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

被引：89

作者：

Hartmann, M ^{[1
]}

Hassan, A ^{[1
]}

机构：

[1] Tech Univ Berlin, Inst Chem, Res Grp Chem Econ, D-10623 Berlin, Germany

来源：

RESEARCH POLICY | 2006年 / 35卷 / 03期

关键词：

real options; pharmaceutical industry; R&D; investment analysis; project valuation;

D O I：

10.1016/j.respol.2005.12.005

中图分类号：

C93 [管理学];

学科分类号：

12 ; 1201 ; 1202 ; 120202 ;

摘要：

Real options analysis was often recommended as an emerging valuation technique for high-risk investment projects. Former inter-sectoral surveys have drawn an ambivalent picture of real options usage in general. In addition, there is a lack of sector-specific investigations. In the following article the results of an in-depth analysis of collected empirical data regarding the application of this new tool in the pharmaceutical sector is presented by capturing the internal view from the pharmaceutical companies themselves and the external view from the health care departments of financial service firms. R&D stage specific modi of application, reasons for reluctance in the employment of real options and their assumed future prospects are elucidated. (c) 2006 Elsevier B.V. All rights reserved.

引用

页码：343 / 354

页数：12

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