Corporate Valuation in a volatile environment - A comparison between DCF models, real options and MC simulations

• Main Authors: Michael Reinertshofer, 麥可
• Other Authors: Yang-Pin Shen
• Format: Others
• Language: en_US
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/77204315570708010994

碩士 === 元智大學 === 財務金融暨會計碩士班(財務金融學程) === 104 === There are several techniques used by practitioners to incorporate uncertainty into the valuation of corporations or investment projects. Apart from the traditional methods of scenario analysis or decision trees, Monte Carlo simulations and real option analysis are becoming more and more popular. Although these methods provide an excellent possibility for the representation of uncertainty within a valuation model, their complexity is a detriment for both valuation practitioners and decision makers. This study compares these different valuation techniques both theoretically and practically using a case study and gives a qualitative analysis of these methods using a catalogue of relevant criteria.