"RIV/61989100:27510/14:86090433!RIV15-MSM-27510___" . "Ostrava" . "Finan\u010Dn\u00ED zhodnocen\u00ED t\u011B\u017Eby \u010Dern\u00E9ho uhl\u00ED ve vybran\u00E9m regionu \u010Cesk\u00E9 republiky: p\u0159\u00EDstup na b\u00E1zi re\u00E1ln\u00FDch opc\u00ED"@cs . "Ostrava" . "1"^^ . "I" . "Financial assessment of the hard coal mining in the chosen region of the Czech Republic: real options approach"@en . "Financial assessment of the hard coal mining in the chosen region of the Czech Republic: real options approach"@en . "This paper is aimed at the financial assessment of the hard coal mining in a given region by real option methodology application. Hard coal mining in this mine makes net loss for the owner during the last years due to the long-term unfavourable mining conditions and significant drop in the coal prices during the last years. Management is going to shut down the operation and abandon the project to reduce the loss of the company. The goal is to assess whether the shutting down the operation is the only and correct solution of the problem. Due to the uncertainty in the future hard coal price evolution, the production might be again restarted if the price raises enough to cover the cost of the production. For the assessment, real option methodology is applied, which captures two important aspect of the financial decision-making: risk and flexibility. The paper is structured as follows: first, current state is described and problem is analysed. Next, methodology of real options is described. At last, project is evaluated by applying real option methodology. The results are commented and recommendations are provided."@en . . . "16844" . "2014-09-08+02:00"^^ . "\u010Cul\u00EDk, Miroslav" . "1"^^ . "Vysok\u00E1 \u0161kola b\u00E1\u0148sk\u00E1 - Technick\u00E1 univerzita Ostrava" . . "P\u0159\u00EDsp\u011Bvek je zam\u011B\u0159en na finan\u010Dn\u00ED zhodnocen\u00ED t\u011B\u017Eby \u010Dern\u00E9ho uhl\u00ED ve vybran\u00E9m regionu aplikac\u00ED metodologie re\u00E1ln\u00FDch opc\u00ED. t\u011B\u017Eba uhl\u00ED v dan\u00E9m regionu je dlouhodob\u011B ztr\u00E1tov\u00E1 pro vlastn\u00EDka vzhledem k dlouhodob\u00FDm nep\u0159\u00EDzniv\u00FDm tr\u017En\u00EDm podm\u00EDnk\u00E1m. Management zva\u017Euje ukon\u010Den\u00ED t\u011B\u017Eby do roku 2017. C\u00EDlem je posoudit, zda ukon\u010Den\u00ED t\u011B\u017Eby je jedin\u00FDm spr\u00E1vn\u00FDm \u0159e\u0161en\u00EDm. Vzhledem k nejistot\u011B ve v\u00FDvoji cen uhl\u00ED m\u016F\u017Ee b\u00FDt t\u011B\u017Eba p\u0159eru\u0161ena a v budoucnu op\u011Bt obnovena, pokud ceny op\u011Bt vzrostou a pokryj\u00ED n\u00E1klady t\u011B\u017Eby. pro posouzen\u00ED je aplikov\u00E1na metodologie re\u00E1ln\u00FDch opc\u00ED, kter\u00E1 zohled\u0148uje dva d\u016Fle\u017Eit\u00E9 aspekty finan\u010Dn\u00EDho rozhodov\u00E1n\u00ED: riziko a flexibilitu. P\u0159\u00EDsp\u011Bvek je strukturov\u00E1n takto: nejprve je pops\u00E1n sou\u010Dasn\u00FD stav. N\u00E1sleduje popis metodologie re\u00E1ln\u00FDch opc\u00ED. nakonec je provedeno samotn\u00E9 ocen\u011Bn\u00ED. V\u00FDsledky jsou komentov\u00E1ny a porovn\u00E1ny." . . "Managing and Modeling of Financial Risks : 7th international scientific conference : proceedings : 8th-9th September 2014, Ostrava, Czech Republic. [Part I-III]" . . . . "Finan\u010Dn\u00ED zhodnocen\u00ED t\u011B\u017Eby \u010Dern\u00E9ho uhl\u00ED ve vybran\u00E9m regionu \u010Cesk\u00E9 republiky: p\u0159\u00EDstup na b\u00E1zi re\u00E1ln\u00FDch opc\u00ED" . "27510" . "P\u0159\u00EDsp\u011Bvek je zam\u011B\u0159en na finan\u010Dn\u00ED zhodnocen\u00ED t\u011B\u017Eby \u010Dern\u00E9ho uhl\u00ED ve vybran\u00E9m regionu aplikac\u00ED metodologie re\u00E1ln\u00FDch opc\u00ED. t\u011B\u017Eba uhl\u00ED v dan\u00E9m regionu je dlouhodob\u011B ztr\u00E1tov\u00E1 pro vlastn\u00EDka vzhledem k dlouhodob\u00FDm nep\u0159\u00EDzniv\u00FDm tr\u017En\u00EDm podm\u00EDnk\u00E1m. Management zva\u017Euje ukon\u010Den\u00ED t\u011B\u017Eby do roku 2017. C\u00EDlem je posoudit, zda ukon\u010Den\u00ED t\u011B\u017Eby je jedin\u00FDm spr\u00E1vn\u00FDm \u0159e\u0161en\u00EDm. Vzhledem k nejistot\u011B ve v\u00FDvoji cen uhl\u00ED m\u016F\u017Ee b\u00FDt t\u011B\u017Eba p\u0159eru\u0161ena a v budoucnu op\u011Bt obnovena, pokud ceny op\u011Bt vzrostou a pokryj\u00ED n\u00E1klady t\u011B\u017Eby. pro posouzen\u00ED je aplikov\u00E1na metodologie re\u00E1ln\u00FDch opc\u00ED, kter\u00E1 zohled\u0148uje dva d\u016Fle\u017Eit\u00E9 aspekty finan\u010Dn\u00EDho rozhodov\u00E1n\u00ED: riziko a flexibilitu. P\u0159\u00EDsp\u011Bvek je strukturov\u00E1n takto: nejprve je pops\u00E1n sou\u010Dasn\u00FD stav. N\u00E1sleduje popis metodologie re\u00E1ln\u00FDch opc\u00ED. nakonec je provedeno samotn\u00E9 ocen\u011Bn\u00ED. V\u00FDsledky jsou komentov\u00E1ny a porovn\u00E1ny."@cs . . "RIV/61989100:27510/14:86090433" . "15"^^ . . . . "flexibility.; risk; option to shut down and restart; option to abandon; investment; Real option"@en . . "Finan\u010Dn\u00ED zhodnocen\u00ED t\u011B\u017Eby \u010Dern\u00E9ho uhl\u00ED ve vybran\u00E9m regionu \u010Cesk\u00E9 republiky: p\u0159\u00EDstup na b\u00E1zi re\u00E1ln\u00FDch opc\u00ED" . . "978-80-248-3631-7" . . . "[0C99B2D1FEA4]" . . . . "Finan\u010Dn\u00ED zhodnocen\u00ED t\u011B\u017Eby \u010Dern\u00E9ho uhl\u00ED ve vybran\u00E9m regionu \u010Cesk\u00E9 republiky: p\u0159\u00EDstup na b\u00E1zi re\u00E1ln\u00FDch opc\u00ED"@cs .