This paper proposes the use of the Cash Flow from Operations (CFO) obtained from Cash Flow Statement (CFS) as a factor with significant impact on the financial structure of the Spanish firms in a period (2008-2012) that was characterized by dificulties in business finance. In the previous...

The aim of this article is to summarize exhaustively and concisely, the different methodologies for estimating the volatility that has been proposed for the real options approach (ROA), and also provide a theoretical and practical explanation for estimating an unbiased volatility and...

The valuation of options and to a large extent the financial derivatives market require an optimal estimation of the volatility, since this is precisely the variable that is negotiated. We present then a statistical methodology for the estimation of the volatility parameter for an asset using...