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dc.contributor.author
Milanesi, Gastón
dc.contributor.author
Pesce, Gabriela
dc.contributor.author
El Alabi, Emilio
dc.date.available
2020-04-09T23:31:53Z
dc.date.issued
2013-10-16
dc.identifier.citation
Milanesi, Gastón; Pesce, Gabriela; El Alabi, Emilio; Technology-based Startup Valuation Using Real Options with Edgeworth Expansion; Science and Education Publishing; Journal of Finance and Accounting; 1; 2; 16-10-2013; 54-61
dc.identifier.issn
2333-8849
dc.identifier.uri
http://hdl.handle.net/11336/102319
dc.description.abstract
There exists extreme difficulties while trying to valuate, using traditional valuation methods, startup firms which are dedicated to technological development. Among those methods, we could mention the balance sheet-based ones, the relative valuation ones, the cash flow discounting-based ones, and the goodwill-based ones. Those difficulties are the absence of comparable companies, the inexistence of historical data, the complexity to estimate volatility, and the number of intangible assets which give worth to the firm. This paper proposes to valuate this type of entrepreneurships using real options theory making adjustments that allow us to abandon the assumption of normal returns. Methodologically, we use real options theory adapted through Edgeworth expansion. It allows abandoning the probability of normal distribution assumption incorporating higher moments such us asymmetry and kurtosis. Obtained results let us show how the firm?s value and its strategic options are affected by stochastic higher moments? behavior. These are often not considered because of assuming a normal behavior related to a random path of the underlying assets.
dc.format
application/pdf
dc.language.iso
eng
dc.publisher
Science and Education Publishing
dc.rights
info:eu-repo/semantics/openAccess
dc.rights.uri
https://creativecommons.org/licenses/by-nc-sa/2.5/ar/
dc.subject
REAL OPTION
dc.subject
TECHNOLOGY-BASED STARTUP
dc.subject
EDGEWORTH EXPANSION
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ASYMMETRY
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KURTOSIS
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FIRM VALUATION
dc.subject.classification
Negocios y Administración
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Economía y Negocios
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CIENCIAS SOCIALES
dc.title
Technology-based Startup Valuation Using Real Options with Edgeworth Expansion
dc.type
info:eu-repo/semantics/article
dc.type
info:ar-repo/semantics/artículo
dc.type
info:eu-repo/semantics/publishedVersion
dc.date.updated
2020-04-02T13:54:17Z
dc.identifier.eissn
2333-8857
dc.journal.volume
1
dc.journal.number
2
dc.journal.pagination
54-61
dc.journal.pais
Estados Unidos
dc.journal.ciudad
New York
dc.description.fil
Fil: Milanesi, Gastón. Universidad Nacional del Sur. Departamento de Ciencias de la Administración; Argentina
dc.description.fil
Fil: Pesce, Gabriela. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Bahía Blanca. Instituto de Investigaciones Económicas y Sociales del Sur. Universidad Nacional del Sur. Departamento de Economía. Instituto de Investigaciones Económicas y Sociales del Sur; Argentina
dc.description.fil
Fil: El Alabi, Emilio. Universidad Nacional del Sur. Departamento de Ciencias de la Administración; Argentina
dc.journal.title
Journal of Finance and Accounting
dc.relation.alternativeid
info:eu-repo/semantics/altIdentifier/url/http://pubs.sciepub.com/jfa/1/2/3/index.html
dc.relation.alternativeid
info:eu-repo/semantics/altIdentifier/url/http://repositoriodigital.uns.edu.ar/handle/123456789/4264
dc.relation.alternativeid
info:eu-repo/semantics/altIdentifier/doi/http://dx.doi.org/10.12691/jfa-1-2-3
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