Kallio, Markku; Kuula, Markku; Oinonen, Sami - In: European Journal of Operational Research 217 (2012) 2, pp. 428-438
In this paper, we consider investments in eucalyptus plantations in Brazil. For such projects, we discuss real options valuation in the place conventional methods such as IRR or NPV, possibly with CAPM. Traditionally, real options valuation assumes complete markets and neglects market...
