메뉴 건너뛰기




Volumn 29, Issue 3, 1999, Pages 255-270

Real options valuation: The new frontier in R&D project evaluation?

Author keywords

[No Author keywords available]

Indexed keywords


EID: 0013417759     PISSN: 00336807     EISSN: None     Source Type: Journal    
DOI: 10.1111/1467-9310.00135     Document Type: Review
Times cited : (135)

References (80)
  • 3
    • 0010049333 scopus 로고
    • Volatile exchange rates and the multinational firm: Entry, exit, and capacity options
    • Trigeorgis, L. (ed.) Westport: Praeger Publishers
    • Bell, G.K. (1995) Volatile exchange rates and the multinational firm: entry, exit, and capacity options. In Trigeorgis, L. (ed.) Real Options in Capital Investment - Models, Strategies, and Applications. Westport: Praeger Publishers, pp. 163-183.
    • (1995) Real Options in Capital Investment - Models, Strategies, and Applications , pp. 163-183
    • Bell, G.K.1
  • 4
    • 0011595473 scopus 로고
    • Contingent claims evaluation of mean-reverting cash flows in shipping
    • Trigeorgis, L. (ed.) Westport: Praeger Publishers
    • Bjerksund, P. and Ekern, S. (1995) Contingent claims evaluation of mean-reverting cash flows in shipping. In Trigeorgis, L. (ed.) Real Options in Capital Investment - Models, Strategies, and Applications. Westport: Praeger Publishers, pp. 207-220.
    • (1995) Real Options in Capital Investment - Models, Strategies, and Applications , pp. 207-220
    • Bjerksund, P.1    Ekern, S.2
  • 5
    • 0001603924 scopus 로고
    • Evaluating natural resource investments
    • Brennan, M.J. and Schwartz, E.S. (1985) Evaluating natural resource investments. Journal of Business, 58, 2, 135-158.
    • (1985) Journal of Business , vol.58 , Issue.2 , pp. 135-158
    • Brennan, M.J.1    Schwartz, E.S.2
  • 6
    • 0345953093 scopus 로고
    • A simple approach to option valuation and hedging in the Black-Scholes model
    • Brenner, M. and Subrahmanyam, M.G. (1994) A simple approach to option valuation and hedging in the Black-Scholes model. Financial Analysts Journal, 50, 2, 25-28.
    • (1994) Financial Analysts Journal , vol.50 , Issue.2 , pp. 25-28
    • Brenner, M.1    Subrahmanyam, M.G.2
  • 7
    • 0031161748 scopus 로고    scopus 로고
    • Real options in practice: An exploratory survey of how finance officers deal with flexibility in capital appraisal
    • Busby, J.S. and Pitts, C.G.C. (1997) Real options in practice: an exploratory survey of how finance officers deal with flexibility in capital appraisal. Management Accounting Research, 8, 169-186.
    • (1997) Management Accounting Research , vol.8 , pp. 169-186
    • Busby, J.S.1    Pitts, C.G.C.2
  • 8
    • 84977731487 scopus 로고
    • The valuation of sequential exchange opportunities
    • Carr, P. (1988) The valuation of sequential exchange opportunities. Journal of Finance, 43, 5, 1235-1256.
    • (1988) Journal of Finance , vol.43 , Issue.5 , pp. 1235-1256
    • Carr, P.1
  • 9
    • 0002988042 scopus 로고
    • The valuation of American exchange options with application to real options
    • Trigeorgis, L. (ed.) Westport: Praeyer Publishers
    • Carr, P. (1995) The valuation of American exchange options with application to real options. In Trigeorgis, L. (ed.) Real Options in Capital Investment - Models, Strategies, and Applications. Westport: Praeyer Publishers, pp. 109-120.
    • (1995) Real Options in Capital Investment - Models, Strategies, and Applications , pp. 109-120
    • Carr, P.1
  • 10
    • 0002927460 scopus 로고
    • Investment options, assets in place, and risk of stocks
    • Chung, K. and Charolnwong, C. (1991) Investment options, assets in place, and risk of stocks. Financial Management, 20, 3, 21-33.
