Are real options a real option for real-world finance professionals? case study : the application of real options to evaluate investment projects in the latin american oil and gas field services industry

Brasil e outros mercados emergentes continuarão a apresentar muitas oportunidades de investimento nos próximos anos. Profissionais financeiros que gerenciam os processos de orçamento de capital nas empresas terão grandes desafios a enfrentar. Características específicas destes projetos como preços ligados a commodities (por exemplo: petróleo e gás e projetos agrícolas) e as incertezas habituais relacionadas com os mercados emergentes são desafios adicionais. Neste cenário, ferramentas mais sofisticadas de orçamento de capital como Opções Reais, oferece uma teoria mais robusta para lidar com incerteza, flexibilidade gerencial, e os resultados voláteis embutidas nestas oportunidades. A teoria de Opções Reais assume que o envolvimento dos gestores nos projetos gera valor à medida que potencializam os bons resultados ou reduzem as perdas por abandonar projetos com maus resultados. O objetivo principal desta pesquisa foi aplicar a análise de Opções Reais para um projeto de investimento e discutir o processo e os resultados da metodologia. O estudo de caso analisa retroativamente um projeto de investimento na Colômbia e compara os resultados sob o tradicional VPL e Opções Reais. As técnicas de avaliação foram realizadas como se estivessem sendo aplicadas no momento em que o projeto foi aprovado, e depois comparadas com o desempenho real do projeto. O estudo de caso avaliado possui dois tipos de Opções Reais: primeiro, o efeito de uma opção para cancelar um contrato que é analisado a partir da perspectiva do cliente que pode exercer essa opção, e o segundo, a opção de abandonar e adiar a partir da perspectiva da empresa que irá executar a investimento.

Efficiency and Continuity in Public Finance: The Ottoman System of Taxation

Economic historians have recently emphasized the importance of integrating economic and historical approaches in studying institutions. The literature on the Ottoman system of taxation, however, has continued to adopt a primarily historical approach, using ad hoc categories of classification and explaining the system through its continuities with the historical precedent. This paper integrates economic and historical approaches to examine the structure, efficiency, and regional diversity of the tax system. The structure of the system made it possible for the Ottomans to economize on the transaction cost of measuring the tax base. Regional variations resulted from both efficient adaptations and institutional rigidities.

Revenue act of 1932--Supplement no 1. Postal rates. : Hearings before the Committee on Finance, United States Senate, seventy-second Congress, first session on H.R. 10236 an act to provide revenue, equalize taxation and for other purposes, May 3, 1932.

Mode of access: Internet.

Revenue act of 1932--Supplement no.2. Rubber import tax. : Hearings before the Committee on Finance, United States Senate, seventy-second Congress, first session on H.R. 10236 an act to provide revenue, equalize taxation and for other purposes, May 9,10, and 11, 1932.

Mode of access: Internet.

Revenue act of 1932--Supplement no. 3. Income tax exemption of mutual insurance companies. : Hearings before the Committee on Finance, United States Senate, seventy-second Congress, first session on H.R. 10236 an act to provide revenue, equalize taxation and for other purposes, May 20, 1932.

Mode of access: Internet.

Revenue act of 1932--Supplement no.4. Statement of Secretary of Treasury. : Hearings before the Committee on Finance, United States Senate, seventy-second Congress, first session on H.R. 10236 an act to provide revenue, equalize taxation and for other purposes, May 31, 1932.

Mode of access: Internet.

New York State Department of Taxation and Finance, Albany, New York.

Mode of access: Internet.

Public debt limit--1982 [microform] : hearing before the Subcommittee on Taxation and Debt Management of the Committee on Finance, United States Senate, Ninety-seventh Congress, second session, May 27, 1982.

CIS Microfiche Accession Numbers: CIS 82 S361-51

The housing finance system and federal policy : recent changes and options for the future.

Item 1005-C

Taxation of shares of preferred stock of banks while owned by Reconstruction finance corporation. Hearings before the Committee on banking and currency, House of representatives, Seventy-fourth Congress, second session, on S. 3978. A bill relating to taxation of shares of preferred stock, capital notes, and debentures of banks while owned by the Reconstruction finance corporation and reaffirming their immunity. March 11 and 12, 1936.

Henry B. Steagall, chairman.

Survey of experiences in profit sharing and possibilitites of incentive taxation. Report of the subcommittee of the Committee on finance, United States Senate, pursuant to S. Res. 215 (75th Congress) a resolution providing for an investigation of existing profit-sharing systems between employers and employees in the United States ...

Mode of access: Internet.

Liquor tax administration act; taxes on wines : hearings before a subcommittee of the Committee on Finance, United States Senate, Seventy-fourth Congress, second session, on H.R. 191, relating to taxes on wines, and H.R. 9185, an act to insure the collection of the revenue on intoxicating liquor, to provide for the more efficient and economical administration and enforcement of the laws relating to the taxation of intoxicating liquor, and for other purposes.

William H. King, chairman of subcommittee.

1981-82 miscellaneous tax bills III : hearing before the Subcommittee on Taxation and Debt Management of the Committee on Finance, United States Senate, Ninety-seventh Congress, first session, on S. 388, S. 446, S. 464, S. 476, S. 499, S. 500, S. 501, March 30, 1981

Item 1038-A, 1038-B (microfiche)

Major estate and gift tax issues [microform] : hearings before the Subcommittee on Estate and Gift Taxation of the Committee on Finance, United States Senate, Ninety-seventh Congress, first session.

Pt. 2: "S. 23, S. 395, S. 404, S. 557, S. 574, S.858, and S. 995, June 5, 1981."

Social security financing and options for the future [microform] : hearings before the Subcommittee on Social Security and Income Maintenance Programs of the Committee on Finance, United States Senate, Ninety-seventh Congress, first session ....

"July 10, 1981"--Pt.2.