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Formát
| Článek |
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Hlavní záhlaví
|  Dluhošová, Dana, 1959- |
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Název
| Company valuation under interaction in discrete time (real game options model) / Dana Dluhošová, Zdeněk Zmeškal |
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Popis (rozsah)
| 5 obrázků, 3 tabulky |
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Typ obsahu
| text |
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Ext.odkaz
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 Plný text
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EXEMPLÁŘE
| Všechny jednotky |
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Zdroj.dokument
| Ekonomická revue. -- Ročník 22, číslo 2, (2019), strana 38-44. -- ISSN 1212-3951 |
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Další původce
| Zmeškal, Zdeněk, 1957- |
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Poznámka
| Obsahuje bibliografii |
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Abstrakt
| Company valuation is a crucial topic in financial decision making. The advanced valuation method is the real options approach realised under risk and flexibility. It reflects a stochastic feature of the underlying asset and dynamic managerial decision making. Another aspect of valuation, which is often neglected, is interaction, meaning the mutual impact of other companies on the calculated value. Game theory models this aspect. The paper’s objective is to describe and apply company two-phase real game options valuation in discrete time. A generalised real game options valuation model based on the two-phase method, discrete time, risk-neutral probability, and switching cost is formulated. The game categorisation is introduced, especially market structure games, including equilibrium calculations following pure and mixed strategies, and the real game options model is formulated. A company two-phase valuation method in the Cournot production duopoly market structure under random demand is developed, and an illustrative example is presented. The paper confirms the possibility of modelling company two-phase value through real game options valuation models. Neglecting an interaction under a non-perfect market structure can undervalue a company, so this aspect is essential.. |
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Předmět. heslo
| oceňování podniků |
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| reálné opce |
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| oceňování opcí |
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| teorie rozhodování |
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| teorie her |
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Skupina Konspektu
| 657 - Účetnictví |
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MDT
| 657 |
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| 336.7 |
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| 519.8 |
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Systém. číslo
| 006510100 |
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