منابع مشابه
Patents as Options: Path-Dependency and Patent Value
Enabled by the Bayh-Dole Act (1980), universities license access to innovations protected by US patents. Despite the growing importance of license revenue to cashstrapped land-grant universities that generate a large share of agricultural innovations, there has been no formal attempt to determine an optimal pricing strategy for patent licenses. We recognize that patents are options on the strea...
متن کاملMergers and market valuation: real options approach
This paper investigates the connection between market valuation anda type of the merger (stock, cash) using real options setup. I solveexplicitly for the timing and terms of cash mergers in two deferent settingsto demonstrate that cash mergers generally occur at low marketvaluations, whereas stock mergers that may be observed at both low andhigh valuations; the result holds with some dierences ...
متن کاملSoftware Design Decisions as Real Options
Despite their status as foundational concepts in software engineering, many software design decision-making principles and heuristics, such as information hiding and the delaying of design decisions, are still idiosyncratic, ad hoc, poorly integrated and not clearly based on any sound theory. In this paper, we develop an economics-based approach to providing a firmer foundation for software des...
متن کاملmergers and market valuation: real options approach
this paper investigates the connection between market valuation anda type of the merger (stock, cash) using real options setup. i solveexplicitly for the timing and terms of cash mergers in two deferent settingsto demonstrate that cash mergers generally occur at low marketvaluations, whereas stock mergers that may be observed at both low andhigh valuations; the result holds with some di erences...
متن کاملThe Evaluation of Venture Capital As an Instalment Option: Valuing Real Options Using Real Options
Many start-up companies rely upon venture capitalists to begin operations. Typically, after the initial injection of funds, additional funding is provided as the firm reaches certain performance targets. The payment of the first funding round is comparable to an initial option premium. Further payments are contingent claims: the right but not the obligation to continue financially supporting th...
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ژورنال
عنوان ژورنال: Economic Notes
سال: 2004
ISSN: 0391-5026,1468-0300
DOI: 10.1111/j.0391-5026.2004.00124.x