Andrés-Alonso, Pablo de; Azofra-Palenzuela, Valentín; … - In: Journal of Business Finance & Accounting 33 (2006-01) 1-2, pp. 203-219
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...