Searching for rational effect factors of R&D value within a real options framework

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Please use this identifier to cite or link to this item: http://140.128.103.80:8080/handle/310901/22906

Title:	Searching for rational effect factors of R&D value within a real options framework
Authors:	Tseng, C.-Y.a , Wu, M.-C.b
Contributors:	Department of Business Administration, Tunghai University
Keywords:	B-S model;R&D;Real options;Valuation
Date:	2010
Issue Date:	2013-05-24T09:08:41Z (UTC)
Abstract:	Many academics and managers have confirmed the ability of real- option models to capture the value of flexibility in relation to R&D projects. However, few studies have focused on constructing empirical methods and testing their application to real circumstances. This study not only presents a sensitivity analysis of the R&D evaluation model, but also establishes an empirical analysis to examine these relationships using panel data on 101 Taiwanese electronics firms from 1991 to 2002. Based on the sensitivity analyses and empirical results, we conclude that the R&D value increases with increasing R&D capital, patent lifetime and risk-free rate. Copyright ? 2010 Inderscience Enterprises Ltd.
Relation:	International Journal of Technology, Policy and Management Volume 10, Issue 1-2, June 2010, Pages 92-103
Appears in Collections:	[Department of Business Administration ] Periodical Articles

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