巴西里约热内卢国际机场私有化:出价过高的问题?

Q3 Business, Management and Accounting

Latin American Business Review Pub Date : 2019-06-24 DOI:10.1080/10978526.2019.1624562

Naielly Lopes Marques, Luiz Eduardo Teixeira Brandão, L. Gomes

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引用次数: 6

摘要

摘要我们分析了里约热内卢国际机场特许经营权的案例，该特许经营权在2011-2013年巴西政府机场私有化计划中获得最高的拍卖溢价后，遭遇了严重的财务困难。鉴于该机场在未来的扩建中具有巨大的潜力，我们调查这是否证明了高出价的合理性，或者这种灵活性的价值是否被高估了。由于这些扩张机会具有期权性质，因此使用实物期权法对特许权进行分析。结果表明，这些期权可能定价过高，因为它们不足以证明所提供的投标溢价是合理的。

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The Rio De Janeiro international airport privatization: a problem of overbidding?

Abstract We analyze the case of the Rio de Janeiro International Airport concession, which suffered severe financial difficulties after it posted the highest auction bid premium of the 2011–2013 Brazilian government airport privatization program. Given that this airport had significant potential for future expansion, we investigate whether this could have justified the high bid, or whether the value of this flexibility was overestimated. The concession is analyzed using the real options approach because these expansion opportunities have option-like characteristics. The results suggest that these options may have been overpriced, because they are insufficient to justify the bid premium offered.

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来源期刊

Latin American Business Review Business, Management and Accounting-Business and International Management

CiteScore

2.40

自引率

0.00%

发文量

期刊介绍： Latin American Business Review is a quarterly, refereed journal which facilitates the exchange of information and new ideas between academics, business practitioners, public policymakers, and those in the international development community. Special features of the journal will keep you current on various teaching, research, and information sources. These activities all focus on the business and economic environment of the diverse and dynamic countries of the Americas.