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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/62230

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/62230

Title:	Pricing Real Abandonment Options on Several R&D Investment Projects
Authors:	吳明政;顏錫銘;婁國仁 Wu, Ming-Cheng;Simon H. Yen;Lou, Kuo-Ren Lou
Contributors:	政大財管系
Keywords:	Real abandonment options;Research and development;Managerial flexibility;Capital budgeting
Date:	2007-10
Issue Date:	2013-12-06 15:24:40 (UTC+8)
Abstract:	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.
Relation:	Soft Computing - A Fusion of Foundations, Methodologies and Applications, 11(12), 1123-1129
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1007/s00500-007-0162-2
DOI:	10.1007/s00500-007-0162-2
Appears in Collections:	[財務管理學系] 期刊論文

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