    • (1991) Financial Management , vol.20 , Issue.3 , pp. 21-33
    • Chung, K.1    Charolnwong, C.2
  • 12
    • 0042145602 scopus 로고
    • Proactive management of uncertainty
    • Copeland, T. and Weiner, J. (1990) Proactive management of uncertainty. The McKinsey Quarterly, 10, 4, 133-152.
    • (1990) The McKinsey Quarterly , vol.10 , Issue.4 , pp. 133-152
    • Copeland, T.1    Weiner, J.2
  • 13
    • 33847554918 scopus 로고
    • The valuation of options for alternative stochastic processes
    • Cox, J.C. and Ross, S.A. (1976) The valuation of options for alternative stochastic processes. Journal of Financial Economics, 4, 3, 145-166.
    • (1976) Journal of Financial Economics , vol.4 , Issue.3 , pp. 145-166
    • Cox, J.C.1    Ross, S.A.2
  • 16
    • 6944231680 scopus 로고
    • Stock-based compensation: Estimating option values
    • Crawford, D. and Franz, R.D. (1994) Stock-based compensation: estimating option values. The CPA Journal, 64, 12, 60-62.
    • (1994) The CPA Journal , vol.64 , Issue.12 , pp. 60-62
    • Crawford, D.1    Franz, R.D.2
  • 18
    • 0023792515 scopus 로고
    • An option pricing approach to evaluating petroleum project
    • Ekern, S. (1988) An option pricing approach to evaluating petroleum project. Energy Economics, 23, 3, 91-99.
    • (1988) Energy Economics , vol.23 , Issue.3 , pp. 91-99
    • Ekern, S.1
  • 20
    • 84977416972 scopus 로고
    • Call option pricing when the exercise price is uncertain, and the valuation of index bonds
    • Fischer, S. (1978) Call option pricing when the exercise price is uncertain, and the valuation of index bonds. Journal of Finance, 33, 3, 169-176.
    • (1978) Journal of Finance , vol.33 , Issue.3 , pp. 169-176
    • Fischer, S.1
  • 21
    • 49249145468 scopus 로고
    • The valuation of compound options
    • Geske, R. (1979) The valuation of compound options. Journal of Financial Economics, 7, 1, 63-81.
    • (1979) Journal of Financial Economics , vol.7 , Issue.1 , pp. 63-81
    • Geske, R.1
  • 22
    • 84944839400 scopus 로고
    • Valuation by approximation: A comparison of alternative option valuation techniques
    • Geske, R. and Shastri, K. (1985) Valuation by approximation: a comparison of alternative option valuation techniques. Journal of Financial and Quantitative Analysis, 20, 1, 45-71.
    • (1985) Journal of Financial and Quantitative Analysis , vol.20 , Issue.1 , pp. 45-71
    • Geske, R.1    Shastri, K.2
  • 28
    • 0003145343 scopus 로고
    • Waiting to invest, investment and uncertainty
    • Ingersoll, I. and Ross, S. (1992) Waiting to invest, investment and uncertainty. Journal of Business, 65, 1, 1-29.
    • (1992) Journal of Business , vol.65 , Issue.1 , pp. 1-29
    • Ingersoll, I.1    Ross, S.2
  • 29
    • 0002910445 scopus 로고
    • Multiproduct manufacturing with stochastic input prices and output yield uncertainty
    • Trigeorgis, L. (ed.) Westport: Praeyer Publishers
    • Kamrad, B. and Ricardo, E. (1995) Multiproduct manufacturing with stochastic input prices and output yield uncertainty. In Trigeorgis, L. (ed.) Real Options in Capital Investment - Models, Strategies, and Applications. Westport: Praeyer Publishers, pp. 281-302.
    • (1995) Real Options in Capital Investment - Models, Strategies, and Applications , pp. 281-302
    • Kamrad, B.1    Ricardo, E.2
  • 31
    • 21344497329 scopus 로고
    • Case studies on real options
    • Kemna, A. (1993) Case studies on real options. Financial Management, 22, 3, 259-270.
    • (1993) Financial Management , vol.22 , Issue.3 , pp. 259-270
    • Kemna, A.1
  • 32
    • 0002739347 scopus 로고
    • Adding the value of active management into the capital budgeting equation
    • Kensinger, J.W. (1987) Adding the value of active management into the capital budgeting equation. Midland Corporate Finance Journal, 5, 1, 31-42.
