The contribution of real options analysis on the valuation of Portuguese undeveloped building sites is significant on the decision making regarding the apartment-buildings construction. Using the options model developed by Quigg (1993), and including the necessary readjustments for the Portuguese market, it was found that the scale price elasticity parameter and construction expenditures’ elasticity of scale parameter had a strong impact on building sites’ values. The empirical analysis revealed that the option to defer adds value to undeveloped building sites’ valuations. This fact cannot be ignored when deciding upon an investment’s implementation.
FCT – Fundação para a Ciência e a Tecnologia
UIDB/ECO/00685/2020
This paper is financed by Portuguese national funds through FCT – Fundação para a Ciência e a Tecnologia, I.P., project number UIDB/ECO/00685/2020
Portekiz'deki gelişmemiş şantiyelerin değerlemesine reel opsiyon analizinin katkısı, apartman inşasına ilişkin karar vermede önemlidir. Quigg (1993) tarafından geliştirilen ve Portekiz pazarı için gerekli yeniden düzenlemeleri içeren opsiyon modelini kullanarak, ölçek fiyat esnekliği parametresi ve inşaat harcamalarının ölçek esnekliği parametresinin şantiye değerlerinde güçlü bir etkiye sahip olduğu bulundu. Ampirik analiz, erteleme seçeneğinin gelişmemiş inşaat alanlarının değerlemelerini artırdığını ortaya çıkarmıştır. Bir yatırımın uygulanmasına karar verirken bu durum göz ardı edilmemelidir.
UIDB/ECO/00685/2020
Birincil Dil | İngilizce |
---|---|
Konular | Ekonomi |
Bölüm | Araştırma Makalesi |
Yazarlar | |
Proje Numarası | UIDB/ECO/00685/2020 |
Yayımlanma Tarihi | 27 Aralık 2020 |
Yayımlandığı Sayı | Yıl 2020 Cilt: 5 Sayı: 2 |
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