it is not realistic to forecast income beyond five years; in any event, it is very difficult to estimate the income of early stage technology establishing a fair and reasonable discount rate can be problematic, and many factors such as the potential market for the IPR, the nature of ...
In the latter case, the rock-bottomvaluationof a company with a long-term problem may reflect investors’ perception that its very survival may be at stake. Early-stage companies with negative earnings tend to be clustered in industries where the potential reward can far outweigh the risk—such...
This is particularly the case in the biotech industry where "go/no go" decisions are stage-gated to each phase of product development.2 Analysts also may overestimate discount rates for cash flows from early stage products, thus dooming them to rejection because their lengthy time lines result ...
However the valuation of companies in the sector is prob... Jacqueline,Loh,Robert,... - 《Journal of Commercial Biotechnology》 被引量: 5发表: 2006年 Valuing an Early‐Stage Biotechnology Investment as a Rainbow Option In an article published in this journal in 2003, Richard Shockley and ...