메뉴 건너뛰기




Volumn 5-6, Issue 2, 2004, Pages 113-130

Real R&D options

Author keywords

[No Author keywords available]

Indexed keywords


EID: 8644229251     PISSN: 14608545     EISSN: None     Source Type: Journal    
DOI: 10.1111/j.1460-8545.2004.00099.x     Document Type: Review
Times cited : (49)

References (94)
  • 1
    • 0242710646 scopus 로고    scopus 로고
    • Equilibrium investment strategies and output price behavior: A real options approach
    • Aguerrevere, F. (2003). Equilibrium investment strategies and output price behavior: a real options approach. Review of Financial Studies, 16, 1239-1272.
    • (2003) Review of Financial Studies , vol.16 , pp. 1239-1272
    • Aguerrevere, F.1
  • 7
    • 8644246126 scopus 로고    scopus 로고
    • On irreversibility, sunk costs and investment under incomplete information
    • Paxson, D.A. (ed.). Oxford: Butterworth-Heinemann
    • Bellalah, M. (2003). On irreversibility, sunk costs and investment under incomplete information. In Paxson, D.A. (ed.), Real R&D Options. Oxford: Butterworth-Heinemann, pp. 11-29.
    • (2003) Real R&D Options , pp. 11-29
    • Bellalah, M.1
  • 8
    • 0033437913 scopus 로고    scopus 로고
    • A case for using real options pricing analysis to evaluate information technology project investments
    • Benaroch, M. and Kauffman, R.J. (1999). A case for using real options pricing analysis to evaluate information technology project investments. Information Systems Research, 10, 70-86.
    • (1999) Information Systems Research , vol.10 , pp. 70-86
    • Benaroch, M.1    Kauffman, R.J.2
  • 9
    • 8644263378 scopus 로고    scopus 로고
    • Analytic solutions for the value of the option to (dis)invest
    • Paxson, D.A. (ed.). Oxford: Butterworth-Heinemann
    • Biekpe, N., Klumpes, P. and Tippett, M. (2003). Analytic solutions for the value of the option to (dis)invest. In Paxson, D.A. (ed.), Real R&D Options. Oxford: Butterworth-Heinemann, pp. 67-90.
    • (2003) Real R&D Options , pp. 67-90
    • Biekpe, N.1    Klumpes, P.2    Tippett, M.3
  • 11
    • 85015692260 scopus 로고
    • The pricing of options and corporate liabilities
    • Black, F. and Scholes, M. (1973). The pricing of options and corporate liabilities. Journal of Political Economy, 81, 637-654.
    • (1973) Journal of Political Economy , vol.81 , pp. 637-654
    • Black, F.1    Scholes, M.2
  • 12
    • 0000699975 scopus 로고
    • A comparison of the stable and student distributions as statistical models for stock prices
    • Blattberg, R.C. and Gonedes, N.J. (1974). A comparison of the stable and student distributions as statistical models for stock prices. Journal of Business, 47, 224-280.
    • (1974) Journal of Business , vol.47 , pp. 224-280
    • Blattberg, R.C.1    Gonedes, N.J.2
  • 15
    • 0035594305 scopus 로고    scopus 로고
    • A gene to drug venture: Poisson options analysis
    • Brach, M.A. and Paxson, D.A. (2001). A gene to drug venture: Poisson options analysis. R&D Management, 31, 203-214.
    • (2001) R&D Management , vol.31 , pp. 203-214
    • Brach, M.A.1    Paxson, D.A.2
  • 17
    • 0001503841 scopus 로고
    • The valuation of American put options
    • Brennan, M. and Schwartz, E. (1977). The valuation of American put options. Journal of Finance, 32, 449-462.
    • (1977) Journal of Finance , vol.32 , pp. 449-462
    • Brennan, M.1    Schwartz, E.2
  • 18
    • 0001603924 scopus 로고
    • Evaluating natural resource investments
    • Brennan, M.J. and Schwartz, E.S. (1985). Evaluating natural resource investments. Journal of Business, 58, 135-157.
