IDEAS home Printed from https://ideas.repec.org/a/ris/joefas/0068.html
   My bibliography  Save this article

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
    as

    Download full text from publisher

    File URL: http://zl.elsevier.es/en/revista/journal-of-economics-finance-and-352/resumen/binomial-model-for-company-valuation-90328817
    File Function: Full text
    Download Restriction: no

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    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;

    JEL classification:

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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ris:joefas:0068. 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: (ESAN Ediciones). General contact details of provider: http://edirc.repec.org/data/esannpe.html .

    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.

    We have no references for this item. You can help adding them by using 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 RePEc Author Service 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.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.