Naielly Lopes Marques, Luiz Eduardo Teixeira Brandão, L. Gomes
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The Rio De Janeiro international airport privatization: a problem of overbidding?
Abstract We analyze the case of the Rio de Janeiro International Airport concession, which suffered severe financial difficulties after it posted the highest auction bid premium of the 2011–2013 Brazilian government airport privatization program. Given that this airport had significant potential for future expansion, we investigate whether this could have justified the high bid, or whether the value of this flexibility was overestimated. The concession is analyzed using the real options approach because these expansion opportunities have option-like characteristics. The results suggest that these options may have been overpriced, because they are insufficient to justify the bid premium offered.
期刊介绍：
Latin American Business Review is a quarterly, refereed journal which facilitates the exchange of information and new ideas between academics, business practitioners, public policymakers, and those in the international development community. Special features of the journal will keep you current on various teaching, research, and information sources. These activities all focus on the business and economic environment of the diverse and dynamic countries of the Americas.
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