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A combination of real options, simulation and decision trees for investment decisions
Pavlovská, Tereza ; Dlouhý, Martin (advisor) ; Dlouhá, Zuzana (referee)
This thesis is concerned with the evaluation of real options whose value represents a certain flexibility of the firm to decide about company´s assets in the future. In addition to classic models which were developed for option rating, such as binomial and Black-Scholes model, which have advantages and disadvantages, there is introduced a possible combination of decision trees and simulation Monte Carlo which runs directly inside the tree. This combination can erase the disadvantages which these methods have when they are used separately for option evaluation. In this thesis there can be found an application example inspired by a real situation and there are described different possibilities of usage of the mentioned combination and there is also demonstrated an unambiguous advantage of this method and that is a bigger amount of information which is provided in comparison with standard models. It allows the company to access much more complex image of the investment. The result is also various option values according to the used technique.
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Specifications of Enterpreneurship in a Pharmaceutical Industry
Litva, Dušan ; Hartman, Ladislav (advisor) ; Paterová, Iva (referee)
Diploma thesis is focused on specifications in pharmaceutical business. It is based on knowledge of pharmacy and economy and their synthesis is describing the most significant differences in pharmacy business and other markets. Overall goal of diploma thesis was to create overview about pharmaceutical industry, its progress, trends and behavior of companies to this high risk and volatile market with keeping the rules and norms of Czech and European authorities. Target was also to form group of recommendations for companies participated in this market. To keep this target I described in the first part of diploma thesis basic terminology and theoretical knowledge about pharmaceutical market including research and development, marketing and sales and pharmakovigilance. Practical part was based on case studies specifying the most common and difficult problems and steps leading to their solutions. My personal contribution in diploma thesis is based on detailed and professional handling of the topic and in the choice of parametres which influence the most timing and capital demands of R&D projects in pharmacy and mitigation of their negative aspects.
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Possibilities of Deepening the Theory and Practice of Investment Decisions with an Emphasis on Real Options
Oceláková, Petra ; Valach, Josef (advisor) ; Hrdý, Milan (referee) ; Choulík, Petr (referee)
This dissertation deals with selected areas within capital budgeting theory and practice. The first part is focused on possibilities how to improve traditional financial metrics as net present value and internal rate of return by using graphical tools for their interpretation. The main practical problem can be considered not the methodology itself, but the inability to predict future cash flows correctly. The special attention is paid to depreciation in connection with Czech accounting and tax legislation and its influence on capital decisions. The second part of the dissertation concentrates on real option analysis. The crucial difference between net present value and real options analysis is in how these methods deal with the risk. Mathematical approach is used to derive how the volatility and other parameters affect the theoretical value of an investment determined by real option. The more volatile the future cash flows are the higher theoretical value of the real option should be. Nevertheless, there are some exceptions that are analysed in this paper. In final chapter, total cost of ownership and real option analysis are used to evaluate option to switch from on-premise IT solution to cloud computing.
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Evaluation of investment project – student housing
Vecán, Viktor ; Scholleová, Hana (advisor) ; Habrnal, Marek (referee)
The aim of the thesis is to evaluate an investment in refurbishment and subsequent maintenance of the property as accommodation facilities for students, and to give investors a recommendation on whether to implement the project. A market analysis in the thesis is used to identify a suitable area for the project implementation. Next part of the thesis introduces the investment project and its parameters in line with the investor's strategy. Last part of the thesis is dedicated to the evaluation of the financial plan and a sensitivity analysis.
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Use of Real Options in IT Investment Valuation
Polakovič, Robert ; Šebesta, Michal (advisor) ; Bruckner, Tomáš (referee)
This thesis presents the new approach to IT investment valuation by using real options. In the introductory part the traditional methods of information investment valuation are introduced and described. It gives a detailed summary of valuation methods that could be used for valuation made in the traditional way. Next part deals with the financial options, its definition, types, parameters and methods of valuation. Some basic methods of reducing the risks (hedging) with the help of financial options are mentioned as well. After that, the real options, the difference between real and financial options, behaviour, parameters and methods of valuation are introduced. Next chapter analyses and describes the chosen frameworks for using real options in IT investment valuation. The selection was performed so as to give reader a full idea of possible ways real options could be used. Final part presents a case study where one of the chosen frameworks is applied to a real project so as to show all aspects and level of complexity of this solution.
