Herramientas para evaluar estrategias desde la perspectiva de rentabilidad: Análisis bibliográfico de las distintas metodologías de evaluación

Autores/as

  • Ricardo Guillermo Lazo Freymannt UAT

DOI:

https://doi.org/10.29105/rinn11.21-3

Resumen

Keywords: evaluation, project and investment, strategy, value

Abstract. Among the different methods that presently exist in published literature regarding business strategy evaluation, there are those that refer to financial and economic feasibility. The present document aims to list and explain the main and most used of these methods, as well as to present other real options that have recently become part of this field of study, and then proceeds to make a comparison between them. It concludes with recommendations on which of these should be used in the present business environment.

Palabras clave: estrategia, evaluacion, proyecto e inversion, valor

Resumen. Dentro de los diferentes métodos que existen en la literatura de evaluación de estrategias empresariales, se encuentran las que hacen referencia a la factibilidad financiera y económica, este documento busca enumerar y explicar las principales y mas usadas, así como presentar la metodología de opciones reales que recientemente se ha unido a esta disciplina, también se hace una comparación entre estas y se concluye con recomendaciones de cuales deberían de ser usadas en el entorno de negocios actual.

Descargas

Los datos de descargas todavía no están disponibles.

Citas

Alessi, G. (2002). A cost value profit analysis with irreversible and recurrent real option, 6th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Allen, J., Rapport, P. & Suto, H. (2005). Modelling Regulatory Distorsions with real options:an extention, 9th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Aray, H. (2008). International monopoly under uncertainty, 12th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Azevedo, A. F. & Paxson, D. A. (2007). The combined effect of market, technical and technological uncertainties on new technology adoptions, 11th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Amram, M. & Kulatilaka, N. (1999), Real options: Managing strategic investment in an uncertain world, Boston: Harvard Business School Press.

Bellalah, M. (2004). “An exact solution for the investment and value of a firm facing uncertainty, adjustment cost, information costs and irreversibility”, 8th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Bellalah, M. (2004). “Valuation of commodity assets and the option to invest in the presence od stochastic prices and incomplete information”, 8th Annual Real Options Conference, Working Paper, http://www.realoptions.org/. DOI: https://doi.org/10.1002/wilm.42820040214

Bellalah, M., Bouy, C. & Prignet, J. (2005). “Equilibrium and options on real assets within information uncertainty”, 9th Annual Real Options Conference, Working Paper,

http://www.realoptions.org/.

Bernardo, A., Chowdhry, B., Palia. D. y Sernova, E. (2000). “Real options and the diversification discount”, 4th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Bakshi, B. & Saphores, J. D. (2004). Grandma or the wolf? A real options framework for managing Human-Wildlife conflicts, 8th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Black, F. & Scholes, M. (1973). The pricing of options and corporate liabilities, Journal of Political Economy, 81(3), 637-659. DOI: https://doi.org/10.1086/260062

Borison A. (2003). Real option analysis: where are the emperor´s clothes, 7th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Boer, P. (2002). The real options solutions, Nueva York: John Wiley.

Boyle, P. (1977). Options: a Monte Carlo approach, Journal of Financial Economics, 4(3), 323-338. DOI: https://doi.org/10.1016/0304-405X(77)90005-8

Boyle, P., Broadie, M. & Glasermann, P. (1997). Montecarlo methods for security pricing, Journal of Economics Dynamic and Control, 21(8-9), 1267-1321. DOI: https://doi.org/10.1016/S0165-1889(97)00028-6

Brautigam, J., Esche, C. & Mehler-bicher, A. (2003). Uncertainty as a key value driver of real option, 7th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Brealey, R & Myers S. (2003). Principles of corporate finance, 7a. ed., New York: Mc Graw Hill.

Brennan, M. & Schwartz E. (1985). Evaluating natural resource investment, Journal of Business, 58(2), 135-157. DOI: https://doi.org/10.1086/296288

Bell, G. (2000). Exports and production technology under volatile exchange rates, 4th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Bengtsson, J. (1999). The value of manofacturingflexibilit: real options in practice, 3rd Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Bilel, K. (2008). A methodology to evaluate an option to defer an oifiled development, 12th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Boyer, M. Lassevre, P., Mariotti, T. & Moreaux, M. (2003). The real options, preemtion and the dynamics of industry investments, 7th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Carmen, J. Olmos, F., Perez, J. C. & Casasus T. (2002). Optimal investment management of harbour infraestructures. A real options view point, 6th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Carmen, J., Olmos, F. & Ashkeboussi, R. (2005). Evaluation of international join venture agreements: real options in practice, 9th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Carr, P. (1988). The valuation of sequential exchange opportunities, Journal of Finance, 43(5), 1235-1256. DOI: https://doi.org/10.1111/j.1540-6261.1988.tb03967.x

