| Autor: |
Nikos C. Papapostolou, Panos K. Pouliasis, Nikos K. Nomikos, Ioannis Kyriakou |
| Rok vydání: |
2017 |
| Předmět: |
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| Zdroj: |
European Financial Management. 24:387-417 |
| ISSN: |
1354-7798 |
| DOI: |
10.1111/eufm.12132 |
| Popis: |
We develop a coherent framework for the valuation of real assets and determination of the optimal time to invest. To this end, we model the stochastic nature of income and develop methodologies for valuing traded derivatives to facilitate model calibration and for assessing real investment projects. A valuation paradigm for freight-linked assets is presented and the effects of uncertainty in the key parameters are examined by means of a sensitivity analysis. Using a real option approach, we demonstrate its usefulness in investment appraisal and optimal timing of entry. We accompany our theoretical results with illustrative examples from the shipping industry. |
| Databáze: |
OpenAIRE |
| Externí odkaz: |
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