文章基本信息

标题：An Application of the Real Options Method to the Valuation of a License to Operate 3G Mobile Phone Service in Brazil.
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作者：Rafael Stille ; Celso Funcia Lemme ; Luiz Eduardo Teixeira Brandão 等
期刊名称：Brazilian Review of Finance
印刷版ISSN：1984-5146
出版年度：2010
卷号：8
期号：3
页码：329-349
语种：Portuguese
出版社：Link to the Brazilian Society of Finance
摘要：We analyze the contributions of the real option method to the decision making process in the telecommunications industry. We study the case of a public auction purchase of the license to operate a 3G mobile phone system in Brazil. The results indicate that the embedded flexibilities increase the value of the project by 64% in relative to the discounted cash flow method, which could justify the high premiums paid by the winning firms, which are incompatible with the value obtained from traditional methods of analysis. This suggests that the real options approach used, which can be easily replicated and is fairly intuitive, can be a useful tool to support the decision making process of these firms.
其他摘要：We analyze the contributions of the real option method to the decision making process in the telecommunications industry. We study the case of a public auction purchase of the license to operate a 3G mobile phone system in Brazil. The results indicate that the embedded flexibilities increase the value of the project by 64% in relative to the discounted cash flow method, which could justify the high premiums paid by the winning firms, which are incompatible with the value obtained from traditional methods of analysis. This suggests that the real options approach used, which can be easily replicated and is fairly intuitive, can be a useful tool to support the decision making process of these firms.
关键词：Real Options, Project Valuation, Telcommunications, 3G mobile phone systems;Opções Reais;Avaliação de Projetos;Telecomunicações;Telefonia Móvel 3G
其他关键词：Financas;Real Options, Project Valuation, Telcommunications, 3G mobile phone systems;G31, G32