Thesis (MBA)--Stellenbosch University, 2005. / ENGLISH ABSTRACT: This study project focuses on the use of real options valuation in a tactical
financing setting.
The objective is to identify real option values in financial restructuring situations.
These options are generated by the use of hybrid financial instruments such as
warrants, preferred stocks and convertibles. In the analysis, it will be
demonstrated that the binomial approach, a method commonly used in real
options analysis, can be applied to draw a monetary value from specific financial
transactions (e.g., leverage buyouts). When used optimally, the binomial
approach provides a forceful insight into the dynamics of the transaction.
The study recognises the possible impact of capital structure decisions in the
analysis, but understates it to avoid complexity. The real options perspective
encourages a conscious search for monetary benefits and thus improves the
decision-making of managers involved in financial restructuring operations. / AFRIKAANSE OPSOMMING: Hierde werkstuk fokus op die gebruik van rieëIe opsie teorie om taktiese
finansieringsbesluitneming te evalueer.
Opsies word gegenereer deur die gebruik van hibridiese finansiele instrumente
soos bestuursopsie-orders, voorkeuraandele en omskepbare instrumente. In
hierdie studie word 'n oorsig oor die teorie soos dit in literatuur verskyn gegee,
asook voorbeelde van finansiele herstrukturering om die waarde van die
toepassing daarvan te illustreer.
In hierdie studie word erkenning gegee aan die moontlike impak wat
kapitaalstruktuur-besluitneming op die ontleding mag hê. Die impak hiervan
word egter weens die kompleksiteit daarvan ignoreer. Nieteenstaande hierdie
beperking, word besluitneming rakende finansiele herstrukturering verbeter
deur die perspektief wat deur die rieëIe opsie-benadering verkry word, soos in
hierdie werkstuk uitgewys word.
| Identifer | oai:union.ndltd.org:netd.ac.za/oai:union.ndltd.org:sun/oai:scholar.sun.ac.za:10019.1/50540 |
| Date | 12 1900 |
| Creators | Essono, Fabrice Assoumou |
| Contributors | Smith, J. du P., 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 | 88 p. |
| Rights | Stellenbosch University |
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