103 research outputs found
An application of Real Option Analysis for the assessment of operative flexibility in the urban redevelopment
The high variability of market prices and the uncertainty that, even in restrained timeframes, is
characterizing the general economic situation, have led real estate operators to a prudent attitude, who tend to
postpone or at least stagger the start of the initiatives on hold of more stable conditions. In this context it is
appropriate to use evaluation tools enable to enhance the investment capacity to be adapted to possible changes
of the conditions initially hypothesized. In the present research Real Options Analysis (ROA) is applied to the
evaluation of an investment in urban redevelopment of a former industrial complex. The result obtained shows
the efficacy of the instrument. Assuming that the entrepreneur considers affordable the implementation of the
initiative if the outcome of the discounted cash flow analysis is at least equal to a threshold value calculated as
a percentage of revenues, the application of ROA returns an extended NPV that meets this constraint, whereas
the use of traditional NPV suggest to abandon the project idea. The binomial approach used also allows to
accurately monitor the project's development, correlating it to the evolution of the market
Real Options for risk analysis in estimating the capitalization rate
A suitable cap-rate is generally determined
through an analogical process in order to estimate the value of
any real estate through the capitalization of the incomes. The
analogy relates to the risk and duration of similar investments.
There are numerous methods to rationalize the valuation of the
cap-rate. Appraisals have a certain degree of uncertainty in all
these methods. This paper proposes a methodology which
removes any uncertainty when evaluating the cap-rate. This is
achieved through the combination of the formal logic of the
Ellwood’s model and the Real Options Analysis
Poliomyelitis surveillance report number 18, May 20, 1955
Dr. Edwin Lennette, Virus Laboratory, California Department of Public Health, reports isolation of type 1 virus from the stool of case PSU No. Cal-21. He also reports isolation of type 1 virus from the stool of a third \uc2\ub0th contact of non-paralytic case PSU No. Cal-14. Isolations from 2 other contacts of this case were previously reported.Dr. Werner Henle, Children\ue2\u20ac\u2122s Hospital, Philadelphia, reports isolation of type 1 poliomyelitis virus from Case PSU No. Pa-2. This is the first isolation from a case receiving Wyeth Vaccine. This case had first paralysis at the same site as inoculation.One new case was accepted today from West Virginia. This seven-year-old female developed bulbar signs 26 days after inoculation with Lilly Vaccine. Vaccinated cases total 79 at 12:00 noon 5-20-55 (Table l)
Valutazioni e stime nella valorizzazione di edifici di culto dismessi
Il presente lavoro prende in considerazione una tipologia di immobili in disuso, quella degli edifici di culto dismessi. Lo studio comprende tre parti. Nella prima sono affrontate le questioni valutative che riguardano la valorizzazione di tali immobili. Nella seconda parte è sviluppato un modello che l'Ente decisore potrà impiegare per la scelta della modalità più conveniente di valorizzazione di un bene in disuso (vendita o cessione in uso). Il modello è infine applicato ad un caso concreto, e sono state evidenziate le caratteristiche di semplicità e di immediatezza di impiego
L'Analisi delle Opzioni Reali applicata alla valutazione di investimenti pubblici. Il caso della Certosa di Padula
La ricerca si propone di definire un modello di analisi economica da utilizzare nel processo di allocazione delle risorse disponibili presso gli Enti finanziatori. In particolare, lo studio vuole fornire al decisore un supporto per la selezione degli investimenti destinati allo sviluppo dei territori beneficiari di finanziamenti pubblici. La metodologia è applicabile in termini generali ad insiemi di interventi che, inerenti ad uno stesso bene e/o territorio, siano caratterizzati da rapporti di reciproca complementarietÃ
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