Pricing real abandonment options on severval R&D investment projects
學年 96
學期 1
出版（發表）日期 2007-10-01
作品名稱 Pricing real abandonment options on severval R&D investment projects
作品名稱（其他語言）
著者 Wu, Ming-cheng; Yen, Simon H.; 婁國仁; Lou, Kuo-ren
單位 淡江大學經營決策學系
出版者 Springer
著錄名稱、卷期、頁數 Soft Computing 11(2), pp.1123-1129
摘要 Much previous research has shown that the R&D investments can be evaluated by real growth options approach. But few studies have been done on real abandonment options for R&D projects which may not succeed. The contribution of this paper is not only to derive a more general closed-form solution for evaluating real abandonment options, but to put backup project consideration into our model for reality. We show that both Black-Scholes’s and Stulz’s models are special cases of our model under some specifications of parameters. From the simulation results, we explore that the higher the percentage of recovering salvage value, the more investment projects should be carried out. We hope that the results in this study could provide a useful reference for the manager, to make better decisions regarding backup projects.
關鍵字
語言 en
ISSN 1432-7643
期刊性質 國外
收錄於
產學合作
通訊作者
審稿制度 否
國別 DEU
公開徵稿
出版型式 ,電子版
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