    • (1985) Journal of Business , vol.58 , pp. 135-157
    • Brennan, M.J.1    Schwartz, E.S.2
  • 20
    • 84977731487 scopus 로고
    • The valuation of sequential exchange opportunities
    • Carr, P. (1988). The valuation of sequential exchange opportunities. Journal of Finance, 43, 1235-1256.
    • (1988) Journal of Finance , vol.43 , pp. 1235-1256
    • Carr, P.1
  • 21
    • 0002988042 scopus 로고
    • The valuation of American exchange options with applications to real options
    • Trigeorgis, L. (ed.). Westport, CT: Praeger
    • Carr, P. (1995). The valuation of American exchange options with applications to real options. In Trigeorgis, L. (ed.), Real Options in Capital Investment. Westport, CT: Praeger, pp. 109-120.
    • (1995) Real Options in Capital Investment , pp. 109-120
    • Carr, P.1
  • 24
    • 6244240080 scopus 로고    scopus 로고
    • Optimal exploration investments under price and geological-technical uncertainty: A real options model
    • Cortazar, G., Schwartz, E.S. and Casassus, J. (2001). Optimal exploration investments under price and geological-technical uncertainty: a real options model. R&D Management, 31, 181-190.
    • (2001) R&D Management , vol.31 , pp. 181-190
    • Cortazar, G.1    Schwartz, E.S.2    Casassus, J.3
  • 26
    • 0035239243 scopus 로고    scopus 로고
    • An extreme-value model of concept testing
    • Dahan, E. and Mendelson, H. (2001). An extreme-value model of concept testing. Management Science, 47, 102-116.
    • (2001) Management Science , vol.47 , pp. 102-116
    • Dahan, E.1    Mendelson, H.2
  • 27
    • 84936823784 scopus 로고
    • Entry and exit decisions under uncertainty
    • Dixit, A.K. (1989). Entry and exit decisions under uncertainty. Journal of Political Economy, 97, 620-638.
    • (1989) Journal of Political Economy , vol.97 , pp. 620-638
    • Dixit, A.K.1
  • 29
    • 0035254147 scopus 로고    scopus 로고
    • Managing uncertainty in research and development
    • Doctor, R.N., Newton, D.P. and Pearson, A.W. (2001). Managing uncertainty in research and development. Technovation, 21, 79-90.
    • (2001) Technovation , vol.21 , pp. 79-90
    • Doctor, R.N.1    Newton, D.P.2    Pearson, A.W.3
  • 30
    • 0001652452 scopus 로고
    • Mandelbrot and the stable Paretian hypothesis
    • Fama, E. (1963). Mandelbrot and the stable Paretian hypothesis. Journal of Business, 36, 420-429.
    • (1963) Journal of Business , vol.36 , pp. 420-429
    • Fama, E.1
  • 31
    • 49249145468 scopus 로고
    • The valuation of compound options
    • Geske, R. (1979). The valuation of compound options. Journal of Financial Economics, 7, 63-81.
    • (1979) Journal of Financial Economics , vol.7 , pp. 63-81
    • Geske, R.1
  • 32
    • 0040205760 scopus 로고    scopus 로고
    • Information revelation through option exercise
    • Grenadier, S.R. (1999). Information revelation through option exercise. Review of Financial Studies, 12, 95-129.
    • (1999) Review of Financial Studies , vol.12 , pp. 95-129
    • Grenadier, S.R.1
  • 34
    • 0036286965 scopus 로고    scopus 로고
    • Option exercise games: An application to the equilibrium strategies of firms
    • Grenadier, S.R. (2002). Option exercise games: an application to the equilibrium strategies of firms. Review of Financial Studies, 15, 691-721.