Carlsson Christer (2008). A real options model for closing-not closing a production plant, 12th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Chung, K. H. & Charoenwong, C. (1991). Investment options, assets in place, and the risk of stocks”, Financial Management, 20(3), 21-33. DOI: https://doi.org/10.2307/3665748

Cox, J. C., Ross, S. A. & Rubistein, M. (1979). Option pricing: A simplified approach, Journal of Financial Economics, 7(3), 229-263. DOI: https://doi.org/10.1016/0304-405X(79)90015-1

Dancu, D. (2006). Investment timing and dynamic operation in monopoly franshising contacts for transportation infrastructure, 10th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Dapen, S. F. (2003). A real options approach to tender offers and acquisitions processes, 12th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Dhayanithy, D., & Akbar, M. (2005). First follower ́s real option to revert to the competitive strategy low and high proce point collution capacities, 9th Annual Real Options

Conference, Working Paper, http://www.realoptions.org/.

Dimpfel, M. (2002). Action flexibility or the option to use real options: A neo-institutional economics perspective, 6th Annual Real Options Conference, Working Paper,

http://www.realoptions.org/.

Graham A. D. & Robert D. C. (2006). Optimal stopping under certainty and uncertainty, 10th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Gitman, L. J. (1997). Principles of managerial finance 8th ed, Boston MA: Addison Wesley.

Goto, M. (2008). Entry an exit decitions under uncertainty in asymetric duopoly, 12th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Goto, M., Takashima, R., Tsujimura, M. & Ohno, T. (2007). Entry and exit decitions under uncertainty in duopoly, 11th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Guimaraes, M. A. (2001). Selection of alternatives of investment in information for oilfield development using evolutionary real option approach, 5th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Henderson, V. (2001). Valuation of claims on non-traded assets using utility maximization, 5th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Hoe, S. & Dihz, J. D. (2007). “Real Options, competition and the valuation of pharmaceutical licensing agreements” Working Paper, Real Options Congress.

Hongjiang Li (2002). Definition of optimal proportion of phased investment: a real option approach, 6th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Ingersoll, J. & Ross, S. (1992). Wating to invest: investment and Uncertainty, Journal of Business, 65(1), 1-29. DOI: https://doi.org/10.1086/296555

Kamrad, B. & Siddque, K. (2001). Risk sharing and supliré switchng contracts, 5th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Keiichihori, K. M. (2005). Promoting competition with open acces under incertainty, 9th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Kensinger, J. (1987). Adding the value of active management into the capital budgeting equation, Midland Corporate Finance Journal, 5(1), 31-42.

Kester, W. C. (1984a). Today's options for tomorrow's growth, Harvard Business Review, 62(2), 153–160.

Kester, W. C. (1984b). Turning growth options into real assets. Lecture at the Harvard Business School 75th Anniversary Colloquium, Boston, MA, junio 25, (Research presenter).

Kong, E. J. & Kwok, Y. K. (2006). Real options in strategic investment games between two asymmetric firms, 10th Annual Real Options Conference, Working Paper, http://www.realoptions.org/. DOI: https://doi.org/10.2139/ssrn.886943

Koussis, N., Martzoukos, S. H. y Trigeorgis, L. (2003). Real options lesson: learn befote you act, 7th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Kulatilaka, N. (1995). The value of flexibility: A general model of real options. En Trigeorgis, L. (ed), Real options in capital investment: Models, strategies and applications, Nueva

York: Praeger.

Kulatilaka, N. & Trigeorgis L. (1994). The general flexibility to switch: Real options revisited, International Journal of Finance, 6(2), 778-798.

Lint, O. & Pennings, E. (1999). “The option approachto the new product development process, 3rd Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Lopes de Álmeida, I., Fernandez, M. A. & Dias, G. (2001). Oil rif fleet dimensioning: strategic decisión using real options, 5th Annual Real Options Conference, Working Paper,

http://www.realoptions.org/.

Margrabe, W. (1978). The value of an option to exchange one asset for another. Journal of Finance, 33(1), 177-186. DOI: https://doi.org/10.1111/j.1540-6261.1978.tb03397.x

Maeland, J. (1999). Valuation of irreversible investments and agency problems, 3rd Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Mascareñas, J., Lamothe, P., López, F. y De Luna, W., (2004). Opciones Reales y Valoración de Activos, Madrid: Prentice Hall.

