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

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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.

Suggested Citation

  • Alonso Bonis, Susana & Vallelado Gonz lez, Eleuterio & Henriques Xavier, Jos‚ Manuel, 2005. "La flexibilidad como creadora de valor. El caso de una explotaci¢n forestal en Portugal," Working Papers "New Trends on Business Administration". Documentos de Trabajo "Nuevas Tendencias en Dirección de Empresas". 2005-11, 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 Docto.
  • Handle: RePEc:ntd:wpaper:2005-11
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    Keywords

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

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G13 - Financial Economics - - General Financial Markets - - - Contingent Pricing; Futures Pricing
    • Q23 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Forestry

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