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- W1566659910 abstract "This paper investigates the impact of real options on the value of a particular businessentity. Theoretically, the paper benefits from use of an option pricing model which isbased on a two-state (binomial) framework. This model provides an intuitive appealby visually showing the evolution of the value of a business in terms of discrete timeintervals. In contrast to majority of similar studies, this paper utilizes an extendedversion of the binomial framework that combines both volatility and drift (in actualexpression, it is substituted by risk-free rate).Empirically, the analysis is supported by financial data from Ukrainian steel-makingcompany Metals and Polymers Ltd. Properties of production process, as well asinstitutional environment, enable to detect two business opportunities examined bymeans of the theoretical model selected. These opportunities are option to expand andoption to abandon. The potential of the company in terms of profitability is estimatedusing conventional NPV analysis, with no options included. This estimation is thenenhanced by implementing the options chosen.To account for different economic scenarios, some independent variables are takenfixed while others are loosen to float in the imposed intervals. Among the variables,changeable (floating) ones are rate of corporate tax, rate of volatility and discount rate.It is shown that in the presence of options the value of the company is significantlyhigher than without them. Moreover, its value is subject to noticeable fluctuationsdepending on alterations in the changeable variables." @default.
- W1566659910 created "2016-06-24" @default.
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- W1566659910 date "2012-06-28" @default.
- W1566659910 modified "2023-09-23" @default.
- W1566659910 title "Barking up the right tree: binomial option valuation of investments in steel making" @default.
- W1566659910 hasPublicationYear "2012" @default.
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