Kontaktujte nás | Jazyk: čeština English
dc.title | Flexibility consideration in equity valuation | en |
dc.contributor.author | Kramná, Eva | |
dc.relation.ispartof | International Journal of Mathematical Models and Methods in Applied Sciences | |
dc.identifier.issn | 1998-0140 Scopus Sources, Sherpa/RoMEO, JCR | |
dc.date.issued | 2012 | |
utb.relation.volume | 6 | |
utb.relation.issue | 8 | |
dc.citation.spage | 934 | |
dc.citation.epage | 942 | |
dc.type | article | |
dc.language.iso | en | |
dc.relation.uri | http://www.naun.org/main/NAUN/ijmmas/16-482.pdf | |
dc.subject | Business model | en |
dc.subject | Equity valuation | en |
dc.subject | Operation and strategic flexibility | en |
dc.subject | Real options | en |
dc.description.abstract | Static discounted cash flow model fails to capture the value of flexibility in decision-making or determination of business value. Companies from sector of building materials are dependent on the growth of the economy and of course on the commodity price. These companies face and uncertain business environment. To illustrate how the flexibility may influence the value of the company the equity of the analyzed company by applying real options concept is determined. The article concentrates on the valuation under risk and flexibility. Empirically, business model for valuation and corporate financial decisions created by Thomas S. Z. Ho and Sang Bin Lee were tested. The equity value and analyze of the potential impact of active management intervention to company value is accomplished. The paper brings new view on business valuation with integration of flexibility. | en |
utb.faculty | Faculty of Management and Economics | |
dc.identifier.uri | http://hdl.handle.net/10563/1003074 | |
utb.identifier.rivid | RIV/70883521:28120/12:43868118!RIV13-MSM-28120___ | |
utb.identifier.obdid | 43868211 | |
utb.identifier.scopus | 2-s2.0-84871640428 | |
utb.source | j-scopus | |
dc.date.accessioned | 2013-01-04T07:27:11Z | |
dc.date.available | 2013-01-04T07:27:11Z | |
utb.contributor.internalauthor | Kramná, Eva | |
utb.fulltext.affiliation | Eva Kramna is with the Finance Department, Tomas Bata University in Zlin, Mostni 5139, 760 01 Zlin, Czech Republic (e-mail: kramna@fame.utb.cz). | |
utb.fulltext.dates | - | |
utb.fulltext.sponsorship | Authors are thankful to the Internal Grant Agency of FaME TBU No. IGA/FaME/2012/013 (Real options approach for company valuation in selected industry) for financial support to carry out this research. | |
utb.fulltext.projects | IGA/FaME/2012/013 | |
utb.fulltext.faculty | Faculty of Management and Economics | |
utb.fulltext.ou | Department of Finance |