Risks and uncertainties manifested in the economic value of an investment: a case study of OGX Petróleo e Gás
Autor(a) principal: | |
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Data de Publicação: | 2017 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Revista ENIAC pesquisa |
Texto Completo: | https://ojs.eniac.com.br/index.php/EniacPesquisa/article/view/474 |
Resumo: | The Brazilian financial and capital markets provide several investment options for an investor. However, the decision behind such options will depend on both investor profile and the investment returns. Having in mind that such return can be seen as the investor’s expectations of future cash flows from an investment, added to several risks and the uncertainty from such investment, macroeconomically speaking and even from the invested company itself, one could affirm that the subjectivity used in the valuation of an asset or a business would be one of the items considered in the definition of its economic value. In this sense, the main objective in this paper is to analyze how risk and uncertainty, allied to the formation of expectations in an investment valuation, can be manifested in its economic value. The research made for this paper was focused on the analysis of OGX Petróleo e Gás, a Brazilian publicly traded company, related to the period from 2008 to 2015. Some years after its IPO process, this company assessed that the assets once recognized could not be realized given the infeasibility on the exploration of oil and gas, resulting in the impairment of such assets and its recognition as losses by this company, contributing for the decline of its stock prices at the local exchange. Based on the results presented in this paper, the authors inferred that risk and uncertainty, allied to the formation of expectations, had strong influence on the valuation of the economic value of the OGX share. |
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Risks and uncertainties manifested in the economic value of an investment: a case study of OGX Petróleo e GásRiscos e incertezas manifestos no valor econômico de um investimento: um estudo de caso da OGX Petróleo e GásEconomic Value. SubjectivityInvestment ValuationRisk and Uncertainty.valor econômicosubjetividadeavaliação de investimentosrisco e incertezaThe Brazilian financial and capital markets provide several investment options for an investor. However, the decision behind such options will depend on both investor profile and the investment returns. Having in mind that such return can be seen as the investor’s expectations of future cash flows from an investment, added to several risks and the uncertainty from such investment, macroeconomically speaking and even from the invested company itself, one could affirm that the subjectivity used in the valuation of an asset or a business would be one of the items considered in the definition of its economic value. In this sense, the main objective in this paper is to analyze how risk and uncertainty, allied to the formation of expectations in an investment valuation, can be manifested in its economic value. The research made for this paper was focused on the analysis of OGX Petróleo e Gás, a Brazilian publicly traded company, related to the period from 2008 to 2015. Some years after its IPO process, this company assessed that the assets once recognized could not be realized given the infeasibility on the exploration of oil and gas, resulting in the impairment of such assets and its recognition as losses by this company, contributing for the decline of its stock prices at the local exchange. Based on the results presented in this paper, the authors inferred that risk and uncertainty, allied to the formation of expectations, had strong influence on the valuation of the economic value of the OGX share.No mercado financeiro e de capitais brasileiro, muitas são as opções de investimentos para os poupadores de recursos. Entretanto, a decisão por tais opções dependerá basicamente do perfil do investidor e do retorno esperado do ativo a que se queira investir. Tendo em vista a questão do retorno sob a forma de expectativa da geração de fluxos de caixa futuros, somados aos riscos diversos e à incerteza, tanto sob o aspecto macroeconômico quanto do próprio negócio da empresa investida, pode-se afirmar, de início, que a subjetividade utilizada na avaliação de um ativo ou um negócio seja um dos itens considerados na definição do seu valor econômico. Nesse sentido, o objetivo central deste artigo é analisar como o risco e a incerteza, aliados à formação das expectativas na avaliação de um investimento, se manifestam na formulação do seu valor econômico. A pesquisa documental deste trabalho foi focada na análise da empresa OGX Petróleo e Gás S.A. (OGX) compreendendo o período de 2008 a 2015. Alguns anos após a abertura de seu capital, foi constatado, pela OGX, que boa parte dos ativos anteriormente reconhecidos não apresentavam viabilidade na exploração de petróleo e gás natural, resultando no reconhecimento em seu resultado de perdas na forma de impairment, o que ocasionou a queda do valor de suas ações. Desse modo, com base nos resultados apresentados neste estudo, pode-se inferir que o risco e a incerteza, aliados a formação das expectativas, tiveram forte influência na avaliação do valor econômico da ação da OGX. Centro Universitário ENIAC2017-12-23info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://ojs.eniac.com.br/index.php/EniacPesquisa/article/view/47410.22567/rep.v6i2.474Revista Eniac Pesquisa; Vol. 6 No. 2 (2017); 210-227REVISTA ENIAC PESQUISA; Vol. 6 Núm. 2 (2017); 210-227REVISTA ENIAC PESQUISA; v. 6 n. 2 (2017); 210-2272316-234110.22567/rep.v6i2reponame:Revista ENIAC pesquisainstname:Centro Universitário Eniacinstacron:ENIACporhttps://ojs.eniac.com.br/index.php/EniacPesquisa/article/view/474/pdfCopyright (c) 2017 REVISTA ENIAC PESQUISAhttps://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessSavegnago, Rogerio de PaivaSoncini, Álvaro JoséOliveira, Antonio Benedito Silva2024-07-09T18:47:49Zoai:ojs.pkp.sfu.ca:article/474Revistahttps://ojs.eniac.com.br/index.php/EniacPesquisaPRIhttp://ojs.eniac.com.br/index.php/EniacPesquisa/oai||revistaeniacpesquisa@fernandoasantos.com.br2316-23412316-2341opendoar:2024-07-09T18:47:49Revista ENIAC pesquisa - Centro Universitário Eniacfalse |
