The aim of this study is to provide new theoretical insights and empirical evidence on the effect of market and technological uncertainty on the market valuation of a firm’s R&D capital. A set of hypotheses is developed adopting a real options logic and tested on a panel dataset of 290 manufacturing firms traded in the UK. Consistently with our theoretical model, we show that market and technological uncertainty have distinct effects on the valuation of R&D investments. The results have several important implications for resource allocation to R&D under uncertainty, which we discuss in the concluding section.
Titolo: | Uncertainty and the Market Valuation of R&D within a Real Options Logic |
Autori: | |
Data di pubblicazione: | 2008 |
Rivista: | |
Abstract: | The aim of this study is to provide new theoretical insights and empirical evidence on the effect of market and technological uncertainty on the market valuation of a firm’s R&D capital. A set of hypotheses is developed adopting a real options logic and tested on a panel dataset of 290 manufacturing firms traded in the UK. Consistently with our theoretical model, we show that market and technological uncertainty have distinct effects on the valuation of R&D investments. The results have several important implications for resource allocation to R&D under uncertainty, which we discuss in the concluding section. |
Handle: | http://hdl.handle.net/11385/3270 |
Appare nelle tipologie: | 01.1 - Articolo su rivista (Article) |
File in questo prodotto:
File | Descrizione | Tipologia | Licenza | |
---|---|---|---|---|
1 - oriani-sobrero.pdf | Documento in Post-print | DRM non definito | Administrator |
I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.