Thesis (MBA)--Stellenbosch University, 2004. / ENGLISH ABSTRACT: The following study project was written by the author in the scope of his MBA
Program at the University of Stellenbosch. While the number of articles and books
that deal with the theory of real options is extremely large, the use of real options as
a valuation tool is not widely accepted in practice. The reason for this obvious
discrepancy is the fact that these papers and the models developed therein are
highly mathematical and require a thorough knowledge of statistical methods. There
are few papers or books that explain the fundamental ideas and basic techniques in
such a way that general managers are likely to be convinced that real options
valuation is an interesting and valuable tool. The purpose of this study project is to fill
this gap, to bring the theory of real options closer to a wider range of people and to
make it comprehensible for people who have not studied mathematics or finance.
To achieve this aim the study project consists of four parts. Recalling the well-known
concept of financial options, the first part explains in detail the basic idea of real
options theory. The second part deals with the different existing models that are used
to determine the value of real options. However, the focus lies on the
comprehensibility of these models and not on the pure mathematical side. In the third
and main part of this thesis the different variables that are needed for evaluating real
options are discussed and methods to determine realistic values of these variables
are explained. Some recommendations will be made as to what one ought to focus
on in determining the variables. A valuation with "real" data is discussed in the fourth
part. / AFRIKAANSE OPSOMMING: Die werkstuk is in die loop van die outeur se MBA-kursus aan die Universiteit van
Stellenbosch voltooi. Die aantal bronne en artikels wat betrekking het op die teorie is
eindeloos, terwyl die werklike opsies nog nie wyd aanvaar word in die praktyk nie.
Die rede vir die ooglopende verskil is die feit dat die artikels wat betrekking het op die
teorie en modelle hoogs wiskundig is en 'n deeglike kennis van statistiek vereis. Daar
is tans 'n tekort aan artikels en boeke wat die fundamentele idees en basiese
tegnieke van reële opsies verduidelik/oordra op so 'n manier dat dit deur algemene
bestuurders gebruik kan word. Die doel van die werkstuk is om hierdie probleem te
oorkom deur reële opsie valuasies aan 'n wyer gehoor bekend te stel wat nie 'n
wiskundige of finansiele agtergrond beskik nie.
Om bogenoemde doelwit te bereik, word die werkstuk in vier dele opgedeel. Die
eerste deel verduidelik die basiese beginsel van reële opsie teorie in groot detail. Die
tweede deeI dek die verskillende modelle wat tans gebruik word om reële opsies te
waardeer. Die fokus Iê egter op die verstaanbaarheid van die modelle en nie
noodwendig die wiskundige onder bou nie. In die derde en kerndeel van die
verhandeling word die verskillende metodes om reële opsies te waardeer, bespreek,
asook die maniere om realistiese waardes volgens verskillende metodes te vind. 'n
Waardasie met werklike data word in die finale deel aangebied.
| Identifer | oai:union.ndltd.org:netd.ac.za/oai:union.ndltd.org:sun/oai:scholar.sun.ac.za:10019.1/49949 |
| Date | 03 1900 |
| Creators | Schmähling, Tom |
| Contributors | Smit, Eon vdM, Stellenbosch University. Faculty of Economic and Management Sciences. Graduate School of Business. |
| Publisher | Stellenbosch : Stellenbosch University |
| Source Sets | South African National ETD Portal |
| Language | en_ZA |
| Detected Language | English |
| Type | Thesis |
| Format | 234 p. : ill. |
| Rights | Stellenbosch University |
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