Empreendimentos Imobiliários com Permuta: Avaliação pela Abordagem da Teoria das Opções Reais (TOR)
The traditional discounted cash flow (DCF) approach is not capable of capturing the occasional value of the flexibility of a project, tending to undervalue it. The real option analysis (ROA) is a tool which fulfills this deficiency. This paper values a real estate project with a swap agreement with...
| Autores: | , , |
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| Tipo de documento: | artigo |
| Estado: | Versão publicada |
| Data de publicação: | 2012 |
| País: | Brasil |
| Recursos: | Universidade Nove de Julho (UNINOVE) |
| Repositório: | Revista Gestão e Projetos (GeP) |
| Idioma: | português |
| OAI Identifier: | oai:https://periodicos.uninove.br:article/9461 |
| Acesso em linha: | https://periodicos.uninove.br/gep/article/view/9461 |
| Access Level: | Acceso aberto |
| Palavra-chave: | Project Analysis; Real Options; Discounted Cash Flow; Flexibility; Real Estate Projects. Avaliação de Projetos; Opções Reais; Fluxo de Caixa Descontado; Flexibilidade; Empreendimentos Imobiliários |
| Resumo: | The traditional discounted cash flow (DCF) approach is not capable of capturing the occasional value of the flexibility of a project, tending to undervalue it. The real option analysis (ROA) is a tool which fulfills this deficiency. This paper values a real estate project with a swap agreement with the option to delay its launching, and concludes that the value of the project calculated through ROA is 22,6% higher than the one obtained through the traditional DCF approach. Therefore, it is recommended that ROA be incorporated to the analysis of projects and companies in the real estate sector. |
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