About: Company valuation under risk and flexibility: discrete models comparison

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rdf:type	skos:Concept http://linked.opendata.cz/ontology/domain/vavai/Vysledek
Description	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. 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. (en)
Title	Company valuation under risk and flexibility: discrete models comparison Company valuation under risk and flexibility: discrete models comparison (en)
skos:prefLabel	Company valuation under risk and flexibility: discrete models comparison Company valuation under risk and flexibility: discrete models comparison (en)
skos:notation	RIV/61989100:27510/14:86089670!RIV15-MSM-27510___
http://linked.open...avai/riv/aktivita	I
http://linked.open...avai/riv/aktivity	I
http://linked.open...iv/cisloPeriodika	4
http://linked.open...vai/riv/dodaniDat	2015
http://linked.open...aciTvurceVysledku	Čulík, Miroslav
http://linked.open.../riv/druhVysledku	J - Článek v odborném periodiku
http://linked.open...iv/duvernostUdaju	S - Úplné a pravdivé údaje nepodléhající ochraně podle zvláštních právních předpisů
http://linked.open...titaPredkladatele	Vysoká škola báňská - Technická univerzita Ostrava / Ekonomická fakulta
http://linked.open...dnocenehoVysledku	7912
http://linked.open...ai/riv/idVysledku	RIV/61989100:27510/14:86089670
http://linked.open...riv/jazykVysledku	eng - angličtina
http://linked.open.../riv/klicovaSlova	Company valuation, discrete models, binomial model, trinomial model, real call option, equity value, sensitivity analysis, risk, flexibility (en)
http://linked.open.../riv/klicoveSlovo	flexibility risk sensitivity analysis binomial model equity value trinomial model discrete models Company valuation real call option
http://linked.open...odStatuVydavatele	CH - Švýcarská konfederace
http://linked.open...ontrolniKodProRIV	[EB0BEE8F2DD3]
http://linked.open...i/riv/nazevZdroje	International Journal of Risk Assessment and Management
http://linked.open...in/vavai/riv/obor	AH
http://linked.open...ichTvurcuVysledku	1 (xsd:int)
http://linked.open...cetTvurcuVysledku	1 (xsd:int)
http://linked.open...UplatneniVysledku	2014
http://linked.open...v/svazekPeriodika	17
http://linked.open...iv/tvurceVysledku	Čulík, Miroslav
issn	1741-5241
number of pages	15 (xsd:int)
http://localhost/t...ganizacniJednotka	27510

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