"[21DB58EAD4DB]" . . "27510" . . "P(GP402/07/P121)" . . . "Emissions trading: investment decision-making and real option analysis (simulation approach)"@en . . "Emisn\u00ED pouk\u00E1zky: investi\u010Dn\u00ED rozhodov\u00E1n\u00ED a anal\u00FDza re\u00E1ln\u00FDch opc\u00ED (simula\u010Dn\u00ED p\u0159\u00EDstup)"@cs . "8"^^ . . "Emissions trading: investment decision-making and real option analysis (simulation approach)" . . "Emisn\u00ED pouk\u00E1zky: investi\u010Dn\u00ED rozhodov\u00E1n\u00ED a anal\u00FDza re\u00E1ln\u00FDch opc\u00ED (simula\u010Dn\u00ED p\u0159\u00EDstup)"@cs . "Real option; option to defer; emission allowance; underlying asset; decision function; value at Risk; Expected Shortfall."@en . "1"^^ . "978-80-248-1846-7" . "Emissions trading: investment decision-making and real option analysis (simulation approach)" . "366067" . . . "Ostrava" . . "1"^^ . . "\u010Cul\u00EDk, Miroslav" . . "RIV/61989100:27510/08:00018534!RIV09-GA0-27510___" . "This paper is focused on the investments, which lead to the polluting decrease. Companies polluting emissions have to reduce the quantity of emissions to meet the target level. There are two ways how to do it: first, to invest in a new technologies leading to the emission reduction or, to buy emission allowances from other firm. It is apparent that emission allowances and their prices affect importantly decision strategies. The result is that investment process is under emission trade system more complicated and new investment policy decision tools and techniques must be employed. In the first part, fundamentals of emission trade system and its impact on financial decision?making is described, in the second part, an illustrative example of a pollution decreasing investment using real option approach is stated." . . . . "\u0158\u00EDzen\u00ED a modelov\u00E1n\u00ED finan\u010Dn\u00EDch rizik" . "Vysok\u00E1 \u0161kola b\u00E1\u0148sk\u00E1 - Technick\u00E1 univerzita Ostrava. Ekonomick\u00E1 fakulta" . . "Emissions trading: investment decision-making and real option analysis (simulation approach)"@en . . "This paper is focused on the investments, which lead to the polluting decrease. Companies polluting emissions have to reduce the quantity of emissions to meet the target level. There are two ways how to do it: first, to invest in a new technologies leading to the emission reduction or, to buy emission allowances from other firm. It is apparent that emission allowances and their prices affect importantly decision strategies. The result is that investment process is under emission trade system more complicated and new investment policy decision tools and techniques must be employed. In the first part, fundamentals of emission trade system and its impact on financial decision?making is described, in the second part, an illustrative example of a pollution decreasing investment using real option approach is stated."@en . "\u010Cl\u00E1nek je zam\u011B\u0159en na ocen\u011Bn\u00ED projektu s vybran\u00FDmi typy re\u00E1ln\u00FDch opc\u00ED. Portfolio zahrnuje vybran\u00E9 opce evropsk\u00E9ho typu: opce na roz\u0161\u00ED\u0159en\u00ED v\u00FDroby, opce na omezen\u00ED v\u00FDroby, obce na ukon\u010Den\u00ED projektu a opce na do\u010Dasn\u00E9 p\u0159eru\u0161en\u00ED v\u00FDroby. Ocen\u011Bn\u00ED je provedeno na simula\u010Dn\u00ED b\u00E1zi, v\u00FDsledky jsou porovn\u00E1ny pomoc\u00ED krit\u00E9ria VaR. Nejprve je provedeno ocen\u011Bn\u00ED projektu bez opc\u00ED (pasivn\u00ED p\u0159\u00EDstup). N\u00E1sleduje ocen\u011Bn\u00ED vybran\u00FDch typ\u016F opc\u00ED. Nakonec jsou v\u00FDsledky porovn\u00E1ny a diskutov\u00E1ny"@cs . "RIV/61989100:27510/08:00018534" . . .