Mascareñas, J. (1999): Innovación financiera. Aplicaciones para la gestión empresarial, Madrid: Mc Graw Hill.

Mayfield, J., (1997). Economic value management: The route to shareholder value. Management Accounting-London, 8, 32-33.

McDonald, R. y D. Siegel (1986). The value of waiting to invest. Quartely Journal of Economics, 101(4), 707-727. DOI: https://doi.org/10.2307/1884175

Merton, R. C. (1990). Continuos-Time Finance, Cambridge, M.A: Basil Blackwell.

Micalizzi, A. (1999). Timing to invest and value of managerial flexibility schering plough case study, 3rd Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Myers, S. C. (1987). Finance theory and financial strategy. Midland Corporate Finance Journal, 5(1), 6-13.

Myers, S. C. & Majd, S. (1990). Abandonment value and project life, Advances in Futures and Options Research, 4(1), 1-21.

Myers, S. C. (1984). Finance theory and financial strategy, Interfaces, 14(1), 126-137. DOI: https://doi.org/10.1287/inte.14.1.126

Moel, A. & Tufano, P (1999). When are real options exercised? An empirical study of mine closing, 3rd Annual Real Options Conference, Working Paper, http://www.realoptions.org/. DOI: https://doi.org/10.2139/ssrn.233800

Mogollon, L. A. (2008). Valuation of a real options portafolio, 12th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Paddock, J., Siegel, D. & Smith, J. (1988). Option valuation of claims on physical assets: the case of offshore petroleum leases. Quartely Journal of Economics, 103(3), 479-503. DOI: https://doi.org/10.2307/1885541

Pindyck, R. (1988). Irreversible investment, capacity choice, and value of the firm, American Economic Review, 78(5), 969-985.

Riedel, F. & Xia, S. (2006). On irreversible investment, 10th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Roener, E. (2004). Real options and the theory of the firm, 8th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Ruffino, D. & Treussard, J. (2007). Lumps and Clusters in duopolistic investment games: an early excercise Premium approach, 11th Annual Real Options Conference, Working DOI: https://doi.org/10.2139/ssrn.925220

Paper, http://www.realoptions.org/.

Rocha, K. (2008). Real options and the regulation of brazilian fixed line telephone operators: the markup on the cost of capital, 12th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Rocha, K., Moreira, A. & David, P. (2002). Investments in thermopower generation: a real options approach for the new braziliann electrical power regulation, 6th Annual Real

Options Conference, Working Paper, http://www.realoptions.org/.

Ross, S. A., Westerfield, R., & Jordan, B. D. (2000). Fundamentals of corporate finance. Boston: McGraw-Hill Irwin.

Rouche, H. (2006). “Technology adoption under uncertain innovation progress”, 10th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Saphores, J. D. & Boranet, M. G. (2004). Investing in urban transportation infrastructure under uncertainty, 8th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Savva, N. D. & Scholtes, S. (2005). Real options in partnership deals: the perspective of cooperative game theory, 9th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Smith, H. T. & Trigeorgis, L. (2004). Quantifying the strategic option value of technology investments, 8th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Sick, G. (1999). Analyzing a real option on a petroleum property, 3rd Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Tong, T. W. & Rever, J. J. (2004). Corporate investment decisions and the value of growth options, 8th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Trigeorgis, L. (1988). A conceptual options framework for capital budgeting, Advances in Futures and Options Research, 3(3), 145-164.

Trigeorgis, L. (1993). Real options and interactions with financial flexibility, Financial Management, 22(3), 202-224. DOI: https://doi.org/10.2307/3665939

Tourinho, O.A. (1979). The valuation of reserves of natural resources: An option pricing approach. Ph.D. dissertation, University of California, Berkeley.

Weeds, Helen (1999). Reverse hysteresis”: R&D investments with stochastic innovation, 3rd Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Yamaguchi, H., Takezawa, N., Sumit, U. & Azarmi, T. (2000). The real optinon Premium in Japanese land prices”, 4th Annual Real Options Conference, Working Paper, http://www.realoptions.org/.

Descargas

Publicado

2017-12-07

Cómo citar

Lazo Freymannt, R. G. (2017). Herramientas para evaluar estrategias desde la perspectiva de rentabilidad: Análisis bibliográfico de las distintas metodologías de evaluación. Revista Innovaciones De Negocios, 11(21). https://doi.org/10.29105/rinn11.21-3