VOLUMEN XXIII |
INVIERNO 2015 |
SOCIAL VALUE OF THE FIRM: ANALYSES AND PRACTICAL APPLICATIONS
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RICARDO CORREIA Universidad Carlos III |
This paper analyses the social value of a firm considering different objective
functions in a real options perspective. Our results show that the socially
optimal investment policy is not Pareto optimal, but significant gains in the
value (generated by a firm) can be obtained by departing from a strict shareholder
maximizing objective. Taking into account the role of supporting
businesses, this paper develops a simple cost benefit framework that serves
as a tool for assessing public investment incentive policies.
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Key words: real options, public investment incentives. JEL Classification: G31, H25, H32, G18. |
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