منابع مشابه
Using Real-Options Valuation Methods for a Biotechnology Firm∗
Many firms in the biotechnology industry have significant valuations despite having no product revenue because their products are in early stages of development. In the past ten to fifteen years investors have bid up the stock prices of firms showing promise of developing a blockbuster drug. Using the decision-tree and binomial-lattice methods we compare the value of a biotechnology firm to the...
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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 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 کاملReal options valuation under uncertainty
In this paper we develop a novel valuation model and methodology to value a pharmaceutical R&D project based on real options approach. The real options approach enables the possibility of optimally abandon the project before completion whenever the investment cost turns out to be larger than the expected net cash flow stream. On the other hand, the proposed model accounts for two different sour...
متن کاملSimulation and Optimization for Real Options Valuation
Real options valuation (ROV) considers the managerial flexibility to make ongoing decisions regarding implementation of investment projects and deployment of real assets. This paper introduces a simulation-optimization approach to valuing real investment options based on a model containing several decision variables and realistic stochastic inputs. Using this approach, the value of a portfolio ...
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ژورنال
عنوان ژورنال: Nature Biotechnology
سال: 2002
ISSN: 1087-0156,1546-1696
DOI: 10.1038/nbt0302-223a