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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/50405

    Title: Pricing real abandonment options on severval R&D investment projects
    Authors: Wu, Ming-cheng;Yen, Simon H.;婁國仁;Lou, Kuo-ren
    Contributors: 淡江大學經營決策學系
    Keywords: Real abandonment options;Research and development;Managerial flexibility;Capital budgeting
    Date: 2007-10-01
    Issue Date: 2010-08-09 17:00:41 (UTC+8)
    Publisher: Springer
    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 11(2), pp.1123-1129
    DOI: 10.1007/s00500-007-0162-2
    Appears in Collections:[管理科學學系暨研究所] 期刊論文

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