Résumé en anglais

Despite a large body of literature on the topic, empirical tests of real option models are scarce. The lack of data offers an initial explanation for this. However other intrinsic reasons could well explain why real options are difficult to test on large-scale studies. We show that the use of case studies is a partial solution to this problem since it improves our understanding of management’s behavior but not test the validity of real option models.We support our argument by the analysis of 4 empirical studies traditionally quoted in the real options literature as well as on a real-life case study.