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| Author: | Wörner, S.D. Grupp, H. |
| Title: | The derivation of R&D return indicators within a real options framework |
| Journal: | R. and D. Management
2003 : JUN, VOL. 33:3, p. 313-325 |
| Index terms: | Pharmaceutical industry R&D USA |
| Freeterms: | Real options |
| Language: | eng |
| Abstract: | The building blocks of real option applications are reworked and a basket option framework is introduced in this paper. It is found that the characteristic parameters of the risk neutral density function implied in observed share prices within the real option framework represent a novel category of R&D return indicators. The authors provide empirical evidence for a set of 13 US bio-pharmaceutical companies. |
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