Artigo em revista científica
Efeito da flexibilidade na decisão de investimento: uma aplicação à exploração do cobre
Elisabete Gomes Santana Félix (Félix, E. G. S.); José Esperança (Esperança, J. P.);
Título Revista
Economia Global e Gestão
Ano
2004
Língua
Português
País
Portugal
Mais Informação
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Abstract/Resumo
This research evidences the value of flexibility on the investment decision, in the exploration sector of copper, face to the existence of an aband onment option. The results of three evaluation models are compared : the Net Present Value; the Binomial and a Suitable Binomial to the exploration sector of copp er. Monthly quotations of copper of the LME had been used; values for the Producers Price Index ; e values of OT-September with maturity nearest to the time horizon of the investment. To t he similarity of other applications of the real options, we confirm that, in uncertainty context, t he traditional method significantly understates the return of the investment decisions.
Agradecimentos/Acknowledgements
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Palavras-chave
Flexibility on the Investment Decision,Real Option s,Exploration Sector of Copper,Natural Resources Exploration,Evaluation M ethods of Investments.