    • (1987) Midland Corporate Finance Journal , vol.5 , Issue.1 , pp. 31-42
    • Kensinger, J.W.1
  • 33
    • 0000135893 scopus 로고
    • Today's options for tomorrow's growth
    • Kester, W.C. (1984) Today's options for tomorrow's growth. Harvard Business Review, 62, 2, 153-160.
    • (1984) Harvard Business Review , vol.62 , Issue.2 , pp. 153-160
    • Kester, W.C.1
  • 34
    • 0000205922 scopus 로고
    • Turning growth options in real assets
    • Aggarwal, R. (ed.) New Jersey: Englewood Cliffs
    • Kester, W.C. (1993) Turning growth options in real assets. In Aggarwal, R. (ed.) Capital Budgeting Under Uncertainty. New Jersey: Englewood Cliffs, pp. 187-202.
    • (1993) Capital Budgeting under Uncertainty , pp. 187-202
    • Kester, W.C.1
  • 35
    • 0002587437 scopus 로고
    • Joint venture and the option to expand and acquire
    • Kogut, B. (1991) Joint venture and the option to expand and acquire. Management Science, 22, 1, 19-33.
    • (1991) Management Science , vol.22 , Issue.1 , pp. 19-33
    • Kogut, B.1
  • 36
    • 0024107189 scopus 로고
    • Valuing the flexibility of flexible manufacturing systems
    • Kulatilaka, N. (1988) Valuing the flexibility of flexible manufacturing systems. I.E.E.E. Transactions on Engineering Management, 35, 4, 250-258.
    • (1988) I.E.E.E. Transactions on Engineering Management , vol.35 , Issue.4 , pp. 250-258
    • Kulatilaka, N.1
  • 37
    • 21344486669 scopus 로고
    • The value of flexibility: The case of a dual-fuel industrial steam boiler
    • Kulatilaka, N. (1993) The value of flexibility: the case of a dual-fuel industrial steam boiler. Financial Management, 22, 3, 271-280.
    • (1993) Financial Management , vol.22 , Issue.3 , pp. 271-280
    • Kulatilaka, N.1
  • 38
    • 0001522113 scopus 로고
    • The general flexibility to switch; real options revisited
    • Kulatilaka, N. and Trigeorgis, L. (1994) The general flexibility to switch; real options revisited. The International Journal of Finance, 6, 2, 778-798.
    • (1994) The International Journal of Finance , vol.6 , Issue.2 , pp. 778-798
    • Kulatilaka, N.1    Trigeorgis, L.2
  • 39
    • 0011004270 scopus 로고
    • The strategic capital budgeting process: A review of theories and practice
    • Trigeorgis, L. (ed.) Westport: Praeger Publishers
    • Lai, V.S. and Trigeorgis, L. (1995) The strategic capital budgeting process: a review of theories and practice. In Trigeorgis, L. (ed.) Real Options in Capital Investment - Models, Strategies, and Applications. Westport: Praeger Publishers, pp. 69-87.
    • (1995) Real Options in Capital Investment - Models, Strategies, and Applications , pp. 69-87
    • Lai, V.S.1    Trigeorgis, L.2
  • 40
    • 0000612485 scopus 로고    scopus 로고
    • R&D as an option on market introduction
    • Lint, O. and Pennings, E. (1998) R&D as an option on market introduction. R&D Management, 28, 4, 279-287.
    • (1998) R&D Management , vol.28 , Issue.4 , pp. 279-287
    • Lint, O.1    Pennings, E.2
  • 41
    • 0001832876 scopus 로고    scopus 로고
    • Investment opportunities as real options: Getting started on the numbers
    • Luehrman, T.A. (1998a) Investment opportunities as real options: getting started on the numbers. Harvard Business Review, 76, 4, 51-67.
    • (1998) Harvard Business Review , vol.76 , Issue.4 , pp. 51-67
    • Luehrman, T.A.1
  • 42
    • 0032161417 scopus 로고    scopus 로고
    • Strategy as a portfolio of real options
    • Luehrman, T.A. (1998b) Strategy as a portfolio of real options. Harvard Business Review, 76, 5, 89-99.
