered author(s):

    Abstract

    El objetivo del trabajo es constatar la relevancia de la flexibilidad a la hora de valorar una explotaci¢n forestal. En concreto, se eval£a mediante el enfoque de opciones reales un proyecto de inversi¢n consistente en transformar un peque¤o terreno de labor situado en el centro de Portugal en una explotaci¢n de eucaliptos en un doble escenario: i) en un contexto de certeza, y ii) en un contexto de incertidumbre. Los resultados revelan que el riesgo puede tener un efecto positivo sobre el valor de un proyecto de inversi¢n en incertidumbre cuando tal proyecto incluye flexibilidad operativa. La flexibilidad que tiene el propietario de la explotaci¢n forestal para decidir cuando talar los rboles le permite, en un escenario incierto, esperar al momento m s oportuno para rentabilizar su inversi¢n. Esta flexibilidad no tiene valor en certeza. Los resultados que se obtienen vienen a confirmar que en el caso de las explotaciones forestales la ?convenience yield? o beneficio que obtiene el propietario al poseer el stock de madera es cr¡tico para determinar el momento ¢ptimo de tala de los rboles.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://www3.uva.es/empresa/uploads/dt_11_05.pdf
    Our checks indicate that this address may not be valid because: 404 Not Found. If this is indeed the case, please notify (Fortuna-Lindo, Jose M.)
    Download Restriction: no

    Bibliographic Info

    Paper provided by Interuniversity Research Master and Doctorate Program (with a quality mention of ANECA) on "Business Economics", Universities of Valladolid, Burgos, Salamanca and León (Spain). Until 2008, Interuniversity Doctorate Program (with a quality mention of ANECA) “New trends in Business Administration”, Universities of Valladolid, Burgos, and Salamanca (Spain). Master en Investigación y Programa de Doctorado Interuniversitarios (con mención de calidad de la ANECA) en "Economía de la Empresa", Universidades de Valladolid, Burgos, Salamanca y León (España). Hasta 2008, Programa de Doctorado Interuniversitario (con mención de calidad de la ANECA) “Nuevas Tendencias en Dirección de Empresas”, Universidades de Valladolid, Burgos y Salamanca (España). in its series Working Papers "New Trends on Business Administration". Documentos de Trabajo "Nuevas Tendencias en Dirección de Empresas". with number 2005-11.

    as in new window
    Length: 34 pages
    Date of creation: Dec 2005
    Date of revision:
    Handle: RePEc:ntd:wpaper:2005-11

    Contact details of provider:
    Postal: Avda. Valle Esgueva, 6, 47011 Valladolid
    Phone: +34 983 420000 ext. 4392
    Fax: +34 983 423899
    Email:
    Web page: http://www3.uva.es/empresa/
    More information through EDIRC

    Order Information:
    Postal: Av. Valle de Esgueva, 6. E-47011-Valladolid (Spain)
    Email:

    Related research

    Keywords: Valoraci¢n; opciones reales; explotaci¢n forestal.;

    Find related papers by JEL classification:

    References

    No references listed on IDEAS
    You can help add them by filling out this form.

    Citations

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:ntd:wpaper:2005-11. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Fortuna-Lindo, Jose M.).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.