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Opções reais: tipologias e sua avaliação
[Real options: typologies and its evaluation]

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Author Info
Gomes Santana Félix, Elisabete

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Abstract

This article intends to evidence the flexibility effect in the investment decision. This flexibility is known by the real options term, these options possess value, which will increase the value of an investment that possesses them. The traditional investments evaluation methods are not enough to catch the value associated with the real options. We will have to appeal to the options valuation theory and in analogy with that catch the true value of investments with real options.

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File URL: http://mpra.ub.uni-muenchen.de/6186/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 6186.

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Date of creation: 2003
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Handle: RePEc:pra:mprapa:6186

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Related research
Keywords: Opções Reais; Decisão de Investimento; Avaliação de Opções Reais;

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Find related papers by JEL classification:
G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Investment Policy
G13 - Financial Economics - - General Financial Markets - - - Contingent Pricing; Futures Pricing

References listed on IDEAS
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  1. Han T. J. Smit & L. A. Ankum, 1993. "A Real Options and Game-Theoretic Approach to," Financial Management, Financial Management Association, vol. 22(3), Fall.
  2. Pindyck, Robert S., 1993. "Investments of uncertain cost," Journal of Financial Economics, Elsevier, vol. 34(1), pages 53-76, August. [Downloadable!] (restricted)
    Other versions:
  3. Brennan, Michael J & Schwartz, Eduardo S, 1985. "Evaluating Natural Resource Investments," Journal of Business, University of Chicago Press, vol. 58(2), pages 135-57, April. [Downloadable!] (restricted)
  4. Majd, Saman & Pindyck, Robert S., 1987. "Time to build, option value, and investment decisions," Journal of Financial Economics, Elsevier, vol. 18(1), pages 7-27, March. [Downloadable!] (restricted)
    Other versions:
  5. Schwab, Bernhard & Lusztig, Peter, 1972. "A Note on Investment Evaluations in Light of Uncertain Future Opportunities," Journal of Finance, American Finance Association, vol. 27(5), pages 1093-1100, December. [Downloadable!] (restricted)
  6. Reiss, Ariane, 1998. "Investment in Innovations and Competition: An Option Pricing Approach," The Quarterly Review of Economics and Finance, Elsevier, vol. 38(3, Part 2), pages 635-650. [Downloadable!] (restricted)
  7. Bonini, Charles P., 1977. "Capital Investment under Uncertainty with Abandonment Options," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 12(01), pages 39-54, March. [Downloadable!]
  8. McDonald, Robert L & Siegel, Daniel R, 1985. "Investment and the Valuation of Firms When There Is an Option to Shut Down," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 26(2), pages 331-49, June. [Downloadable!] (restricted)
  9. Paddock, James L & Siegel, Daniel R & Smith, James L, 1988. "Option Valuation of Claims on Real Assets: The Case of Offshore Petroleum Leases," The Quarterly Journal of Economics, MIT Press, vol. 103(3), pages 479-508, August. [Downloadable!] (restricted)
  10. Pindyck, Robert S., 1990. "Irreversibility, uncertainty, and investment," Working papers 3137-90., Massachusetts Institute of Technology (MIT), Sloan School of Management. [Downloadable!]
    Other versions:
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