    • (2002) Review of Financial Studies , vol.15 , pp. 691-721
    • Grenadier, S.R.1
  • 35
    • 0031161157 scopus 로고    scopus 로고
    • Investment in technological innovations: An option pricing approach
    • Grenadier, S.R. and Weiss, A.M. (1997). Investment in technological innovations: an option pricing approach. Journal of Financial Economics, 44, 397-416.
    • (1997) Journal of Financial Economics , vol.44 , pp. 397-416
    • Grenadier, S.R.1    Weiss, A.M.2
  • 36
    • 0037836721 scopus 로고
    • A closed-form solution for options with stochastic volatility with applications to bond and currency options
    • Heston, S. (1993). A closed-form solution for options with stochastic volatility with applications to bond and currency options. Review of Financial Studies, 6, 327-343.
    • (1993) Review of Financial Studies , vol.6 , pp. 327-343
    • Heston, S.1
  • 39
    • 84977709229 scopus 로고
    • The pricing of options on assets with stochastic volatilities
    • Hull, J. and White, A. (1987). The pricing of options on assets with stochastic volatilities. Journal of Finance, 42, 281-300.
    • (1987) Journal of Finance , vol.42 , pp. 281-300
    • Hull, J.1    White, A.2
  • 40
    • 6244299430 scopus 로고    scopus 로고
    • The use of options theory to value research in the service sector
    • Jensen, K. and Warren, P. (2001). The use of options theory to value research in the service sector. R&D Management, 31, 173-180.
    • (2001) R&D Management , vol.31 , pp. 173-180
    • Jensen, K.1    Warren, P.2
  • 41
    • 8644255316 scopus 로고    scopus 로고
    • R&D investment decision and optimal subsidy
    • Paxson, D.A. (ed.). Oxford: Butterworth-Heinemann
    • Jou, J-B. and Lee, T. (2003a). R&D investment decision and optimal subsidy. In Paxson, D.A. (ed.), Real R&D Options. Oxford: Butterworth-Heinemann, pp. 228-250.
    • (2003) Real R&D Options , pp. 228-250
    • Jou, J.-B.1    Lee, T.2
  • 42
    • 8644252122 scopus 로고    scopus 로고
    • Optimal R&D investment tax credits under mean reversion return
    • Paxson, D.A. (ed.). Oxford: Butterworth-Heinemann
    • Jou, J-B. and Lee, T. (2003b). Optimal R&D investment tax credits under mean reversion return. In Paxson, D.A. (ed.), Real R&D Options. Oxford: Butterworth-Heinemann, pp. 251-270.
    • (2003) Real R&D Options , pp. 251-270
    • Jou, J.-B.1    Lee, T.2
  • 44
    • 0001954909 scopus 로고    scopus 로고
    • Real options valuation for a biotechnology company
    • Kellogg, D. and Charnes, J.M. (2000). Real options valuation for a biotechnology company. Financial Analysts Journal, 76-84.
    • (2000) Financial Analysts Journal , pp. 76-84
    • Kellogg, D.1    Charnes, J.M.2
  • 45
    • 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, 271-279.
    • (1993) Financial Management , vol.22 , pp. 271-279
    • Kulatilaka, N.1
  • 47
    • 0742268054 scopus 로고    scopus 로고
    • Strategic sequential investments and sleeping patents
    • Brennan, M. and Trigeorgis, L. (eds). Oxford: Oxford University Press
    • Lambrecht, B.M. (2000). Strategic sequential investments and sleeping patents. In Brennan, M. and Trigeorgis, L. (eds), Project Flexibility, Agency and Competition. Oxford: Oxford University Press, pp. 297-323.
    • (2000) Project Flexibility, Agency and Competition , pp. 297-323
    • Lambrecht, B.M.1
  • 49
    • 0035645903 scopus 로고    scopus 로고
    • Valuation of R&D real American sequential exchange options
    • Lee, J. and Paxson, D.A. (2001). Valuation of R&D real American sequential exchange options. R&D Management, 31, 191-202.
