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| Tekijä: | Boer, P. |
| Otsikko: | Valuation of technology using 'real options' |
| Lehti: | Research Technology Management
2000 : JUL-AUG, VOL. 43:4, p. 26-30 |
| Asiasana: | VALUATION TECHNOLOGY OPTIONS |
| Kieli: | eng |
| Tiivistelmä: | Cash flow models for valuing technology are increasingly out of touch with market-place valuations. While investor psychology and perceptions about the future may drive the marketplace, the theory of real options can go a long way toward closing the valuation gap. More importantly, it is a quantitative method, and is responsive to changing sets of assumptions. This article focuses on the importance of separating unique and market risk in applying options theory to R&D projects, since the former impacts value negatively while the latter enhances value. |
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