Abstract.A large number of economic, financial, social, technological, ecological, environmental and other indicators define the effectiveness of the investment process. According to some of the indicators, the alternative new venture companies are suitable for putting them into investment, according to others, they are not. It becomes difficult to choose the optimal investment in the new venture, as all of them have very poor accounting data or still do not have any. Therefore, there is a lack of valuation methods, which could evaluate start-ups without having any accounting data. The purpose of this article is to propose an evaluation model which could help to choose the optimal new venture to fund. Multi-criteria methods, used in the evaluation process, enable to get objective answers about the effectiveness of the optimal new venture comprehensively by presenting some generalized indicators and considering both quantitative and qualitative data. The start-ups evaluating method proposed by the authors has both theoretical and practical advantages: the extensive analysis can be carried out; the different classification of the evaluation criteria is possible; the weights of the criteria are evaluated (importance, significance), and the possibility to include the new evaluation criteria and their employment in practice are considered. The obtained empirical results comparing two Lithuanian start-ups show that the proposed method could be used for evaluating complex processes of the optimal new venture investments, and could be adapted for various situations. Santrauka. Įvairūs ekonominiai, finansiniai, socialiniai, technologiniai, ekologiniai, aplinkos ir kiti veiksniai apibrėžia investicinio proceso veiksmingumą. Remiantis vienais rodikliais investicija į naujai kuriamą įmonę gali būti efektyvi, remiantis kitais -ne. Sudėtinga pasirinkti optimalią investiciją į naują įmonę, nes dažnai tokios įmonės turi mažai apskaitos duomenų arba jų visai neturi. Teorijoje ir praktikoje stokojama vertinimo metodų, kurie leistų įvertinti rizikingo kapitalo investicijas turint mažai finansinės informacijos. Šio straipsnio tikslas -pasiūlyti naujai kuriamų rizikingo kapitalo įmonių vertinimo modelį, kuris leistų investuotojui pasirinkti naujai kuriamą įmonę finansavimui. Daigiakriterinių metodų įtraukimas į vertinimo procesą leidžia objektyviai įvertinti naujai kuriamą įmonę, išsamiai išanalizuoti plataus spektro rodiklius -ir kiekybinius, ir kokybinius. Autorių siūlomas naujai kuriamų rizikingo kapitalo įmonių vertinimo modelis leidžia atlikti visapusišką ikiinvesticinę analizę, įtraukti skirtingas vertinimo kriterijų klasifikacijas; įvertinti kriterijų svorius, svarbą ir reikšmę; suteikia galimybę įtraukti naujus vertinimo kriterijus vertinimo proceso metu. Gauti empiriniai rezultatai, lyginant dvi Lietuvoje steigiamas įmones, rodo, kad siūlomas metodas gali būti taikomas kompleksiškai vertinant sudėtingą rizikos kapitalo investicinį procesą ir gali būti pritaikytas įvairiose situacijose. KeywordsReikšminiai žodžiai: nauja įmo...
Special features that options include are the main reason of their growing amounts trading in the financial markets. Options can be used in many imaginative ways to create various attractive investment opportunities. Empirical researches all over the world illustrated that options incorporate an insurance element not available in any other security and because of that they can be used by investors to create return distributions unobtainable with the strategy of allocating funds between fixed income securities and stock portfolios. But investor must understand that one of the main aspects of profitable trading in derivative securities is their proper evaluation and pricing. As the exact valuation of options is quite difficult, the article deals with the theoretical and practical aspects of pricing of options. The purpose of the research is to adopt Monte Carlo simulation method to predict prices of plain vanilla options and to compare them to real option prices and option prices calculated using analytical Black-Scholes formula.
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