    • (2001) R&D Management , vol.31 , pp. 191-202
    • Lee, J.1    Paxson, D.A.2
  • 50
    • 0742323896 scopus 로고    scopus 로고
    • Confined exponential approximations for the valuation of American options
    • Lee, J. and Paxson, D.A. (2003). Confined exponential approximations for the valuation of American options. European Journal of Finance, 9, 449-474.
    • (2003) European Journal of Finance , vol.9 , pp. 449-474
    • Lee, J.1    Paxson, D.A.2
  • 53
    • 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, 279-287.
    • (1998) R&D Management , vol.28 , pp. 279-287
    • Lint, O.1    Pennings, E.2
  • 54
    • 8644258604 scopus 로고    scopus 로고
    • An option approach to the new product development process: Experience from Philips Electronics
    • Paxson, D.A. (ed.). Oxford: Butterworth-Heinemann
    • Lint, O. and Pennings, E. (2003). An option approach to the new product development process: experience from Philips Electronics. In Paxson, D.A. (ed.), Real R&D Options. Oxford: Butterworth-Heinemann, pp. 48-66.
    • (2003) Real R&D Options , pp. 48-66
    • Lint, O.1    Pennings, E.2
  • 55
    • 8344223565 scopus 로고
    • Scaling behaviour in the dynamics of an economic index
    • Mantenga, R.N. and Stanley, H.E. (1995). Scaling behaviour in the dynamics of an economic index. Nature, 376, 46-49.
    • (1995) Nature , vol.376 , pp. 46-49
    • Mantenga, R.N.1    Stanley, H.E.2
  • 56
    • 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, 177-186.
    • (1978) Journal of Finance , vol.33 , pp. 177-186
    • Margrabe, W.1
  • 60
    • 0036116622 scopus 로고    scopus 로고
    • When are real options exercised? An empirical study of mine closings
    • Moel, A. and Tufano, P. (2002). When are real options exercised? An empirical study of mine closings. Review of Financial Studies, 15, 35-64.
    • (2002) Review of Financial Studies , vol.15 , pp. 35-64
    • Moel, A.1    Tufano, P.2
  • 63
    • 49449125071 scopus 로고
    • Determinants of corporate borrowing
    • Myers, S.C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5, 146-175.
    • (1977) Journal of Financial Economics , vol.5 , pp. 146-175
    • Myers, S.C.1
  • 64
    • 84982686434 scopus 로고
    • Application of options pricing to R&D
    • Newton, D.P. and Pearson, A. (1994). Application of options pricing to R&D. R&D Management, 24, 83-89.
    • (1994) R&D Management , vol.24 , pp. 83-89
    • Newton, D.P.1    Pearson, A.2
  • 69
  • 70
    • 8644249189 scopus 로고    scopus 로고
    • Leader/follower real value functions if the market share follows a birth/death process
    • Paxson, D.A. (ed.). Oxford: Butterworth-Heinemann
    • Paxson, D.A. and Pinto, H. (2003). Leader/follower real value functions if the market share follows a birth/death process. In Paxson, D.A. (ed.), Real R&D Options. Oxford: Butterworth-Heinemann, pp. 208-227.
    • (2003) Real R&D Options , pp. 208-227
    • Paxson, D.A.1    Pinto, H.2
  • 71
    • 8644270714 scopus 로고    scopus 로고
    • Genzyme biosurgery: A virtual real R&D option case
    • Paxson, D.A. (ed.). Oxford: Butterworth-Heinemann
    • Paxson, D.A. (2003). Genzyme biosurgery: a virtual real R&D option case. In Paxson, D.A. (ed.), Real R&D Options. Oxford: Butterworth- Heinemann, pp. 271-290.
