The use of the real options approach in valuing the impact of climate change on the pulp and paper industry in South Africa : a case study of Sappi

Simple item page
dc.contributor.advisorChivaka, Richarden_ZA
dc.contributor.authorTyler, Emilyen_ZA
dc.date.accessioned2015-01-03T05:47:11Z
dc.date.available2015-01-03T05:47:11Z
dc.date.issued2007en_ZA
dc.descriptionIncludes bibliographical references (leaves 104-113).en_ZA
dc.description.abstractAn emerging valuation technique, real options analysis, has been found to provide insight on value in situations of high uncertainty. Based on financial options theory, it values options relating to real assets. For example, if a company has the option to delay the manufacture of a patented product until the demand for the product is know with greater certainty, this option enables the company to time the investment in order to maximise the returns to the product, and prevents a costly investment mistake should market demand not ever materialise. The option therefore represents a source of value to the company, the value being to retain flexibility in an uncertain environment. According to the real options approach, the uncertainties of climate change could represent sources of value for companies, depending on their ability to remain flexible and to identify, maintain and develop their options. This perspective has implications for both companies' strategic response to challenges arising from climate change and for the valuation of companies by the investor community. This thesis is aimed at answering the following research question: "Does the real options approach to valuation enhance the understanding of the impact of climate change on company value?"en_ZA
dc.identifier.apacitationTyler, E. (2007). <i>The use of the real options approach in valuing the impact of climate change on the pulp and paper industry in South Africa : a case study of Sappi</i>. (Thesis). University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax. Retrieved from http://hdl.handle.net/11427/11144en_ZA
dc.identifier.chicagocitationTyler, Emily. <i>"The use of the real options approach in valuing the impact of climate change on the pulp and paper industry in South Africa : a case study of Sappi."</i> Thesis., University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax, 2007. http://hdl.handle.net/11427/11144en_ZA
dc.identifier.citationTyler, E. 2007. The use of the real options approach in valuing the impact of climate change on the pulp and paper industry in South Africa : a case study of Sappi. University of Cape Town.en_ZA
dc.identifier.ris TY - Thesis / Dissertation AU - Tyler, Emily AB - An emerging valuation technique, real options analysis, has been found to provide insight on value in situations of high uncertainty. Based on financial options theory, it values options relating to real assets. For example, if a company has the option to delay the manufacture of a patented product until the demand for the product is know with greater certainty, this option enables the company to time the investment in order to maximise the returns to the product, and prevents a costly investment mistake should market demand not ever materialise. The option therefore represents a source of value to the company, the value being to retain flexibility in an uncertain environment. According to the real options approach, the uncertainties of climate change could represent sources of value for companies, depending on their ability to remain flexible and to identify, maintain and develop their options. This perspective has implications for both companies' strategic response to challenges arising from climate change and for the valuation of companies by the investor community. This thesis is aimed at answering the following research question: "Does the real options approach to valuation enhance the understanding of the impact of climate change on company value?" DA - 2007 DB - OpenUCT DP - University of Cape Town LK - https://open.uct.ac.za PB - University of Cape Town PY - 2007 T1 - The use of the real options approach in valuing the impact of climate change on the pulp and paper industry in South Africa : a case study of Sappi TI - The use of the real options approach in valuing the impact of climate change on the pulp and paper industry in South Africa : a case study of Sappi UR - http://hdl.handle.net/11427/11144 ER - en_ZA
dc.identifier.urihttp://hdl.handle.net/11427/11144
dc.identifier.vancouvercitationTyler E. The use of the real options approach in valuing the impact of climate change on the pulp and paper industry in South Africa : a case study of Sappi. [Thesis]. University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax, 2007 [cited yyyy month dd]. Available from: http://hdl.handle.net/11427/11144en_ZA
dc.language.isoengen_ZA
dc.publisher.departmentDepartment of Finance and Taxen_ZA
dc.publisher.facultyFaculty of Commerceen_ZA
dc.publisher.institutionUniversity of Cape Town
dc.subject.otherFinancial Managementen_ZA
dc.titleThe use of the real options approach in valuing the impact of climate change on the pulp and paper industry in South Africa : a case study of Sappien_ZA
dc.typeMaster Thesis
dc.type.qualificationlevelMasters
dc.type.qualificationnameMComen_ZA
uct.type.filetypeText
uct.type.filetypeImage
uct.type.publicationResearchen_ZA
uct.type.resourceThesisen_ZA
Files
Original bundle
Now showing 1 - 1 of 1
Thumbnail Image
Name:
thesis_com_2007_tyler_e (1).pdf
Size:
6.82 MB
Format:
Adobe Portable Document Format
Description:
Download
Collections
Masters