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Ocenění práva vybírat daně pomocí opčního modelu
Vlachý, Jan ; Hnilica, Jiří (advisor) ; Pošta, Vít (referee) ; Starý, Oldřich (referee) ; Málek, Jiří (referee)
This Thesis uses several forms of a single-period option-based model to analyze the incidence of income tax under uncertainty, focusing on the various effects of tax asymmetries and observing the distinct features of individual and corporate taxation. Two particular applications are being advanced. The one strives to establish the economic effects of tax-deductibility, motivated initially by a thin-capitalization measure brought forth under the framework of the recent Czech public-finance reform. The pother one compares the terms of three distinct personal income-tax schedules, as they have been recently applied in the Czech Republic and Slovakia, investigating particular issues such as tiered rates, mandatory minimum tax, bracket creep, social taxes, as well as tax incidence in general. On the whole, we find that option-based models are well suited for miscellaneous forms of economic analysis under dynamic assumptions, overcoming the inherent limitations of comparative statics routinely used by mainstream economics. We also conclude that the Czech tax reform of 2008 has failed to achieve the level of economic neutrality and simplicity, characteristical for the Slovak flat-tax schedule of 2004. There are cases, where it has actually contributed to the emergence of new asymmetries.
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Real options
Semianiaka, Andrei ; Kislingerová, Eva (advisor) ; Scholleová, Hana (referee)
This thesis is dedicated to a new method of investment evaluation -- real options. The main goal is to simplify the method of real options. This objective is composed of three sub-secondary objectives: the classification of the various valuation methods, focusing on their benefits and pitfalls of practical application, simplifying the mathematical tools for calculating real options and applying the method of real options in the Czech Republic. The authors made use of both printed and electronic sources of information. The benefit of this work is that these resources come from three languages - Russian, Czech and English. The main scientific methods which were used in this thesis are analysis, synthesis, and mathematical-statistical methods. Work is intended for a narrow circle of readers dealing with the evaluation of investments.
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Information systems benefit quantification
Soukup, Václav ; Rosický, Antonín (advisor) ; Brixí, Radim (referee)
This study shows basic and advanced methods of information systems benefit quantification and applies selected methods to a real life problem. The practical part has been used to justify an information systems investment of already implemented and future systems. This work also appeals to a need of theoretical background and practical creativity when quantifying social properties of information systems. It is unacceptable to tolerate laical stance against social concepts of information systems and their quantification.
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Evaluation of investment project
Hejdová, Zuzana ; Scholleová, Hana (advisor) ; Odcházel, Jiří (referee)
This thesis deals with the real investment project. The aim was to determine the value of this project and its subsequent recommendation or rejection. The theoretical part is aimed at defining the concepts and methodologies, with which it is possible to encounter in evaluating projects. A separate chapter is devoted to real options. First set of financial options and they are established with the problems of valuation of the rights related to tangible assets. The practical part is devoted to determining the parameters needed to evaluate the traditional conventional methods. Sensitivity of the calculated NPV is tested using Monte Carlo methods. Subsequently, the methodology is applied to real options and is valued flexibility resulting from the project. The performed calculations show that the methodology of real options is an effective complement to traditional evaluation methods, which allows operators to make decisions, quality assessment of options.
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Evaluation of investment project
Shakirov, Vil ; Scholleová, Hana (advisor) ; Špaček, Miroslav (referee)
This diploma work is intended for estimation of value of investment project in the field of special chemical industry. The theoretical part contains brief overview of existing classic evaluating methods and a description of relatively new real options method. The evaluation by itself consists of NPV determination and sensitivity analysis for input parameters. After that, there is an application of real options tool for evaluating of project's flexibility. The possible conclusion of this work is that real options are effective tool to apply in addition to classic methods of investment evaluation.
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