THIS ARTICLE ANALYZES THE DIVIDEND PAYOUT RATIO, REMEMBERING THAT CHILEAN FIRMS ARE CHARACTERIZED BY MANDATORY DIVIDENDS, A STRONG OWNERSHIP STRUCTURE, GROWTH OPPORTUNITIES, AND INSTITUTIONAL INVESTORS. THIS RESEARCH WAS CARRIED OUT FOR THE 2001?2007 PERIOD USING MULTIPLE LINEAR REGRESSIONS WITH VARIABLE SELECTION BY MEANS OF A STEPWISE APPROACH AND PARAMETER ESTIMATION BY MAXIMUM LIKELIHOOD. WE FOUND EVIDENCE OF THE USE OF THE DIVIDEND PAYOUT RATIO TO PROVIDE INFORMATION ABOUT THE FUTURE PROJECTS OF A COMPANY AND THE FAIR TREATMENT OF SHAREHOLDERS. IT ALSO HIGHLIGHTS THE CONTROL EXERTED ON THE PART OF INSTITUTIONAL INVESTORS.

THE PRESENT STUDY FOCUSES ON THE VALUATION OF A PROJECT THROUGH REAL OPTIONS. IT SUGGESTS THAT THE ?EXIBILITY THAT THIS TYPE O PROJECTS HAVE PROVIDES A VALUE ADDED TO IT, CONSIDERING THAT THE FACT OF BEING ABLE TO DECIDE THE MOST APPROPRIATE TIME TO EXPAND GIVEN THE DIFFERENT POTENTIAL SCENARIOS IN THE LONG TERM. IN PARTICULAR, IT IS DESIRED TO VALUATE THE OPTION OF DEFERRING THE EXPANSION STRATEGY THROUGH THE CONSTRUCTION OF BRANCHES IN VARIOUS CITIES OF THE COUNTRY IT WAS POSSIBLE TO INFER THAT THE REAL OPTION OF POSTPONING AN EXPANSION PROJECT GENERATES AN ADDITIONAL VALUE, MAINLY DUE TO THE BENE?T OF OPENING AN BRANCH BEFORE SCHEDULE, CONSIDERING THE RISK EFFECT AND VARIABILITY.

THE PRESENT ARTICLE FOCUSES IN VALUATE THE OPTION OF DEFERRING THE FIRMS EXPANSION THROUGH THE CONSTRUCTION OF BRANCHES ON CITIES OF THE SOUTH OF CHILE. IT WAS POSSIBLE TO INFER THAT THE REAL OPTION OF POSTPONING AN EXPANSION PROJECT GENERATES AN ADDITIONAL VALUE, DUE TO THE BENEFIT OF OPENING BEFORE SCHEDULE, CONSIDERING THE RISK AND VARIABILITY OF THE SALES. IN OTHER WORDS, IT MINIMIZED THE EXPOSURE TO RISK BY POSTPONING THE INVESTING, MAXIMIZING THE EARNINGS UNDER FAVOURABLE CIRCUMSTANCES