Avaliação de Concessões Rodoviárias pela Abordagem de Opções Reais / Avaliação de Concessões Rodoviárias pela Abordagem de Opções Reais

AUTOR(ES)
DATA DE PUBLICAÇÃO

2010

RESUMO

Since the beginning of the Brazilian Road Concession Program in the nineties, the concession of toll roads has been made through auctions. Independently of the auctions‟ format, an issue appears to every potential investor: how to value the concession? The traditional Discounted Cash Flow method does not take into account managerial flexibilities of each project. This paper applies the Real Option Theory to value these flexibilities. Specifically, beyond the options to abandon and expand, which are common to projects within different industries, the paper values the option to renegotiate the concession contract, which is becoming increasingly usual in the road concession segment

ASSUNTO(S)

economia toll roads opções reais renegotiation option opção de renegociação real option road concession concessão rodoviária

Documentos Relacionados