"Contributions of the real options valuation approach in highly volatile economic environments - an emphasis in the Latin America scenario" / Contribuições da abordagem de avaliação de opções reais em ambientes econômicos de grande volatilidade - uma ênfase no cenário latino-americano.

AUTOR(ES)
DATA DE PUBLICAÇÃO

2003

RESUMO

In corporate finance and traditional capital budgeting, discounted cash flow methods have prevailed as the basic structure in most approaches to investment and shareholder value analysis. The evolution of the option pricing theory, however, has added a whole new set of tools to the traditional group of theories and practices, necessary to the good management and exploitation of the value from uncertainty and volatility. These tools broaden the value generation parameters by adding the managerial flexibility and uncertainty concepts. Amid this overall context, the present work has tried to research and present the real asset investment analysis methodology based on the option pricing theory (real options), its characteristics, limitations and applications in business environments characterized by high economic volatility. Therefore, this study begins with the review of several theories used in capital budgeting, aiming to present them from their most basic form, up to the main, most sophisticated and recent methods, which include concepts like time value of the money and risk. Finally, in order to demonstrate the applicability of the methods discussed, a theoretical exercise, which simulates a real case, is developed, considering an environment of high volatility, analyzing the opportunities that the real options theory may grant. As a result of this study, it is concluded that the real options analysis may be a viable and preferable alternative if compared to traditional methodologies, when used in an uncertain environment, in association with managerial flexibility, like the general environment that characterizes the Latin America region.

ASSUNTO(S)

análise de investimentos volatilidade real options finanças finance capital budgeting volatility opções reais

ACESSO AO ARTIGO

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