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Statements

Subject Item
n2:RIV%2F61989100%3A27510%2F14%3A86089670%21RIV15-MSM-27510___
rdf:type
n13:Vysledek skos:Concept
dcterms: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.
dcterms:title
Company valuation under risk and flexibility: discrete models comparison Company valuation under risk and flexibility: discrete models comparison
skos:prefLabel
Company valuation under risk and flexibility: discrete models comparison Company valuation under risk and flexibility: discrete models comparison
skos:notation
RIV/61989100:27510/14:86089670!RIV15-MSM-27510___
n3:aktivita
n9:I
n3:aktivity
I
n3:cisloPeriodika
4
n3:dodaniDat
n15:2015
n3:domaciTvurceVysledku
n4:9300295
n3:druhVysledku
n6:J
n3:duvernostUdaju
n17:S
n3:entitaPredkladatele
n16:predkladatel
n3:idSjednocenehoVysledku
7912
n3:idVysledku
RIV/61989100:27510/14:86089670
n3:jazykVysledku
n11:eng
n3:klicovaSlova
Company valuation, discrete models, binomial model, trinomial model, real call option, equity value, sensitivity analysis, risk, flexibility
n3:klicoveSlovo
n7:discrete%20models n7:binomial%20model n7:equity%20value n7:real%20call%20option n7:risk n7:sensitivity%20analysis n7:trinomial%20model n7:flexibility n7:Company%20valuation
n3:kodStatuVydavatele
CH - Švýcarská konfederace
n3:kontrolniKodProRIV
[EB0BEE8F2DD3]
n3:nazevZdroje
International Journal of Risk Assessment and Management
n3:obor
n10:AH
n3:pocetDomacichTvurcuVysledku
1
n3:pocetTvurcuVysledku
1
n3:rokUplatneniVysledku
n15:2014
n3:svazekPeriodika
17
n3:tvurceVysledku
Čulík, Miroslav
s:issn
1741-5241
s:numberOfPages
15
n8:organizacniJednotka
27510