{"id":54534,"date":"2018-03-09T22:42:16","date_gmt":"2018-03-09T22:42:16","guid":{"rendered":"https:\/\/www.deberes.net\/tesis\/sin-categoria\/teoria-de-opciones-y-estructura-optima-de-capital-una-aplicacion-a-la-inversion-y-financiacion-inmobiliaria\/"},"modified":"2018-03-09T22:42:16","modified_gmt":"2018-03-09T22:42:16","slug":"teoria-de-opciones-y-estructura-optima-de-capital-una-aplicacion-a-la-inversion-y-financiacion-inmobiliaria","status":"publish","type":"post","link":"https:\/\/www.deberes.net\/tesis\/sin-categoria\/teoria-de-opciones-y-estructura-optima-de-capital-una-aplicacion-a-la-inversion-y-financiacion-inmobiliaria\/","title":{"rendered":"Teor\u00eda de opciones y estructura \u00f3ptima de capital: una aplicaci\u00f3n a la inversi\u00f3n y financiaci\u00f3n inmobiliaria"},"content":{"rendered":"<h2>Tesis doctoral de <strong> Walter Luis Luna Butz <\/strong><\/h2>\n<p>Los modelos de estructura de capital con f\u00f3rmulas cerradas como los de kane, marcus y mcdonald (1984 y 1985), leland (1994), leland y toft (1996) goldstein, ju y leland (2001) y brennan y schwartz (1978) si valora la deuda con el modelo de merton (1974), tienen dificultades para incorporar elementos de los contratos de financiaci\u00f3n que son muy frecuentes en la pr\u00e1ctica: amortizaciones peri\u00f3dicas, cl\u00e1usulas restrictivas de la relaci\u00f3n pr\u00e9stamo valor y opciones de amortizaci\u00f3n anticipada de la deuda. En esta tesis desarrollamos un modelo con base en la teor\u00eda de valoraci\u00f3n de opciones y teor\u00eda del equilibrio est\u00e1tico de la estructura de capital que permite superar estas deficiencias. Al conceptuar las opciones de incumplimiento y de amortizaci\u00f3n anticipada, el ahorro fiscal de los intereses y los costes de quiebra como opciones con barrera, aplicamos para su valoraci\u00f3n el modelo binomial (crr 1979) y diversas versiones del trinomial adaptadas a la eficiente valoraci\u00f3n de dicho tipo de opciones. Los resultados que se obtienen para el supuesto de la financiaci\u00f3n de un inmueble en arrendamiento son coincidentes con los que se observan en la pr\u00e1ctica respecto al nivel de deuda \u00f3ptima (alrededor del 65-70%) y su riesgo de cr\u00e9dito (entre 60 y 100 pb dependiendo de los supuestos concretos).     estructura de capital, teor\u00eda de valoraci\u00f3n de opciones, opciones con barrera, inversi\u00f3n y financiaci\u00f3n inmobiliaria.<\/p>\n<p>&nbsp;<\/p>\n<h3>Datos acad\u00e9micos de la tesis doctoral \u00ab<strong>Teor\u00eda de opciones y estructura \u00f3ptima de capital: una aplicaci\u00f3n a la inversi\u00f3n y financiaci\u00f3n inmobiliaria<\/strong>\u00ab<\/h3>\n<ul>\n<li><strong>T\u00edtulo de la tesis:<\/strong>\u00a0 Teor\u00eda de opciones y estructura \u00f3ptima de capital: una aplicaci\u00f3n a la inversi\u00f3n y financiaci\u00f3n inmobiliaria <\/li>\n<li><strong>Autor:<\/strong>\u00a0 Walter Luis Luna Butz <\/li>\n<li><strong>Universidad:<\/strong>\u00a0 Complutense de Madrid<\/li>\n<li><strong>Fecha de lectura de la tesis:<\/strong>\u00a0 14\/09\/2006<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3>Direcci\u00f3n y tribunal<\/h3>\n<ul>\n<li><strong>Director de la tesis<\/strong>\n<ul>\n<li>Juan  Manuel Mascare\u00f1as Perez I\u00f1igo<\/li>\n<\/ul>\n<\/li>\n<li><strong>Tribunal<\/strong>\n<ul>\n<li>Presidente del tribunal:  Maroto ac\u00edn Juan  Antonio <\/li>\n<li>Francisco L\u00f3pez lubian (vocal)<\/li>\n<li>prosper Lamothe fern\u00e1ndez (vocal)<\/li>\n<li>Juan  Jos\u00e9 Dur\u00e1n herrera (vocal)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tesis doctoral de Walter Luis Luna Butz Los modelos de estructura de capital con f\u00f3rmulas cerradas como los de kane, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center 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