The valuation of multi-staged pharmaceutical R&D can be interpreted as a chain of real options. In valuing these compound option models, a crucial problem is how to deal with the different types of risk. Previous models, such as Cassimon et al. (2004), offer a closed-form solution for the...

This book presents a broad range of empirical research papers covering key issues in development finance. Despite having gained significant momentum in Africa and other emerging economies, textbooks and research publications on development finance are still very limited. This book shines a light...