Modelo de Black & Scholes como mecanismo de valoración : caso sector inmobiliario.

Abstract

This thesis is a research on the application of the Black & Scholes Model in the valuation of real estate with the objective of reflecting the fair value of the asset. We chose to segment the work into five chapters, within which are the specific objectives that seek to answer the hypothesis raised in the thesis. From the methodological point of view, the non-experimental descriptive type of longitudinal cut was used, which is used to diagnose the behavior of the implicit and extract the explicit from the value. An analysis of the market was made about the classic real estate valuation mechanisms for the purchase and sale of a good. The patrimonial method, the cash flow and expected returns; methods that do not allow delays, thus giving the project an undervaluation. This allowed us to establish the Black & Scholes model variables that are used in a financial asset together with the terminology applied in the real estate sector; In addition, it facilitated responding to the how, when and why of the study, in order to indicate the causal relationships contemplated of: market price, exercise price, volatility, discount rate and temporality. We proceeded to the practical application of the Black & Scholes model to examine the purchase of real estate. As a result of the exercise, it was corroborated that when using the Black & Scholes model in the valuation of real estate in Guayaquil it was possible to reflect the fair value of the property under risk and uncertainty conditions, since the price of a dwelling influences the value of time (volatility, interest rate and maturation time) and their difference; that was demonstrated with the final exercise, where the Black & Scholes model was used to confirm its contribution by integrating the volatility and expectation; which enriches traditional models.