Abstract

SOSA CRUZ, Gerardo  and  BANDA ORTIZ, Humberto. Real options in the financial evaluation of coffee investment projects. Pensam. gest. [online]. 2020, n.48, pp.140-168.  Epub May 10, 2021. ISSN 1657-6276.

This work aims is real options empirically study as a technique for technology-based coffee investment projects financial valuation, in addition to comparing the traditional valuation projects techniques versus the real options technique. In order to get the goal of this work the real options technique was applied to four technology-based investment projects from the coffee sector, it is most be mentioning that the four investment projects have cash flows corresponding to ten years each one. The real options technique was use, specifically applying the model developed by the authors Black & Scholes. The analysis carried out in this investigation is limited to coffee investment projects, which were obtained from the Ministry of Agriculture and Rural Development in Mexico (SADER). Present investigation originality is that in Mexico real option methodology does not tend to be used as a rule, but for reasons of ease, traditional techniques are used, consisting of net present value, internal rate of return and recovery period. With the application of the real options methodology, a higher value was obtain than that obtained by applying the traditional technique, so it can be said that the real options favor reducing risk and uncertainty in projects for a better evaluation of these. Therefore, the use of real options is highly recommended, since real options technique gives greater certainty of the results of the traditional technique.

Código JEL: E37, M21, O22

Keywords : real options; financial evaluation; coffee projects.

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