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- W158303402 abstract "In the actual marketplace, which is characterized by change and uncertainty, flexibility is an essential fac- tor for firms. The main objective of this work is to study how managers of Spanish companies value the real growth options of the investment projects in which they are involved. Our first objective is to find out the degree of use amongst the Spanish firms of the different models for evaluating investments, focusing on knowing the methods that managers use to value the real growth options specifically. Next, according to the Black-Scholes model as a reference, we explore whether they at least know the foundations underlying real options theory and, therefore, if they consider this implicitly in the procedures or methods of valua- tion that they use. Finally, through a multiple discreet choice model (multinomial probit) we identify the exogenous factors which explain the level of knowledge of the foundations of growth options valuation theory. Results suggest that managers don't use normative models to value growth options, but rather they make valuations through intuitive judgements and qualitative analysis. Also, their qualitative valuations lead to important conceptual mistakes, in particular, when considering risk as a factor with negative effect on the value of the growth option. Also, we found that managers tend to value the implicit volatility in growth options in a wrong way. Only managers with studies of economics and a high level of involvement in the decision making process show a knowledge more clo- sed to the prescriptions of the theory." @default.
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- W158303402 date "2007-01-01" @default.
- W158303402 modified "2023-09-28" @default.
- W158303402 title "Valoración empírica de las opciones de crecimiento. El caso de la gran empresa española" @default.
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