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dc.contributor.authorPhilippe, Henri
dc.date.accessioned2009-11-24T14:23:03Z
dc.date.available2009-11-24T14:23:03Z
dc.date.issued2005
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/2529
dc.language.isoenen
dc.subjectTheory of the firmen
dc.subjectReal optionen
dc.subjectR&Den
dc.subjectCorporate valuationen
dc.subjectCorporate governanceen
dc.subjectCase studiesen
dc.subject.ddc332en
dc.subject.classificationjelO32en
dc.subject.classificationjelL22en
dc.subject.classificationjelG34en
dc.subject.classificationjelD81en
dc.subject.classificationjelD23en
dc.titleCorporate Governance: A New Limit to Real Options Valuation?en
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenIncluding real options in firms ’ value raises numerous difficulties. Limitations concerning the relevance of option pricing models outside financial markets are the most salient, but carrying out a valuation implies other assumptions, especially on firms’ governance. In particular, assessing whether a real option should be included within a firm’s boundaries and how its value should be shared, is difficult. Most of these issues result from the different property rights on real options: who creates and who can exercise the option? We discuss existing answers to these difficulties and propose a matrix based on property rights to help practitioners decide whether a real option can be valued appropriately or not by real options models. We support our discussion with a case study based on an R&D firm valuation.en
dc.relation.isversionofjnlnameJournal of Management and Governance
dc.relation.isversionofjnlvol9en
dc.relation.isversionofjnlissue2en
dc.relation.isversionofjnldate2005-06
dc.relation.isversionofjnlpages129-149en
dc.relation.isversionofdoihttp://dx.doi.org/10.1007/s10997-005-4028-7en
dc.description.sponsorshipprivateouien
dc.relation.isversionofjnlpublisherSpringeren
dc.subject.ddclabelEconomie financièreen


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