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Enfoque de opciones reales para la valoración financiera de marcas

Author

Listed:
  • Yessica González Londono
  • Mauricio Zuluaga Carmona
  • Cecilia Maya Ochoa

Abstract

Los activos intangibles, especialmente las marcas, son parte fundamental del valor de mercado de las companías, pues representan su ventaja competitiva; sin embargo, la Contabilidad y las Finanzas se enfrentan ante un reto difícil al momento de valorarlos. Los métodos de medición de intangibles en la literatura revisada se caracterizan por ser limitados y subjetivos, e incluso presentan algunos errores conceptuales, encontrándose su utilidad principal en el campo de la gestión. Este artículo propone una metodología para la valoración financiera de marcas a partir de una extensión de la aplicación de opciones reales compuestas de las patentes, aprovechando las similitudes en su construcción. Su aplicación se ilustra mediante la valoración de la marca de una companía aseguradora. Real Options Approach to Financial Valuation of Brands Intangible assets are an important component of the market value of a company, particularly in brands which represent the competitive advantage of the company; however, both Accounting and Finance face a great challenge when trying to value them. The methods which have been proposed by the literature appear to be subjective, limited, and based on some theoretical errors. Their use is mainly circumscribed to the management of intangibles. This paper proposes a methodology for the financial valuation of brands based on the application of a compound real option model to a patent valuation, acknowledging the similarities in their construction. Later, an application to an insurance company is presented.

Suggested Citation

  • Yessica González Londono & Mauricio Zuluaga Carmona & Cecilia Maya Ochoa, 2012. "Enfoque de opciones reales para la valoración financiera de marcas," Revista Ad-Minister, Universidad EAFIT, October.
  • Handle: RePEc:col:000475:011694
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    References listed on IDEAS

    as
    1. Andreas Andrikopoulos, 2008. "Intellectual capital and real options: agency theory and the dynamics of R&D investments," International Journal of Learning and Intellectual Capital, Inderscience Enterprises Ltd, vol. 5(1), pages 20-32.
    2. Weeds, Helen, 1999. "Sleeping Patents And Compulsory Licensing: An Options Analysis," Economic Research Papers 269348, University of Warwick - Department of Economics.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Activos intangibles; marcas; valoración financiera de intangibles; valoración de activos financieros; opciones reales compuestas; marketing; Asset Pricing; Marketing; Intangible assets; brands; financial valuation of intangibles; compound real options; Clasificación.;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing
    • O34 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Intellectual Property and Intellectual Capital

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