The real options component of firm market value:: The case of the technological corporation

被引：19

作者：

De Andrés-Alonso, P ^{[1
]}

Azofra-Palenzuela, V ^{[1
]}

De La Fuente-Herrero, G ^{[1
]}

机构：

[1] Univ Valladolid, Dept Financial Econ & Accounting, E-47011 Valladolid, Spain

来源：

JOURNAL OF BUSINESS FINANCE & ACCOUNTING | 2006年 / 33卷 / 1-2期

关键词：

real options; assets-in-place; growth opportunities; valuation; Tech Company;

D O I：

10.1111/j.0306-686X.2005.00654.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper tests whether stock prices reflect investor's expectations regarding the value of real options. The analysis is implemented based on a sample of 391 high-tech companies listed on main OECD stock markets during the period December 1994 through December 2000. Results confirm the predicted relation between the fraction of a firm's market value not accounted for by its assets-in-place, and a series of variables that are assumed to disclose its real options value, variables such as research and development activity, risk and skewness of stock returns, and size. The results are robust even after controlling for valuation date, sub-industry, country, and alternative measures of risk.

引用

页码：203 / 219

页数：17

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