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Real Option in Biotechnological Firms Valuation. An Empirical Analysis of European Firms.

Journal of Technology Management & Innovation

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Title Real Option in Biotechnological Firms Valuation. An Empirical Analysis of European Firms.
Real Option in Biotechnological Firms Valuation. An Empirical Analysis of European Firms.
Real Option in Biotechnological Firms Valuation. An Empirical Analysis of European Firms.
 
Creator Rubio Martín, Gracia
Lamothe Fernández, Prosper
 
Description Firms’ intangible assets are becoming more and more relevant in the different areas within the financial discipline. Its management, its quantification and its valuation nowadays constitute one of the main challenges which economy and business try to face. Through this paper we will evaluate some models based on the real options theory in order to estimate the intangible assets value of certain firms, specifically I+D biotechnological firms projects. With this aim, and after deep research on biotechnological industry, we will establish the parameters regarding one model which can be considered as a quantitative valuation method that we apply to a sample of biotechnological European companies. The results obtained through the empirical analysis are promising and they support the use of the real options theory to evaluate biotechnological firms.
Los activos intangibles de las compañías se han convertido cada vez en elementos más relevantes en las diferentes áreas de la disciplina financiera. Su manejo, cuantificación, y su avalamiento hoy en día constituye uno de los desafíos que los negocios y la economía trata de encarar. En este trabajo se evalúan algunos modelos basados en teoría de opciones reales con el objetivo de estimar los activos intangibles de ciertas compañías, específicamente I+D en las firmas basadas en proyectos biotecnológicos. Con éste objetivo en mente, y posterior a una profunda investigación sobre la industria biotecnológica, se establecen parámetros relacionados a un modelo que puede ser considerado como una evaluación cuantitativa el que se aplicará a muestras de compañías biotecnológicas europeas. Los resultados fueron obtenidos mediante el análisis empírico que apoya el uso de la teoría de opciones reales para evaluar a las compañías biotecnológicas.
Firms’ intangible assets are becoming more and more relevant in the different areas within the financial discipline. Its management, its quantification and its valuation nowadays constitute one of the main challenges which economy and business try to face. Through this paper we will evaluate some models based on the real options theory in order to estimate the intangible assets value of certain firms, specifically I+D biotechnological firms projects. With this aim, and after deep research on biotechnological industry, we will establish the parameters regarding one model which can be considered as a quantitative valuation method that we apply to a sample of biotechnological European companies. The results obtained through the empirical analysis are promising and they support the use of the real options theory to evaluate biotechnological firms.
 
Publisher Facultad de Economía y Negocios, Universidad Alberto Hurtado
 
Date 2006-06-29
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Artículo revisado por pares
 
Format application/pdf
 
Identifier http://www.jotmi.org/index.php/GT/article/view/art4
 
Source Journal of Technology Management & Innovation; Vol. 1 No. 2 (2006); 27-52
Journal of Technology Management & Innovation; Vol. 1 Núm. 2 (2006); 27-52
0718-2724
 
Language eng
 
Relation http://www.jotmi.org/index.php/GT/article/view/art4/325