    • (1998) Harvard Business Review , vol.76 , Issue.5 , pp. 89-99
    • Luehrman, T.A.1
  • 43
    • 38249037059 scopus 로고
    • Time to build, option value, and investment decisions
    • Majd, S. and Pindyck, R.S. (1987) Time to build, option value, and investment decisions. Journal of Financial Economics, 18, 3, 7-27.
    • (1987) Journal of Financial Economics , vol.18 , Issue.3 , pp. 7-27
    • Majd, S.1    Pindyck, R.S.2
  • 44
    • 84977359121 scopus 로고
    • The value of an option to exchange one asset for another
    • Margrabe, W. (1978) The value of an option to exchange one asset for another. Journal of Finance, 33, 1, 177-186.
    • (1978) Journal of Finance , vol.33 , Issue.1 , pp. 177-186
    • Margrabe, W.1
  • 45
    • 0000704002 scopus 로고
    • Investment and the valuation of firms when there is an option to shut down
    • McDonald, R. and Siegel, D. (1985) Investment and the valuation of firms when there is an option to shut down. International Economic Review, 26, 2, 331-349.
    • (1985) International Economic Review , vol.26 , Issue.2 , pp. 331-349
    • McDonald, R.1    Siegel, D.2
  • 48
    • 49449125071 scopus 로고
    • Determinants of corporate borrowing
    • Myers, S.C. (1977) Determinants of corporate borrowing. Journal of Financial Economics, 5, 2, 147-175.
    • (1977) Journal of Financial Economics , vol.5 , Issue.2 , pp. 147-175
    • Myers, S.C.1
  • 52
    • 84982686434 scopus 로고
    • Application of option pricing theory to R&D
    • Newton, D.P. and Pearson A.W. (1994) Application of option pricing theory to R&D. R&D Management, 24, 1, 83-89.
    • (1994) R&D Management , vol.24 , Issue.1 , pp. 83-89
    • Newton, D.P.1    Pearson, A.W.2
  • 53
    • 0002857442 scopus 로고
    • Scientific management at Merck: An interview with CFO Judy Lewent
    • Nichols, N.A. (1994) Scientific management at Merck: an interview with CFO Judy Lewent. Harvard Business Review, 72, 1, 89-99.
    • (1994) Harvard Business Review , vol.72 , Issue.1 , pp. 89-99
    • Nichols, N.A.1
  • 54
    • 84959850844 scopus 로고
    • Option valuation of claims on real assets: The case of offshore petroleum leases
    • Paddock, J.L., Siegel, D.R. and Smith, J.L. (1988) Option valuation of claims on real assets: the case of offshore petroleum leases. The Quarterly Journal of Economics, 103, 3, 479-508.
    • (1988) The Quarterly Journal of Economics , vol.103 , Issue.3 , pp. 479-508
    • Paddock, J.L.1    Siegel, D.R.2    Smith, J.L.3
  • 56
    • 20244374950 scopus 로고
    • Futures market observations help in property evaluations
    • Pickles, E. (1994) Futures market observations help in property evaluations. Oil & Gas Journal, 12, 11, 63-66.
    • (1994) Oil & Gas Journal , vol.12 , Issue.11 , pp. 63-66
    • Pickles, E.1
  • 57
    • 0000888844 scopus 로고
    • Irreversible investment, capacity choice, and the value of the firm
    • Pindyck, R.S. (1988) Irreversible investment, capacity choice, and the value of the firm. American Economic Review, 78, 5, 969-985.
    • (1988) American Economic Review , vol.78 , Issue.5 , pp. 969-985
    • Pindyck, R.S.1
  • 58
    • 0000281418 scopus 로고
    • Irreversibility, uncertainty, and investment
    • Pindyck, R.S. (1991) Irreversibility, uncertainty, and investment. Journal of Economic Literature, 29, 3, 1110-1148.
    • (1991) Journal of Economic Literature , vol.29 , Issue.3 , pp. 1110-1148
    • Pindyck, R.S.1
  • 59
    • 33845479470 scopus 로고
    • Investments of uncertain cost
    • Pindyck, R.S. (1993) Investments of uncertain cost. Journal of Financial Economics, 34, 4, 53-76.
