Monte Carlo Valuation of natural gas investments

This paper deals with the valuation of energy assets related to natural gas. In particular, we evaluate a baseload Natural Gas Combined Cycle (NGCC) power plant and an ancillary instalation, namely a Liquefied Natural Gas (LNG) facility, in a realistic setting; specifically, these investments enjoy a long useful life but require some non-negligible time to build. Then we focus on the valuation of several investment options again in a realistic setting. These include the option to invest in the power plant when there is uncertainty concerning the initial outlay, or the option's time to maturity, or the cost of CO2 emission permits, or when there is a chance to double the plant size in the future. Our model comprises three sources of risk. We consider uncertain gas prices with regard to both the current level and the long-run equilibrium level; the current electricity price is also uncertain. They all are assumed to show mean reversion. The two-factor model for natural gas price is calibrated using data from NYMEX NG futures contracts. Also, we calibrate the one-factor model for electricity price using data from the Spanish wholesale electricity market, respectively. Then we use the estimated parameter values alongside actual physical parameters from a case study to value natural gas plants. Finally, the calibrated parameters are also used in a Monte Carlo simulation framework to evaluate several American-type options to invest in these energy assets. We accomplish this by following the least squares MC approach.

Employment comovements at the sectoral level over the business cycle

This paper extends the technique suggested by den Haan (2000) to investigate contemporaneous as well as lead and lag correlations among economic data for a range of forecast horizons. The technique provides a richer picture of the economic dynamics generating the data and allows one to investigate which variables lead or lag others and whether the lead or lag pattern is short term or long term in nature. The technique is applied to monthly sectoral level employment data for the U.S. and shows that among the ten industrial sectors followed by the U.S. Bureau of Labor Statistics, six tend to lead the other four. These six have high correlations indicating that the structural shocks generating the data movements are mostly in common. Among the four lagging industries, some lag by longer intervals than others and some have low correlations with the leading industries indicating that these industries are partially influenced by structural shocks beyond those generating the six leading industries.

Morals in business organizations: an approach based on strategic value and strength for business management

[EN] In the last decades, the topic of business ethics has attracted great interest at the academic and professional levels. Nowadays business ethics is being increasingly implemented as a necessary discipline in universities’ study plans on business management. Moreover, its importance is also evident according to the worldwide increase of organizations and/or institutions that have implemented ethics systems. However, some approaches thoroughly do not consider the importance and the need of an ethical behaviour and are still guiding the actions and the way of thinking of many academics and professionals led to consider that the only responsibility of business is limited just to profit maximization.

Key business factors for eco-innovation: an overview of recent firm-level empirical studies

[EN] The increasing interest in eco-innovation or environmental innovation as a strategy not only to address the serious global environmental problems but also as a source of competitive advantages for companies and for the emergence of new business areas, leads us to try to identify the different factors that act as determinants of its development and adoption at the micro level.

Landscape valuation through discrete choice experiments: Current practice and future research reflections

This work has been presented in: V Conference AERNA, Faro (Portugal), 30 May 2012-1 June 2012 and IV Workshop on Valuation Methods in Agro-food and Environmental Economics, Castelldefels (Barcelona, Spain), 12 July 2012-13 July 2012.

Economic Valuation of Ecosystem Services: Conflicts in Classification

4 p.

Classifying Ecosystem Services for Economic Valuation: The case of forest water services

30 p.

Valuation of wind energy projects: A real options approach

27 p.

Software como un Servicio: Solución Business Intelligence

El propóosito del proyecto aquíı descrito radica en, por una parte, sentar una base de un sistema de Business Inteligence adaptable a diversos casos de negocio, y por otra, diseñar e implementar una solución completa para una empresa especíıfica fácilmente adaptable a otro caso, incluyendo desde los procesos de Extracción, Transformación y Carga, pasando por el data warehouse hasta el Business Analysis y la Minería de Datos.

Business plan & innovación: sector restauración

En mi TFG he analizado el sector de la restauración en Vizcaya de cara a establecer las pautas para la implantación de un negocio de hostelería relacionado todo ello con la innovación. ESPAÑOL.

Financial and Economic Report of a Specific Business Group

As a result of the natural evolution of the economy, ever-changing, unpredictable and cyclical, companies must adapt as far as possible to the changes that have taken place in order to continue with their normal operating activities. Likewise, they should also try to maintain a structure for long-term growth, trying at all times to generate the maximum value. The main objective of this project is to provide financial advisory services to a business group, trying to forward solutions and measures that according to the author can be effective. For this end, the situation of the group in question is analysed from early 2008 to the present day, examining its evolution, what steps have been taken together with their corresponding results and the economic-financial situation of the company at the end of last year. Contact with the company was kept throughout the process of analysis and assessment trying to take advantage of the feedback generated so that the appropriate measures can be adopted if the management considers it to be adequate.

Valuation of Wind Energy Projects: A Real Options Approach

We address the valuation of an operating wind farm and the finite-lived option to invest in it under different reward/support schemes: a constant feed-in tariff, a premium on top of the electricity market price (either a fixed premium or a variable subsidy such as a renewable obligation certificate or ROC), and a transitory subsidy, among others. Futures contracts on electricity with ever longer maturities enable market-based valuations to be undertaken. The model considers up to three sources of uncertainty: the electricity price, the level of wind generation, and the certificate (ROC) price where appropriate. When analytical solutions are lacking, we resort to a trinomial lattice combined with Monte Carlo simulation; we also use a two-dimensional binomial lattice when uncertainty in the ROC price is considered. Our data set refers to the UK. The numerical results show the impact of several factors involved in the decision to invest: the subsidy per MWh generated, the initial lump-sum subsidy, the maturity of the investment option, and electricity price volatility. Different combinations of variables can help bring forward investments in wind generation. One-off policies, e.g., a transitory initial subsidy, seem to have a stronger effect than a fixed premium per MWh produced.

A business plan development: the case of a paint company in Douala Camroon by Bomboy & Friends

This paper presents a business plan to create a new company Bomboy & Friends regarding the Exclusive Distribution of a fully Eco Friendly Water-Soluble Anti- Corrosive Prime named Life Guard Active Rust Primer Paint abbreviated as “L.G.A.R.P Paint” in Douala Cameroon and the C.E.M.A.C Region. The lack of quality paint in Cameroon has given the opportunity for a company like Bomboy & Friends to nurture its existence and be part of a fast growing economy, providing a high quality paint competition, very economical, easy to prepare, environmentally friendly, compatible with other brands and accessible to medium and small size companies.