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dc.contributor.authorMilanesi, Gastón S.-
dc.contributor.authorPesce, Gabriela-
dc.contributor.authorEl Alabi, Emilio-
dc.date.accessioned2018-07-10T21:45:12Z-
dc.date.available2018-07-10T21:45:12Z-
dc.date.issued2013-
dc.identifier.urihttp://repositoriodigital.uns.edu.ar/handle/123456789/4264-
dc.description.abstractThere exists extreme difficulties while trying to valuate, using traditional valuation methods, startup firms which are dedicated to technological development. Among those methods, we could mention the balance sheet-based ones, the relative valuation ones, the cash flow discounting-based ones, and the goodwill-based ones. Those difficulties are the absence of comparable companies, the inexistence of historical data, the complexity to estimate volatility, and the number of intangible assets which give worth to the firm. This paper proposes to valuate this type of entrepreneurships using real options theory making adjustments that allow us to abandon the assumption of normal returns. Methodologically, we use real options theory adapted through Edgeworth expansion. It allows abandoning the probability of normal distribution assumption incorporating higher moments such us asymmetry and kurtosis. Obtained results let us show how the firm’s value and its strategic options are affected by stochastic higher moments’ behavior. These are often not considered because of assuming a normal behavior related to a random path of the underlying assets.es
dc.formatapplication/pdfes
dc.format.extent7 pág.es
dc.language.isoenges
dc.publisherScience and Education Publishinges
dc.rightsAtribución – No Comercial – Sin Obra Derivada (BY-NC-ND) No se permite un uso comercial de la obra original ni la generación de obras derivadas. Esta licencia no es una licencia libre, y es la más cercana al derecho de autor tradicional.-
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/2.5/-
dc.subjectReal optiones
dc.subjectTechnology-based startupes
dc.subjectEdgeworth expansiones
dc.subjectasymmetryes
dc.subjectkurtosis,es
dc.subjectfirm valuationes
dc.titleTechnology-based startup valuation using real options with edgeworth expansiones
dcterms.accessRightsinfo:eu-repo/semantics/openAccesses
dcterms.isPartOfJournal of Finance and Accounting. Science and Education Publishing. Nueva York. U.S.Aes
uns.author.affiliationFil: Milanesi, Gastón S. Universidad Nacional del Sur. Departamento de Ciencias de la Administración. Argentina.es
uns.author.affiliationFil: Pesce, Gabriela Universidad Nacional del Sur. Departamento de Ciencias de la Administración. Argentina.es
uns.author.affiliationFil: El Alabi, Emilio. Universidad Nacional del Sur. Departamento de Ciencias de la Administración. Argentina.es
uns.type.OpenAirearticlees
uns.type.SNRDartículoes
uns.type.publicationVersioninfo:eu-repo/semantics/publishedVersiones
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