Real options theory: financial-economic assessment of projects in the ceramics industry
The present study aimed to evaluate economically the implementation of Clean Development Mechanism in the substitution of non-renewable biomass to renewable biomass in the production process of a red ceramics enterprise. The evaluation intended to show the value of management flexibility, according...
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doaj-5cba437cff5b43bb8ad68ced63154e562020-11-25T00:50:11ZengUniversidade Federal de Santa CatarinaRevista Produção Online1676-19012015-09-011531049107910.14488/1676-1901.v15i3.1948708Real options theory: financial-economic assessment of projects in the ceramics industryLéony Luis Lopes Negrão0Mariana Pereira Carneiro1Jorge de Araújo Ichihara2Rubens Cardoso da Silva3Universidade do Estado do Pará Rua Pedro Porpino, 1181 – Salgadinho. Castanhal/PA, CEP: 68745-00Universidade do Estado do Pará Rua Pedro Porpino, 1181 – Salgadinho. Castanhal/PA, CEP: 68745-00Unviersidade Federal do Pará AV. Augusto Correa, 01 – Guamá. Belém/PA, 66075-110 – Sala 238Universidade do Estado do Pará Rua Pedro Porpino, 1181 – Salgadinho. Castanhal/PA, CEP: 68745-00The present study aimed to evaluate economically the implementation of Clean Development Mechanism in the substitution of non-renewable biomass to renewable biomass in the production process of a red ceramics enterprise. The evaluation intended to show the value of management flexibility, according to adaptations made in the methodology proposed by Copeland & Antikarov (2001), adding to the traditional discounted cash flow the evaluation the Real Options. This procedure follows a routine of essential steps for the analysis of variables that comprises the model and enabled the ordination of the results based both on the Real Options and the present values, including management flexibility evaluation. It could be concluded that Real Options Theory, and the Option to Delay or Postponement contributed with information that might assist and improve projects investment decisions, since several real-world inherent uncertainties are considered.http://producaoonline.org.br/rpo/article/view/1948Opções Reais. Indústria Cerâmica. Crédito de Carbono. Viabilidade Econômica. Opção de Diferimento. |
collection |
DOAJ |
language |
English |
format |
Article |
sources |
DOAJ |
author |
Léony Luis Lopes Negrão Mariana Pereira Carneiro Jorge de Araújo Ichihara Rubens Cardoso da Silva |
spellingShingle |
Léony Luis Lopes Negrão Mariana Pereira Carneiro Jorge de Araújo Ichihara Rubens Cardoso da Silva Real options theory: financial-economic assessment of projects in the ceramics industry Revista Produção Online Opções Reais. Indústria Cerâmica. Crédito de Carbono. Viabilidade Econômica. Opção de Diferimento. |
author_facet |
Léony Luis Lopes Negrão Mariana Pereira Carneiro Jorge de Araújo Ichihara Rubens Cardoso da Silva |
author_sort |
Léony Luis Lopes Negrão |
title |
Real options theory: financial-economic assessment of projects in the ceramics industry |
title_short |
Real options theory: financial-economic assessment of projects in the ceramics industry |
title_full |
Real options theory: financial-economic assessment of projects in the ceramics industry |
title_fullStr |
Real options theory: financial-economic assessment of projects in the ceramics industry |
title_full_unstemmed |
Real options theory: financial-economic assessment of projects in the ceramics industry |
title_sort |
real options theory: financial-economic assessment of projects in the ceramics industry |
publisher |
Universidade Federal de Santa Catarina |
series |
Revista Produção Online |
issn |
1676-1901 |
publishDate |
2015-09-01 |
description |
The present study aimed to evaluate economically the implementation of Clean Development Mechanism in the substitution of non-renewable biomass to renewable biomass in the production process of a red ceramics enterprise. The evaluation intended to show the value of management flexibility, according to adaptations made in the methodology proposed by Copeland & Antikarov (2001), adding to the traditional discounted cash flow the evaluation the Real Options. This procedure follows a routine of essential steps for the analysis of variables that comprises the model and enabled the ordination of the results based both on the Real Options and the present values, including management flexibility evaluation. It could be concluded that Real Options Theory, and the Option to Delay or Postponement contributed with information that might assist and improve projects investment decisions, since several real-world inherent uncertainties are considered. |
topic |
Opções Reais. Indústria Cerâmica. Crédito de Carbono. Viabilidade Econômica. Opção de Diferimento. |
url |
http://producaoonline.org.br/rpo/article/view/1948 |
work_keys_str_mv |
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