Valuation and Return Dynamics of Research and Development Ventures

Jonathan Berk, Richard Green and Vasant Naik

GSIA Working Papers from Carnegie Mellon University, Tepper School of Business

Abstract: We develop and analyze a model of a multi-stage investment project that captures many features of R\&D ventures and start-up companies. An important feature these problems share is that the firm learns about the potential profitability of the project t

Date: 1997-10
New Economics Papers: this item is included in nep-dev, nep-fin, nep-ino, nep-mic and nep-tid
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