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Application of real options analysis for pharmaceutical R&D project valuation--Empirical results from a survey

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  • Hartmann, Marcus
  • Hassan, Ali

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  • Hartmann, Marcus & Hassan, Ali, 2006. "Application of real options analysis for pharmaceutical R&D project valuation--Empirical results from a survey," Research Policy, Elsevier, vol. 35(3), pages 343-354, April.
  • Handle: RePEc:eee:respol:v:35:y:2006:i:3:p:343-354
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    References listed on IDEAS

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    1. Cassimon, D. & Engelen, P. J. & Thomassen, L. & Van Wouwe, M., 2004. "The valuation of a NDA using a 6-fold compound option," Research Policy, Elsevier, vol. 33(1), pages 41-51, January.
    2. Robert C. Merton, 2005. "Theory of rational option pricing," World Scientific Book Chapters,in: Theory Of Valuation, chapter 8, pages 229-288 World Scientific Publishing Co. Pte. Ltd..
    3. James E. Smith & Robert F. Nau, 1995. "Valuing Risky Projects: Option Pricing Theory and Decision Analysis," Management Science, INFORMS, vol. 41(5), pages 795-816, May.
    4. Geske, Robert, 1979. "The valuation of compound options," Journal of Financial Economics, Elsevier, vol. 7(1), pages 63-81, March.
    5. Sydney D. Howell & Axel J. Jägle, 1997. "Laboratory Evidence on How Managers Intuitively Value Real Growth Options," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 24(7&8), pages 915-935.
    6. Black, Fischer & Scholes, Myron S, 1973. "The Pricing of Options and Corporate Liabilities," Journal of Political Economy, University of Chicago Press, vol. 81(3), pages 637-654, May-June.
    7. Cox, John C. & Ross, Stephen A. & Rubinstein, Mark, 1979. "Option pricing: A simplified approach," Journal of Financial Economics, Elsevier, vol. 7(3), pages 229-263, September.
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    Cited by:

    1. Bakker, Gerben, 2013. "Money for nothing: How firms have financed R&D-projects since the Industrial Revolution," Research Policy, Elsevier, vol. 42(10), pages 1793-1814.
    2. Sébastien Casault & Aard J. Groen & Jonathan D. Linton, 2013. "Selection of a portfolio of R&D projects," Chapters,in: Handbook on the Theory and Practice of Program Evaluation, chapter 4, pages 89-111 Edward Elgar Publishing.
    3. repec:eee:ecolet:v:170:y:2018:i:c:p:171-174 is not listed on IDEAS
    4. van Bekkum, Sjoerd & Pennings, Enrico & Smit, Han, 2009. "A real options perspective on R&D portfolio diversification," Research Policy, Elsevier, vol. 38(7), pages 1150-1158, September.
    5. Michi Nishihara, 2014. "Valuation of sequential R&D investment under technological, market, and rival preemption uncertainty," Discussion Papers in Economics and Business 14-13, Osaka University, Graduate School of Economics.
    6. repec:eee:corfin:v:46:y:2017:i:c:p:77-96 is not listed on IDEAS
    7. repec:spr:annopr:v:259:y:2017:i:1:d:10.1007_s10479-016-2344-8 is not listed on IDEAS
    8. Wang, Jue & Xu, Wei & Ma, Jian & Wang, Shouyang, 2013. "A vague set based decision support approach for evaluating research funding programs," European Journal of Operational Research, Elsevier, vol. 230(3), pages 656-665.
    9. Fernández Carazo, Ana & Gómez Núñez, Trinidad & Guerrero Casas, Flor M. & Caballero Fernández, Rafael, 2008. "Evaluación y clasificación de las técnicas utilizadas por las organizaciones, en las últimas décadas, para seleccionar proyectos = Evaluation and classification of the techniques used by organizations," Revista de Métodos Cuantitativos para la Economía y la Empresa = Journal of Quantitative Methods for Economics and Business Administration, Universidad Pablo de Olavide, Department of Quantitative Methods for Economics and Business Administration, vol. 5(1), pages 67-115, June.
    10. Hegemann, Annika, 2016. "Hemmt die Veräußerungsgewinnbesteuerung unternehmerische Flexibilität?," arqus Discussion Papers in Quantitative Tax Research 203, arqus - Arbeitskreis Quantitative Steuerlehre.
    11. Nishimura, Junichi & Okada, Yosuke, 2014. "R&D portfolios and pharmaceutical licensing," Research Policy, Elsevier, vol. 43(7), pages 1250-1263.
    12. Lo Nigro, Giovanna & Morreale, Azzurra & Enea, Gianluca, 2014. "Open innovation: A real option to restore value to the biopharmaceutical R&D," International Journal of Production Economics, Elsevier, vol. 149(C), pages 183-193.
    13. Coad, Alex, 2019. "Persistent heterogeneity of R&D intensities within sectors: Evidence and policy implications," Research Policy, Elsevier, vol. 48(1), pages 37-50.
    14. Michi Nishihara, 2017. "Valuation of an R&D project with three types of uncertainty," Discussion Papers in Economics and Business 17-15, Osaka University, Graduate School of Economics.
    15. Zapata, Juan C. & Reklaitis, Gintaras V., 2010. "Valuation of project portfolios: An endogenously discounted method," European Journal of Operational Research, Elsevier, vol. 206(3), pages 653-666, November.
    16. repec:eee:ejores:v:261:y:2017:i:3:p:1189-1202 is not listed on IDEAS
    17. Fernandes, Glaucia & Perobelli, Fernanda Finotti Cordeiro & Brandão, Luiz Eduardo T., 2016. "A model for valuing new technologies under a pull incentives environment," Renewable and Sustainable Energy Reviews, Elsevier, vol. 59(C), pages 482-493.
    18. Martín-Barrera, Gonzalo & Zamora-Ramírez, Constancio & González-González, José M., 2016. "Application of real options valuation for analysing the impact of public R&D financing on renewable energy projects: A company′s perspective," Renewable and Sustainable Energy Reviews, Elsevier, vol. 63(C), pages 292-301.

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