We discuss recent developments in real options theory and its applications to strategic management research, examine the potential difficulties in implementing real options in theory and practice, and propose several areas for future research. Our review shows that real options theory has...

This paper examines how public market information relates to the initiation of venture capital projects. Analysis of venture capital investments in the U.S. between 1980 and 2007 indicates that venture capitalists tend to defer new investment projects in target industries with substantial market...

We argue that Rugman and Verbeke (2002) underestimate the importance of Penrose's (1959) contributions to the modern resource-based view of the firm. In particular, we take issue with Rugman and Verbeke's (2002) arguments concerning Penrose's (1959) contributions to our knowledge of: (1) the...

We review and develop a subjectivist theory of entrepreneurship that focuses on individuals, their knowledge, resources and skills, and the processes of discovery and creativity, which constitute the heart of entrepreneurship. First, we establish the fundamental importance of subjectivity in...