haku: @journal_id 101 / yhteensä: 1491
viite: 14 / 1491
| Tekijä: | Davis, M. Schachermayer, W. Tompkins, R.G. |
| Otsikko: | The evaluation of venture capital as an instalment option: Valuing real options using real options |
| Lehti: | Zeitschrift für Betriebswirtschaft
2004 : VOL. 74:3, Ergänzungsheft, p. 77-96 |
| Asiasana: | small business new enterprise finance venture capital investment models |
| Kieli: | eng |
| Tiivistelmä: | Venture capital (hereafter as: V-C.) is an important source of funding for start-up companies. Real option (here as: R-O.) analysis has been proposed to evaluate staged financing of V-C. projects (as: prj./prjs). However, many input parameters to option pricing models are unobservable. Instalment options (as: I-O.) are exotic options resembling most closely the staged payment schedule for V-C. prjs. The prices of such I-O. have been shown to be able to tightly bound by portfolios of European options (as: E-opts.) When a V-C. project is an existing firm prjs.'s clone (imitator firm), the same approach to determining bounds on the value on the prj. can be found by examining portfolios of E-opts. on the existing firm. Such an approach leads to arbitrage bounds on how much a V-C. capitalist would be willing to invest into such a V-C. project. |
SCIMA