<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>1405-3195</journal-id>
<journal-title><![CDATA[Agrociencia]]></journal-title>
<abbrev-journal-title><![CDATA[Agrociencia]]></abbrev-journal-title>
<issn>1405-3195</issn>
<publisher>
<publisher-name><![CDATA[Colegio de Postgraduados]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1405-31952016000400533</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[La utilidad de las opciones reales para valorar inversiones en el sector pesquero: aplicación a la pesquería de merluza (Merluccius spp.)]]></article-title>
<article-title xml:lang="en"><![CDATA[The usefulness of real options to assess fisheries investments: application to the fishery of hake (Merluccius spp.)]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[García-Ramos]]></surname>
<given-names><![CDATA[Rebeca]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Díaz-Díaz]]></surname>
<given-names><![CDATA[Belén]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Luna-Sotorrío]]></surname>
<given-names><![CDATA[Ladislao]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de Cantabria Departamento de Administración de Empresas ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Spain</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2016</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2016</year>
</pub-date>
<volume>50</volume>
<numero>4</numero>
<fpage>533</fpage>
<lpage>549</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1405-31952016000400533&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1405-31952016000400533&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1405-31952016000400533&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El grado alto de incertidumbre inherente al precio de los recursos pesqueros y la inversión para iniciar la actividad en el sector muestran que las empresas pesqueras necesitan un instrumento de valoración de la viabilidad de cada proyecto que les permita tomar decisiones adecuadas de inversión. La Teoría de Opciones Reales permite valorar la flexibilidad en las decisiones e incluir la posibilidad de abandono temporal de la actividad pesquera si las condiciones de precio no son favorables. En este estudio se aplicó la Teoría de Opciones Reales a la valoración económica de una inversión para la compra de buques destinados a la explotación de la pesquería de merluza (Merluccius spp.) del Puerto de Santander (España). El valor a través de opciones reales fue mayor al del método tradicional, aceptando por lo tanto la decisión de inversión, que con el segundo método se hubiera fechazado. Este resultado se mantuvo tras los análisis de sensibilidad desarrollados, que consideraron variaciones en la volatilidad del precio del recurso, en el tipo de interés sin riesgo y en la tasa de conveniencia. Además, el valor de la inversión incluyendo la opción de abandono temporal de la actividad se ajustó mejor al valor real observado a posteriori. En particular, el valor de la opción de abandono temporal de la actividad supuso un valor adicional de 42.4 % de los flujos de caja generados por la explotación de la misma. El estudio mostró la necesidad de aplicar opciones reales para la valoración adecuada de proyectos de inversión relacionados con este sector.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: The high degree of uncertainty inherent to the price of the fishing resources and the investment to initiate the activity in the sector show that fisheries need an instrument of valuation of the viability of each project that helps them make adequate investment decisions. The Real Options Valuation helps valuate the flexibility in decisions and include the possibility of the temporary abandonment of the fishing activity if the price conditions are not favorable. This study applied the Real Options Valuation on the economic valuation of an investment for the purchase of ships for hake fishing (Merluccius spp.) in the port of Santander (Spain).The value through real options turned out to be higher than the value through the traditional method, therefore accepting the decision to invest, which would have been rejected using the second method. This result was maintained after the sensitivity analyses developed, which considered variations in the volatility of the price of the resource, in the risk-free interest rate and in the convenience fee. Also, the value of the investment, including the option of the temporary abandonment of the activity was adjusted to a greater degree to the real value observed later on. In particular, the value of the option of abandoning the activity temporarily implied an additional value of 42.4 % of the cash flows generated by its use. This study showed the need to apply real options for the adequate valuation of investment projects related to this sector.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Recursos naturales renovables]]></kwd>
<kwd lng="es"><![CDATA[pesca]]></kwd>
<kwd lng="es"><![CDATA[Merluccius spp.]]></kwd>
<kwd lng="es"><![CDATA[inversión]]></kwd>
<kwd lng="es"><![CDATA[valor actual neto]]></kwd>
<kwd lng="es"><![CDATA[opciones reales]]></kwd>
<kwd lng="en"><![CDATA[Renewable natural resources]]></kwd>
<kwd lng="en"><![CDATA[fishing]]></kwd>
<kwd lng="en"><![CDATA[Merluccius spp.]]></kwd>
<kwd lng="en"><![CDATA[investment]]></kwd>
<kwd lng="en"><![CDATA[net present value]]></kwd>
<kwd lng="en"><![CDATA[real options]]></kwd>
</kwd-group>
</article-meta>
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