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Las opciones reales: ¿hacia un nuevo paradigma en valuación?

Author

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  • Guillermo López Dumrauf

Abstract

Muchos gerentes no están satisfechos con las reglas convencionales para la evaluación de proyectos. A veces, incorporan el juicio personal para realizar consideraciones estratégicas. • Ellos arguyen que la técnica DCF no reconoce el valor de la flexibilidad gerencial • En lugar de DCF, proponen utilizar técnicas como Montecarlo o DTA (decision tree analysis) para reconocer la posibilidad de diferentes decisiones operativas para futuros eventos y de esta forma captar el valor de la flexibilidad. Las opciones representan el derecho (pero no la obligación) de llevar a cabo una acción (pagando una prima, llamada precio de ejercicio) durante un período de tiempo, pagando un precio determinado para un activo especificado.

Suggested Citation

  • Guillermo López Dumrauf, 2004. "Las opciones reales: ¿hacia un nuevo paradigma en valuación?," I Simposio Docentes de Finanzas 3121, Politécnico Grancolombiano.
    • Handle: RePEc:col:000114:003121
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    File URL: http://sigma.poligran.edu.co/politecnico/apoyo/Decisiones/Simposio/documentos/25_Opciones_reales_combinadasgld.pdf
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    More about this item

    Keywords

    Opciones reales; valor de la felxibilidad;

    JEL classification:

    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies

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