Valuation of R&D Projects

研究成果: Article同行評審

3 引文 斯高帕斯(Scopus)


This work presents a novel option pricing method to evaluate R&D projects, an area that has received considerable attention in recent years. As the underlying assets, e.g. R&D projects, are usually non-tradable, this work examines a "twin" or "surrogate" traded asset whose price process is highly correlated with that of a non-traded underlying asset. Based on the observable market price of the surrogate asset, the proposed model can price the value of a real option underlying the non-traded R&D projects. The proposed model differs from previous ones mainly owing to its ability to deal with highly complex situations, e.g. the compound effect and the non-tradability of R&D projects, when evaluating them.

頁(從 - 到)289-304
期刊Asia Pacific Management Review
出版狀態Published - 2011 十二月 14

All Science Journal Classification (ASJC) codes

  • Business and International Management
  • Strategy and Management

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