Comment critiques asset and liability measurement in R&D partnership valuation, suggesting implications for firm stock prices.
Comments on the article titled, `The Valuation of R&D Firms with R&D Limited Partnerships,' by Terry Shevlin to clarify his interpretation of the components of the research and development (R&D) limited partnership (LP) as a call option reflected in the firm's stock price. Criticism on the measurement of the asset and liability components of the LP in the option pricing network.
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Cheung et al. (1992) studied this question.
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