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| LEADER |
01346nam a2200193Ia 4500 |
| 001 |
10.1002-agr.21593 |
| 008 |
220511s2019 CNT 000 0 und d |
| 020 |
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|a 07424477 (ISSN)
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| 245 |
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|a Valuing switching options in international grain marketing
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| 260 |
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|b John Wiley and Sons Inc.
|c 2019
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| 856 |
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|z View Fulltext in Publisher
|u https://doi.org/10.1002/agr.21593
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| 520 |
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|a An important strategy for commodity trading firms is geographical diversification through acquisitions and greenfield development, often justified with the quest for multiple origins. This strategy can be interpreted as a “switching option” which tend to be undervalued using traditional valuation techniques. This paper develops a stochastic binomial real options model to value networks of export elevators. It is applied to soybean trading for shipments from ports in the United States, Brazil, and Ukraine. The paper estimates the value of the option of being able to switch origins in export trade. This option value is substantial and is determined partly by margin distributions and correlations among these. © 2018 Wiley Periodicals, Inc.
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|a asset valuation
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| 650 |
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|a export elevators
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|a switching options
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| 650 |
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|a vertical integration
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| 700 |
1 |
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|a Johansen, S.
|e author
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| 700 |
1 |
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|a Wilson, W.
|e author
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| 773 |
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|t Agribusiness
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