    • (1993) Journal of Financial Economics , vol.34 , Issue.4 , pp. 53-76
    • Pindyck, R.S.1
  • 60
    • 84978598062 scopus 로고
    • Another look at the use of options pricing theory to evaluate real asset investment opportunities
    • Rao, R.K. and Martin, J.D. (1981) Another look at the use of options pricing theory to evaluate real asset investment opportunities. Journal of Business Finance & Accounting, 8, 3, 421-429.
    • (1981) Journal of Business Finance & Accounting , vol.8 , Issue.3 , pp. 421-429
    • Rao, R.K.1    Martin, J.D.2
  • 62
    • 0042268250 scopus 로고
    • Capital budgeting using contingent claims analysis: A tutorial
    • Ritchkern, P. and Rabinowitz, G. (1988) Capital budgeting using contingent claims analysis: a tutorial. Advances in Futures and Options Research, 2, 1, 119-143.
    • (1988) Advances in Futures and Options Research , vol.2 , Issue.1 , pp. 119-143
    • Ritchkern, P.1    Rabinowitz, G.2
  • 63
    • 21844519232 scopus 로고
    • What every CFO should know about scientific progress in financial economics: What is known and what remains to be resolved
    • Roll, R. (1994) What every CFO should know about scientific progress in financial economics: what is known and what remains to be resolved. Financial Management, 23, 2, 69-75.
    • (1994) Financial Management , vol.23 , Issue.2 , pp. 69-75
    • Roll, R.1
  • 65
    • 0042965561 scopus 로고
    • Capital budgeting with real options
    • New York University: Salomon Brothers Center
    • Sick, G. (1989) Capital budgeting with real options. Monograph Series, Finance and Economics. New York University: Salomon Brothers Center.
    • (1989) Monograph Series, Finance and Economics
    • Sick, G.1
  • 68
    • 84974281189 scopus 로고
    • Valuation of path-dependent contingent claims with multiple exercise decisions over time: The case of take-or-pay
    • Thompson, A.C. (1995) Valuation of path-dependent contingent claims with multiple exercise decisions over time: the case of take-or-pay. Journal of Financial and Quantitative Analysis, 30, 2, 271-293.
    • (1995) Journal of Financial and Quantitative Analysis , vol.30 , Issue.2 , pp. 271-293
    • Thompson, A.C.1
  • 69
    • 0022213282 scopus 로고
    • Urban land prices under uncertainty
    • Titman, S. (1985) Urban land prices under uncertainty. American Economic Review, 75, 3, 505-514.
    • (1985) American Economic Review , vol.75 , Issue.3 , pp. 505-514
    • Titman, S.1
  • 74
    • 0001043541 scopus 로고
    • A conceptual options framework for capital budgeting
    • Trigeorgis, L. (1988) A conceptual options framework for capital budgeting. Advances in Futures and Options Research, 2, 1, 145-167.
    • (1988) Advances in Futures and Options Research , vol.2 , Issue.1 , pp. 145-167
    • Trigeorgis, L.1
  • 75
    • 0001114385 scopus 로고
    • Anticipated competitive entry and early preemptive investment in deferrable projects
    • Trigeorgis, L. (1991) Anticipated competitive entry and early preemptive investment in deferrable projects. Journal of Economic and Business, 43, 2, 143-156.
    • (1991) Journal of Economic and Business , vol.43 , Issue.2 , pp. 143-156
    • Trigeorgis, L.1
  • 76
    • 84903989527 scopus 로고
    • The nature of option interactions and the valuation of investments with multiple real options
    • Trigeorgis, L. (1993a) The nature of option interactions and the valuation of investments with multiple real options. Journal of Financial and Quantitative Analysis, 28, 1, 1-20.
    • (1993) Journal of Financial and Quantitative Analysis , vol.28 , Issue.1 , pp. 1-20
    • Trigeorgis, L.1
  • 77
    • 21344498048 scopus 로고
    • Real options and interactions with financial flexibility
    • Trigeorgis, L. (1993b) Real options and interactions with financial flexibility. Financial Management, 22, 3, 202-224.
    • (1993) Financial Management , vol.22 , Issue.3 , pp. 202-224
    • Trigeorgis, L.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.