1,721,127 research outputs found
Investimenti in R&S, brevetti e valore di mercato dell’impresa: Analisi dell’evidenza empirica ed implicazioni per gli studi sull’innovazione aziendale
No full textInnovazione tecnologica, valore economico e mercati finanziari. Un’analisi basata sulla teoria delle opzioni reali
No full textTechnology Switch Option and the Market Value of the Firm: A Model and an Empirical Test
Full text linkA correct assessment of the innovation activities is critical to firm performance. To this purpose, some authors have analyzed the relationship between innovation and firm's market value within a framework based on the real options theory. However, in these papers there is not an explicit modeling of the 'real options'. Our model of market value formally includes a technology switch option, which allows the firm to exchange one technology with another when it achieves a major innovation. The model also accounts for the stochastic nature of the innovation. We test the model on a panel of publicly traded British firms operating in different manufacturing industries. The results provide support to the claim that the stock market recognizes and evaluates a technology switch option.A correct assessment of the innovation activities is critical to firm performance. To this purpose, some authors have analyzed the relationship between innovation and firm's market value within a framework based on the real options theory. However, in these papers there is not an explicit modeling of the 'real options'. Our model of market value formally includes a technology switch option, which allows the firm to exchange one technology with another when it achieves a major innovation. The model also accounts for the stochastic nature of the innovation. We test the model on a panel of publicly traded British firms operating in different manufacturing industries. The results provide support to the claim that the stock market recognizes and evaluates a technology switch option.Non-Refereed Working Papers / of national relevance onl
Il finanziamento e la valutazione degli start-up ad alta innovazione: l’approccio delle opzioni reali
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Il ruolo della funzione finanziaria nei processi di internazionalizzazione delle Pmi: vincoli ed opportunità
No full textTechnology Switching Option and the Market Value of the Firm: A Model and an Empirical Test.
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State vs. Private Ownership and Innovation Performance. An Empirical Analysis Based on Tobin’s q
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