dc.contributor.advisor | Nguyen, Tom | |
dc.contributor.author | Smith, Marcus | |
dc.date.accessioned | 2018-01-23T02:22:46Z | |
dc.date.available | 2018-01-23T02:22:46Z | |
dc.date.issued | 2012 | |
dc.identifier.doi | 10.25904/1912/1175 | |
dc.identifier.uri | http://hdl.handle.net/10072/365800 | |
dc.description.abstract | This study derives an innovative working asset valuation model, termed the RRM (Renewable Resource Model), within the real options methodology to evaluate renewable natural resource assets. The RRM calculates the value of an investment project as well as computing the critical strike prices at which it becomes optimal to exercise various options over the asset, including when to invest (commence or recommission operations), disinvest (temporarily decommission or delay operations) or abandon the asset altogether. An implementation of the RRM including a user-friendly interface is presented. A case study, in which agricultural investments are evaluated, demonstrates the applicability of the model to a real-world setting. This study is expected to make several contributions to the capital budgeting literature, particularly the growing body of research on real options. First, it provides an innovative extension to the seminal academic work of Brennan and Schwartz (1985b) by developing a real options model, the RRM, which is generally applicable to evaluating renewable resource investments. Second, it develops a practical solution and implementation of this model with a view to making it accessible to practitioners. Third, some theoretical work is also presented which equates the RRM with a traditional valuation framework to calculate an exact risk-adjusted discount rate applicable to traditional discounted cash flow valuations for a whole equity firm. Fourth, it demonstrates how the RRM can be applied generally to renewable resource assets using a real-world example. | |
dc.language | English | |
dc.publisher | Griffith University | |
dc.publisher.place | Brisbane | |
dc.rights.copyright | The author owns the copyright in this thesis, unless stated otherwise. | |
dc.subject.keywords | Options investment | |
dc.subject.keywords | Resource assets | |
dc.subject.keywords | Asset valuation model | |
dc.subject.keywords | Traditional valuation framework | |
dc.title | Evaluating Renewable Resource Assets Under Uncertainty: Analytical and Numerical Methods with Case-Study Applications | |
dc.type | Griffith thesis | |
gro.faculty | Griffith Business School | |
gro.rights.copyright | The author owns the copyright in this thesis, unless stated otherwise. | |
gro.hasfulltext | Full Text | |
dc.contributor.otheradvisor | Harris, Geoffrey | |
dc.contributor.otheradvisor | Liu, Benjamin | |
dc.rights.accessRights | Public | |
gro.identifier.gurtID | gu1346041734186 | |
gro.source.ADTshelfno | ADT0 | |
gro.source.GURTshelfno | GURT1447 | |
gro.thesis.degreelevel | Thesis (PhD Doctorate) | |
gro.thesis.degreeprogram | Doctor of Philosophy (PhD) | |
gro.department | Griffith Business School | |
gro.griffith.author | Smith, Marcus | |