
New Boundaries to Real Options Valuation ? : Exploratory Research Based on a Case Study
Philippe, Henri (2004-03), New Boundaries to Real Options Valuation ? : Exploratory Research Based on a Case Study. https://basepub.dauphine.fr/handle/123456789/4046
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Type
Document de travail / Working paperDate
2004-03Publisher
Université Paris-Dauphine
Series title
Cahier de recherche du CeregSeries number
2004-03Published in
Paris
Pages
30
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Philippe, HenriAbstract (EN)
Despite a large body of literature on the topic and the continuously improving understanding of professionals, real options are not widely used to value firms. Numerous assumptions have been raised to explain the various obstacles to their adoption. Limits concerning the relevance of option valuation models outside financial markets are the most salient, but they are not the only ones : carrying out a valuation implies other assumptions on the nature of the firm, as well as on its strategy. Including real options in the value of the firm raises numerous difficulties. We support our arguments with a case study based on a real life valuation of an R&D firm.Subjects / Keywords
Real Options; Corporate Valuation; Case StudiesRelated items
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