Company valuation under risk and flexibility: discrete models comparison
Identifikátory výsledku
Kód výsledku v IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F61989100%3A27510%2F14%3A86089670" target="_blank" >RIV/61989100:27510/14:86089670 - isvavai.cz</a>
Výsledek na webu
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DOI - Digital Object Identifier
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Alternativní jazyky
Jazyk výsledku
angličtina
Název v původním jazyce
Company valuation under risk and flexibility: discrete models comparison
Popis výsledku v původním jazyce
This paper concentrates on the company valuation models comparison under risk and flexibility (real option approach), This approach simultaneously reflects uncertainty in company´s future cash flows and flexibility in decision-making. Here, models for financial options valuation are applied on company assets. Equity value is calculated as American real call option holded by shareholders on company assets. Result of the valuation is the company´s equity market value. The paper is organized as follows: first, general model for company equity valuation under risk and flexibility (as a real call option) is described. Next, study case is solved where discrete models (binomial and trinomial) are compared when applied for company equity valuation. Moreover, results are compared with the situation, when the assumption of flexibility is relaxed. In the end, sensitivity analysis is performed, when impact of changes in selected inputs on the company equity value is examined.
Název v anglickém jazyce
Company valuation under risk and flexibility: discrete models comparison
Popis výsledku anglicky
This paper concentrates on the company valuation models comparison under risk and flexibility (real option approach), This approach simultaneously reflects uncertainty in company´s future cash flows and flexibility in decision-making. Here, models for financial options valuation are applied on company assets. Equity value is calculated as American real call option holded by shareholders on company assets. Result of the valuation is the company´s equity market value. The paper is organized as follows: first, general model for company equity valuation under risk and flexibility (as a real call option) is described. Next, study case is solved where discrete models (binomial and trinomial) are compared when applied for company equity valuation. Moreover, results are compared with the situation, when the assumption of flexibility is relaxed. In the end, sensitivity analysis is performed, when impact of changes in selected inputs on the company equity value is examined.
Klasifikace
Druh
J<sub>x</sub> - Nezařazeno - Článek v odborném periodiku (Jimp, Jsc a Jost)
CEP obor
AH - Ekonomie
OECD FORD obor
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Návaznosti výsledku
Projekt
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Návaznosti
I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace
Ostatní
Rok uplatnění
2014
Kód důvěrnosti údajů
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Údaje specifické pro druh výsledku
Název periodika
International Journal of Risk Assessment and Management
ISSN
1741-5241
e-ISSN
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Svazek periodika
17
Číslo periodika v rámci svazku
4
Stát vydavatele periodika
CH - Švýcarská konfederace
Počet stran výsledku
15
Strana od-do
268-282
Kód UT WoS článku
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EID výsledku v databázi Scopus
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