    • (2003) Real R&D Options , pp. 271-290
    • Paxson, D.A.1
  • 72
    • 0000888844 scopus 로고
    • Irreversibility investment, capital choice and the value of the firm
    • Pindyck, R.S. (1988). Irreversibility investment, capital choice and the value of the firm. American Economic Review, 79, 969-985.
    • (1988) American Economic Review , vol.79 , pp. 969-985
    • Pindyck, R.S.1
  • 74
    • 84993911739 scopus 로고
    • Empirical testing of real option pricing models
    • Quigg, L. (1993). Empirical testing of real option pricing models. Journal of Finance, 68, 621-639.
    • (1993) Journal of Finance , vol.68 , pp. 621-639
    • Quigg, L.1
  • 77
    • 8644221540 scopus 로고    scopus 로고
    • Student's distribution and the value of real options
    • Paxson, D.A. (ed.). Oxford: Butterworth-Heinemann
    • Rhys, H. and Tippett, M. (2003). Student's distribution and the value of real options. In Paxson, D.A. (ed.), Real R&D Options. Oxford: Butterworth-Heinemann, pp. 91-110.
    • (2003) Real R&D Options , pp. 91-110
    • Rhys, H.1    Tippett, M.2
  • 78
    • 0000342085 scopus 로고
    • Funding criteria for research, development and exploration projects
    • Roberts, K. and Weitzman, M.L. (1981). Funding criteria for research, development and exploration projects. Econometrica, 49, 1261-1288.
    • (1981) Econometrica , vol.49 , pp. 1261-1288
    • Roberts, K.1    Weitzman, M.L.2
  • 81
    • 0002410475 scopus 로고    scopus 로고
    • Evaluating R&D investments
    • Brennan, M. and Trigeorgis, L. (eds). Oxford: Oxford University Press
    • Schwartz, E.S. and Moon, M. (2000a). Evaluating R&D investments. In Brennan, M. and Trigeorgis, L. (eds), Project Flexibility, Agency and Competition. Oxford: Oxford University Press, pp. 85-106.
    • (2000) Project Flexibility, Agency and Competition , pp. 85-106
    • Schwartz, E.S.1    Moon, M.2
  • 82
  • 85
    • 0042965561 scopus 로고
    • Salomon Brothers Center for the Study of Financial Institutions, Monograph Series in Finance and Economics, NYU
    • Sick, G. (1989). Capital Budgeting with Real Options. Salomon Brothers Center for the Study of Financial Institutions, Monograph Series in Finance and Economics, NYU.
    • (1989) Capital Budgeting with Real Options
    • Sick, G.1
  • 86
    • 0001284767 scopus 로고
    • Stock price distributions with stochastic volatility: An analytic approach
    • Stein, J. and Stein, E. (1991). Stock price distributions with stochastic volatility: an analytic approach. Review of Financial Studies, 4, 727-752.
    • (1991) Review of Financial Studies , vol.4 , pp. 727-752
    • Stein, J.1    Stein, E.2
  • 87
    • 8644232785 scopus 로고    scopus 로고
    • Will real options take root?
    • July
    • Teach, E. (2003). Will real options take root? CFO Magazine, July.
    • (2003) CFO Magazine
    • Teach, E.1
  • 88
    • 8644259417 scopus 로고    scopus 로고
    • Working Paper, University of St Gallen
    • Thurner, M. (2003). Are real options dead? Working Paper, University of St Gallen.
    • (2003) Are Real Options Dead?
    • Thurner, M.1
  • 91
    • 8644245328 scopus 로고    scopus 로고
    • Investment under economic and implementation Uncertainty
    • Paxson, D.A. (ed.). Oxford: Butterworth-Heinemann
    • Tsekrekos, A.E. (2003). Investment under economic and implementation Uncertainty. In Paxson, D.A. (ed.), Real R&D Options. Oxford: Butterworth-Heinemann, pp. 30-47.
    • (2003) Real R&D Options , pp. 30-47
    • Tsekrekos, A.E.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.