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Valuation and Return Dynamics of Research and Development Ventures

Author

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  • Jonathan Berk
  • Richard C. Green
  • Vasant Naik

Abstract

We develop and analyze a model of a multi-stage investment project that captures many features of R\&D ventures and start-up companies. An important feature these problems share is that the firm learns about the potential profitability of the project t

Suggested Citation

  • Jonathan Berk & Richard C. Green & Vasant Naik, 1997. "Valuation and Return Dynamics of Research and Development Ventures," GSIA Working Papers 57, Carnegie Mellon University, Tepper School of Business.
    • Handle: RePEc:cmu:gsiawp:57
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    File URL: http://weber.u.washington.edu/~berk/rd.html
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    Cited by:

    1. Xu, Ming & Zhang, Chu, 2004. "The explanatory power of R&D for the cross-section of stock returns: Japan 1985-2000," Pacific-Basin Finance Journal, Elsevier, vol. 12(3), pages 245-269, June.
    2. Paul D. Childs & Alexander J. Triantis, 1999. "Dynamic R&D Investment Policies," Management Science, INFORMS, vol. 45(10), pages 1359-1377, October.

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