Modelo estocástico para la valuación de una inversión nanomédica.

Garcia Fronti, Javier (2015): Modelo estocástico para la valuación de una inversión nanomédica.

Abstract

This paper develops a model of valuation of investment projects which includes nano-medical scientific and industrial dynamics, and its regulation. First critically analyzes the literature on valuation of investments, arguing that the methodology of real options is the most appropriate. It is a model that overcomes the major limitations of valuation tools of traditional investment projects and reflects the complexity of the economics involved.

• Item Type: MPRA Paper
• English Title: Nanomedical Stochastic Investment Valuation
• Language: Spanish
• Keywords: nanomedical stochastic valuation real options
• Subjects: G - Financial Economics > G1 - General Financial Markets > G11 - Portfolio Choice ; Investment Decisions; G - Financial Economics > G3 - Corporate Finance and Governance; G - Financial Economics > G3 - Corporate Finance and Governance > G30 - General

References

Bass, F. M. (2004), 'Comments on" A New Product Growth for Model Consumer Durables": The Bass Model', Management Science, vol. 50, no. 12, pp. 1833-40.

Black, F. y Scholes, M. (1973), 'The pricing of options and corporate liabilities', Journal of political economy, vol. 81, no. 3.

Brennan, M. J. y Schwartz, E. S. (1985), 'Evaluating natural resource investments', The Journal of Business, vol. 58, no. 2, pp. 135-57.

Callon, M. (1999), 'Actor-Network Theory: The Market Test', en J Law y J Hassard (eds), Actor Network Theory and After, pp. 181-95.

Dixit, A. K. y Pindyck, R. S. (1994), Investment under uncertainty, vol. 15, Princeton University Press Princeton, NJ.

Dodds, W. (1973), 'An application of the Bass model in long-term new product forecasting', Journal of Marketing Research, vol. 10, no. 3, pp. 308-11.

Granovetter, M. (1985), 'Economic Action and Social Structure: The Problem of Embeddedness', American journal of sociology, vol. 91, no. 3, p. 481.

Guatri, L. (1989), 'Il differenziale fantasma: i beni immateriali nella determinazione del reddito e nella valutazione delle imprese', Finanza, Marketing e Produzione.

Hsu, J. C. y Schwartz, E. S. (2008), 'A model of R&D valuation and the design of research incentives', Insurance: mathematics and Economics, vol. 43, no. 3, pp. 350-67.

Huisman, K. J. M., Kort, P. M. y Center for Economic Research at, A. (1999), Effects of strategic interactions on the option value of waiting, Center for Economic Research, Tilburg University.

Kumaraswamy, A. (1996), 'A real options perspective of firms’ R&D investments', Unpublished doctoral dissertation, New York University.

Lev, B. (2001), Intangibles: Management, measurement, and reporting, Brookings Inst Pr.

Longstaff, F. y Schwartz, E. (2001), 'Valuing American options by simulation: A simple least-squares approach', Review of Financial Studies, vol. 14, no. 1, p. 113.

McDonald, R. y Siegel, D. (1986), 'The value of waiting to invest', The Quarterly Journal of Economics, vol. 101, no. 4, p. 707.

Miltersen, K. R. y Schwart, E. S. (2004), 'R&D investments with competitive interactions', Review of Finance, vol. 8, no. 3, p. 355.

Myers, S. C. (1977), 'Determinants of corporate borrowing* 1', Journal of Financial Economics, vol. 5, no. 2, pp. 147-75.

Nordmann, A. (2006), 'Theories of nanotechnoscience', Ethical and Social Implications of the Nano-Bio-Info-Cogno Convergence, vol. December 2006. Disponible en http://ica.stanford.edu/france/conferences/workingpapersseries/ethics.

Pindyck, R. S. (1991), 'Irreversibility, uncertainty, and investment', Journal of Economic Literature, vol. 29, no. 3, pp. 1110-48.

Robertson, T. S. (1967), 'The process of innovation and the diffusion of innovation', The Journal of Marketing, vol. 31, no. 1, pp. 14-9.

Schwartz, E. S. (2004), 'Patents and R&D as real options', Economic Notes, vol. 33, no. 1, pp. 23-54.

Sereno, L. (2006), Valuing R&D Investments with a Jump- diffusion Process, Università degli Studie, Dipartimento di Scienze Economiche.

The Royal Society & The Royal Academy of Engineering (2004), Nanoscience and nanotechnologies:opportunities and uncertainties, The Royal Society & The Royal Academy of Engineering, Plymouth, UK.

Trigeorgis, L. (1993), 'Real options and interactions with financial flexibility', Financial Management, vol. 22, no. 3, pp. 202-24.