%0 Journal Article
%T Enfoque de opciones reales para la valoraci車n financiera de marcas Real Options Approach to Financial Valuation of Brands
%A Yessica Gonz芍lez Londoˋo
%A Mauricio Zuluaga Carmona
%A Cecilia Maya Ochoa
%J AD-minister
%D 2012
%I Escuela de Administraci車n Universidad EAFIT
%X Los activos intangibles, especialmente las marcas, son parte fundamental del valor de mercado de las compa 赤as, pues representan su ventaja competitiva; sin embargo, la Contabilidad y las Finanzas se enfrentan ante un reto dif赤cil al momento de valorarlos. Los m谷todos de medici車n de intangibles en la literatura revisada se caracterizan por ser limitados y subjetivos, e incluso presentan algunos errores conceptuales, encontr芍ndose su utilidad principal en el campo de la gesti車n. Este art赤culo propone una metodolog赤a para la valoraci車n financiera de marcas a partir de una extensi車n de la aplicaci車n de opciones reales compuestas de las patentes, aprovechando las similitudes en su construcci車n. Su aplicaci車n se ilustra mediante la valoraci車n de la marca de una compa 赤a aseguradora. 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.
%K Asset Pricing
%K Marketing
%K Intangible assets
%K brands
%K financial valuation of intangibles
%K compound real options
%K Clasificaci車n JEL: G1
%K G12
%K M31
%K O34
%U http://publicaciones.eafit.edu.co/index.php/administer/article/view/1725