The valuation of gold mining initial public offerings: a binomial lattice approach

Dean, Melissa. (1999). The valuation of gold mining initial public offerings: a binomial lattice approach Honours Thesis, Dept. of Commerce, The University of Queensland.

       
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Author Dean, Melissa.
Thesis Title The valuation of gold mining initial public offerings: a binomial lattice approach
School, Centre or Institute Dept. of Commerce
Institution The University of Queensland
Publication date 1999
Thesis type Honours Thesis
Total pages 100
Language eng
Subjects 14 Economics
Formatted abstract The valuation of mineral assets and equities is an extremely contentious issue. This thesis investigates the valuation of gold mining initial public offerings through the use of a binomial option pricing approach. The study provides mixed results. Although statistical results indicate the binomial option pricing model is an effective equity valuation technique, an analysis of the estimation errors that arise by comparing the binomial equity value to the market equity value indicates the opposite. This analysis does, however, provide interesting insights into the validity of the model and the circumstances in which the application of the model will be most appropriate. In addition to the contribution made to the academic literature, this thesis also makes a significant practical contribution. One investment professional estimates that real option pricing techniques will become a widely used valuation methodology within the next five years. This thesis is a significant step towards achieving this expectation.


 
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