| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w6745 |
| 来源ID | Working Paper 6745 |
| Valuation and Return Dynamics of New Ventures | |
| Jonathan B. Berk; Richard C. Green; Vasant Naik | |
| 发表日期 | 1998-10-01 |
| 出版年 | 1998 |
| 语种 | 英语 |
| 摘要 | 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 throughout its life, but that research and development effort itself is only resolved through additional investment by the firm. In addition, the risks associated with the ultimate cash flows the firm realizes on completion of the project have a systematic component, while the purely technical risks are idiosyncratic. Our model captures these different sources of risk, and allows us to study their interaction in determining the risk premia earned by the venture during development. Our results show that the systematic risk, and the required risk premium, of the venture are highest early in its life, and decrease as it approaches completion, despite the idiosyncratic nature of the technical risk. |
| 主题 | Financial Economics ; Corporate Finance ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w6745 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/564254 |
| 推荐引用方式 GB/T 7714 | Jonathan B. Berk,Richard C. Green,Vasant Naik. Valuation and Return Dynamics of New Ventures. 1998. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w6745.pdf（937KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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