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dc.contributor.advisorCrack, Timothy Falcon
dc.contributor.advisorAlexander, David Richard
dc.contributor.authorZhang, Yi
dc.date.available2011-01-31T00:48:31Z
dc.date.copyright2011
dc.identifier.citationZhang, Y. (2011). An Analysis and Comparison of Real Option Approaches for Project Valuation under Uncertainty (Thesis, Master of Commerce). University of Otago. Retrieved from http://hdl.handle.net/10523/553en
dc.identifier.urihttp://hdl.handle.net/10523/553
dc.description.abstractSeveral different real option valuation approaches appear in the literature to address valuation problems under uncertainty. This diversity, however, has created a confusion regarding their applications across different types of settings. We propose a real option valuation taxonomy to clarify these issues by analyzing and comparing the limitations, advantages and correct application conditions of four selected real option approaches. The analysis and comparison is based on three criteria: the nature of the capital market, the classification of project-specific uncertainty, and the source of the data. Through systematic comparison, we specify the appropriate choice of valuation framework and the reasons that drive this choice. We also give some simple numerical examples to illustrate these points. Understanding which approaches should be used to value which projects and how to apply an approach appropriately can effectively enhance the value of the investment and improve strategic decision-making.en_NZ
dc.format.mimetypeapplication/pdf
dc.language.isoenen_NZ
dc.publisherUniversity of Otago
dc.rightsAll items in OUR Archive are provided for private study and research purposes and are protected by copyright with all rights reserved unless otherwise indicated.
dc.rights.urihttp://www.otago.ac.nz/administration/policies/otago003228.html
dc.subjectReal Option Analysisen_NZ
dc.subjectProject Valuationen_NZ
dc.subjectDecision Analysisen_NZ
dc.subjectMarketed Asset Disclaimeren_NZ
dc.subjectHybrid Real Option Valuation Approachen_NZ
dc.subjectIntegrated Real Option Valuation Approachen_NZ
dc.titleAn Analysis and Comparison of Real Option Approaches for Project Valuation under Uncertaintyen_NZ
dc.typeThesis
dc.date.updated2011-01-30T22:36:08Z
thesis.degree.disciplineFinance and Quantitative Analysisen_NZ
thesis.degree.nameMaster of Commerceen_NZ
thesis.degree.grantorUniversity of Otago
thesis.degree.levelMasters Theses
otago.openaccessOpen
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