Non-additivity in portfolios of exploration activities: a real options-based analysis of equity alliances in biotechnology

Article Abstract:

The portfolio effects in investments are investigated by applying real options and resource-based perspectives to exploratory investments made by firms. It is shown that when strategic options are mutually competitive and correlated and the value of the portfolio is sub-additive and a failure to incorporate this correlation could lead to over investment.

Commercial Banks, Investment Banking and Securities Dealing, Forecasts, trends, outlooks, Portfolio Management, Portfolio & Funds Management, Analysis, Evaluation, Forecasts and trends, Market trend/market analysis, Strategic planning (Business), Investment management

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Strategic benefits to firms issuing private equity placements

Article Abstract:

Private placements provide long-term benefits to firms by reducing hazards associated with information asymmetry. Study of biotechnology firms indicate that the incidence of attaining private equity significantly improves a firm's subsequent ability to attract financial capital, research partners and commercial partners.

Financial Planning, Private placements (Securities)

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Profitability of small- and medium-sized enterprises in high-tech industries: the case of the biotechnology industry

Article Abstract:

The positive influence of globalization, product differentiation and niche selection on the profitability of small and medium sized biotechnology firms is discussed.

Economic aspects, Small and medium sized companies

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