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We develop a real options model of Ramp;D valuation, which takes into account the uncertainty in the quality of the research output, the time and cost to completion, and the market demand for the Ramp;D output. The model is then applied to study the problem of pharmaceutical under-investment in...
Persistent link: https://www.econbiz.de/10012750738
How does the market value complex structured-credit securities? This issue is central to understanding the current financial crisis and identifying effective policy measures. We study this issue from a novel perspective by contrasting the valuation of CDO equity with that of bank stocks. This is...
Persistent link: https://www.econbiz.de/10012757580