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

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.

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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.

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