dc.title.none.fl_str_mv |
Risks and uncertainties manifested in the economic value of an investment: a case study of OGX Petróleo e Gás Riscos e incertezas manifestos no valor econômico de um investimento: um estudo de caso da OGX Petróleo e Gás |
title |
Risks and uncertainties manifested in the economic value of an investment: a case study of OGX Petróleo e Gás |
spellingShingle |
Risks and uncertainties manifested in the economic value of an investment: a case study of OGX Petróleo e Gás Savegnago, Rogerio de Paiva Economic Value. Subjectivity Investment Valuation Risk and Uncertainty. valor econômico subjetividade avaliação de investimentos risco e incerteza |
title_short |
Risks and uncertainties manifested in the economic value of an investment: a case study of OGX Petróleo e Gás |
title_full |
Risks and uncertainties manifested in the economic value of an investment: a case study of OGX Petróleo e Gás |
title_fullStr |
Risks and uncertainties manifested in the economic value of an investment: a case study of OGX Petróleo e Gás |
title_full_unstemmed |
Risks and uncertainties manifested in the economic value of an investment: a case study of OGX Petróleo e Gás |
title_sort |
Risks and uncertainties manifested in the economic value of an investment: a case study of OGX Petróleo e Gás |
author |
Savegnago, Rogerio de Paiva |
author_facet |
Savegnago, Rogerio de Paiva Soncini, Álvaro José Oliveira, Antonio Benedito Silva |
author_role |
author |
author2 |
Soncini, Álvaro José Oliveira, Antonio Benedito Silva |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Savegnago, Rogerio de Paiva Soncini, Álvaro José Oliveira, Antonio Benedito Silva |
dc.subject.por.fl_str_mv |
Economic Value. Subjectivity Investment Valuation Risk and Uncertainty. valor econômico subjetividade avaliação de investimentos risco e incerteza |
topic |
Economic Value. Subjectivity Investment Valuation Risk and Uncertainty. valor econômico subjetividade avaliação de investimentos risco e incerteza |
description |
The Brazilian financial and capital markets provide several investment options for an investor. However, the decision behind such options will depend on both investor profile and the investment returns. Having in mind that such return can be seen as the investor’s expectations of future cash flows from an investment, added to several risks and the uncertainty from such investment, macroeconomically speaking and even from the invested company itself, one could affirm that the subjectivity used in the valuation of an asset or a business would be one of the items considered in the definition of its economic value. In this sense, the main objective in this paper is to analyze how risk and uncertainty, allied to the formation of expectations in an investment valuation, can be manifested in its economic value. The research made for this paper was focused on the analysis of OGX Petróleo e Gás, a Brazilian publicly traded company, related to the period from 2008 to 2015. Some years after its IPO process, this company assessed that the assets once recognized could not be realized given the infeasibility on the exploration of oil and gas, resulting in the impairment of such assets and its recognition as losses by this company, contributing for the decline of its stock prices at the local exchange. Based on the results presented in this paper, the authors inferred that risk and uncertainty, allied to the formation of expectations, had strong influence on the valuation of the economic value of the OGX share. |
publishDate |
2017 |
dc.date.none.fl_str_mv |
2017-12-23 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://ojs.eniac.com.br/index.php/EniacPesquisa/article/view/474 10.22567/rep.v6i2.474 |
url |
https://ojs.eniac.com.br/index.php/EniacPesquisa/article/view/474 |
identifier_str_mv |
10.22567/rep.v6i2.474 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://ojs.eniac.com.br/index.php/EniacPesquisa/article/view/474/pdf |
dc.rights.driver.fl_str_mv |
Copyright (c) 2017 REVISTA ENIAC PESQUISA https://creativecommons.org/licenses/by/4.0 info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2017 REVISTA ENIAC PESQUISA https://creativecommons.org/licenses/by/4.0 |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Centro Universitário ENIAC |
publisher.none.fl_str_mv |
Centro Universitário ENIAC |
dc.source.none.fl_str_mv |
Revista Eniac Pesquisa; Vol. 6 No. 2 (2017); 210-227 REVISTA ENIAC PESQUISA; Vol. 6 Núm. 2 (2017); 210-227 REVISTA ENIAC PESQUISA; v. 6 n. 2 (2017); 210-227 2316-2341 10.22567/rep.v6i2 reponame:Revista ENIAC pesquisa instname:Centro Universitário Eniac instacron:ENIAC |
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Centro Universitário Eniac |
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ENIAC |
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ENIAC |
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Revista ENIAC pesquisa |
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Revista ENIAC pesquisa |
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Revista ENIAC pesquisa - Centro Universitário Eniac |
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