20.500.12556/RUL-140492 Opcije in upravljanje s tveganji: Primer podjetja Cephalon delo diplomskega seminarja Options and risk management: the case of Cephalon Delo diplomskega seminarja obravnava opcije in upravljanje s tveganji ter primer biotehnološkega podjetja Cephalon Inc. Vodilni v podjetju so želeli zbrati velike količine kapitala za nadaljnje poslovanje s tvegano transakcijo finančnih instrumentov, katere uspeh je bil odvisen od odločitve FDA. Pričakovali so, da bo njihovo zdravilo Myotrophin odobreno, cena njihove delnice poskočila, nakup nakupnih opcij na delnice lastnega podjetja pa bi se v tem primeru izkazal za dobro strategijo. Teorija opcij in ščitenja denarnega toka nam pokaže napake v odločanju vodilnih v podjetju in nam ponudi alternative izbiri financiranja. Z izbrano strategijo je podjetje nase prevzelo nepotrebno tveganje zaradi ugodnejše računovodske obravnave in s tem plačalo več, kot bi bilo potrebno. Če bi se odločili za cenejšo alternativo, bi potrebe po denarnih tokovih za odkup pravic za zdravilo Myotrophin lahko zadovoljili z izdajo lastniškega kapitala in z razpoložljivimi sredstvi v podjetju, s čimer bi močno zmanjšali tveganje. Negativne novice s strani FDA so vodilne presenetile, saj regulatorji kljub pričakovanjem trga zdravila niso odobrili. To je bil hud udarec za ceno delnice. Opcije so zato propadle in njihova stava na lastno zdravilo se je izkazala za zelo drago v primerjavi z alternativnimi viri financiranja, ki so podrobno opisani v delu diplomskega seminarja. The thesis examines options and risk management and the case of the biotechnology company Cephalon Inc. The company’s managers wanted to raise large amounts of capital to continue their business, through a risky financial derivatives transaction, the whose success depended on a decision by the FDA. They expected their drug Myotrophin to be approved, their share price to soar, making the purchase of call options on their own company’s shares a good strategy. The theory of options and cash flow hedging shows us the flaws in corporate managers’ decision making and offers us alternatives to financing choices. The strategy chosen has led the company to take on unnecessary risk for the sake of a more favourable accounting treatment, and thus to pay more than it should have. If a cheaper alternative had been chosen, the cash flow requirements for the Myotrophin rights purchase could have been met by issuing equity and using the company’s available funds, thereby reducing the risk significantly. The negative news from the FDA took executives by surprise as regulators did not approve the drug despite market expectations. This was a severe blow to the share price. The options therefore collapsed and company’s bet on their own drug proved to be very expensive compared to alternative sources of financing, which are described in detail in the seminar section of the thesis. opcije upravljanje s tveganjem ščitenje denarnih tokov stroški financiranja podjetje options risk management cash flow hedging cost of financing company true false false Slovenski jezik Angleški jezik Delo diplomskega seminarja/zaključno seminarsko delo/naloga 2022-09-15 08:15:10 2022-09-15 08:15:13 2024-05-29 12:12:03 0000-00-00 00:00:00 2022 0 0 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 519.8 127133 121938435 5498.pdf 5498.pdf 1 3C41D15BEB9CF9C8419F9F60FEB6BB2B 6a2d6391a11ae6286f89cf1ac8bf4e97f8827e2e41f13e58c04d59c9b2bf0be3 b0dd1017-34bd-11ed-92af-00155dcfd717 https://repozitorij.uni-lj.si/Dokument.php?lang=slv&id=161218 Fakulteta za matematiko in fiziko 0 0 0