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R&D Sustainability of Biotech Start-ups in Financial Risk
Takao Fujiwara 아시아기술혁신학회 2018 Asian Journal of Innovation and Policy Vol.7 No.3
This paper’s objective is to draw a decision guideline to continue research and development (R&D) investments in biotech start-ups facing the “Valley of Death” syndrome ¬- a long negative profit period during a financial crisis. The data include financial indices as Net income, Revenues, Total stockholders’ equity, Cash & equivalents, and R&D expenses of 18 major biotech companies (nine in negative profit and nine positive, in FY2008) and 15 major pharmaceutical corporations as benchmarks both in FY2008 and in FY2016 derived from the US SEC Database, EDGAR. A first methodology dealing with real options analysis assumes Total stockholders’ equity as a growth option. And a second methodology, Bayesian Markov chain Monte Carlo (MCMC) analysis, is applied to test the probability relationship between the Total stockholders’ equity and the R&D expenses in these three groups. This study confirms that Total stockholders’ equity can play the role of a call option to support continuing R&D investments even in negative profits.
R&D Sustainability of Biotech Start-ups in Financial Risk
Fujiwara, Takao Asian Society for Innovation and Policy 2018 Asian Journal of Innovation and Policy Vol.7 No.3
This paper's objective is to draw a decision guideline to continue research and development (R&D) investments in biotech start-ups facing the "Valley of Death" syndrome - a long negative profit period during a financial crisis. The data include financial indices as Net income, Revenues, Total stockholders' equity, Cash & equivalents, and R&D expenses of 18 major biotech companies (nine in negative profit and nine positive, in FY2008) and 15 major pharmaceutical corporations as benchmarks both in FY2008 and in FY2016 derived from the US SEC Database, EDGAR. A first methodology dealing with real options analysis assumes Total stockholders' equity as a growth option. And a second methodology, Bayesian Markov chain Monte Carlo (MCMC) analysis, is applied to test the probability relationship between the Total stockholders' equity and the R&D expenses in these three groups. This study confirms that Total stockholders' equity can play the role of a call option to support continuing R&D investments even in negative profits.
Fujiwara, Takao Asian Society for Innovation and Policy 2018 Asian Journal of Innovation and Policy Vol.7 No.1
Japan's manufacturing is mostly dependent on the automotive industry in Toyota-Kariya cities. However, the nearby city of Hamamatsu is the home of a start-up ecosystem known as Japan's Silicon Valley. How is it possible to evaluate the innovative potential of each regional industry? What kind of guidelines exist for continuing R&D investment when companies' net incomes are negative in the face of the 'Valley-of-Death' or financial crisis? Is it possible to measure the regional resilience ability in the context of the financial crisis? Entrepreneurial innovation is defined as a real-option portfolio consisting of investment decision to commercialize R&D findings. The subcontractor system implies a vertical and tight industrial group. However, a start-up ecosystem means a platform for horizontal and flexible partnership. In this research, the data include the financial indices of each of 18 public companies in both regions between FY2009 and FY2017. The objective of this paper is to clarify the call option or resilience function of equity for R&D investment in the context of the financial crisis in both regions by using Bayesian MCMC analysis.
후지와라다카오 ( Takao Fujiwara ) 조선사연구회 2016 조선사연구 Vol.25 No.-
임진왜란·정유재란에 등장하는 사야카(沙也可)(김충선)에 대한 연구의 역사는 두 가지로 구분된다. 하나는 1945년에 종료된 제2차 세계대전 이전의 그것과, 다른 하나는 1945년(일본의 민주화와 한국의 식민지체제로부터의 해방) 이후부터 현재까지의 그것이다. 제2차 대전이전은 일본제국주의를 최고로 생각하는 정부 아래, 여러 문화 및 제도를 통제 하에 두었다. 수백 년 전, 사야카의 자손들에 의해 발간된 『모하당문집慕夏堂文集』, 혹은 모하당(사야카)의 시문·유문은 당시의 식민지주의적 학자나 저널리스트, 정치가에 의해 모조리 비판되었다. 그러나 당시 식민지체제 측인 한 명의 역사가가 조선왕조의 기록(『조선왕조실록< 선조30·11월 기유조>』)과 사야카의 자손의 가계 기록(『혼서婚書<숭정崇禎3·경오12월>』)을 조사하여, 마침내 사아카가 일본군으로부터 투항한 (항왜)장군으로서 역사적으로 존재했다는 것을 증명하는 논문을 1933년에 발표하였다. 1946년 이후, 모든 것에 걸쳐 사야카에 대해 자유롭게 논할 수 있게 되었다. 1970냔대, 역사적 근거를 무시한 역사소설가가 아전인수격으로 사야카가 소총부대 출신이라 왜곡하여 작품을 발표했다. 그러나 일본의 역사전문가들은 일본 출진기와 조선왕조(실록) 자료로 분석했을 때, 사야카가 히고(구마모토현)의 지방무사로, 아소신을 섬기는 아소 씨 일족 출신이라는 설을 1990년 즈음부터 주장하기 시작했다. 한국의 역사전문가(2005년) 또한 그에 동조하기 시작했다. The history of study on Sayaka is divided into two periods. One is the period before 1945 (the Second World War) and the other is the Period after 1945 (Japanesee Democratization Period & Since Kreas`s Liberation from Japan). Before the Second World War, all the press, culture and organizations were under the control of the Japanesed colonial government. A bout the hundred years ago. Mofadan Bunshu or the anthology of Mofadan which had been published by Sayaka`s descents was criticized by all the Japanese colonial scholars, politicians and journalists. However, a Japanese colonial historian investigated the record of Chosen Dynasty and the family history of Sayaka`s descendants. Finally he proved the Sayaka, a general called a runaway soldier, had really existed to history and published his paper about him in 1933. Some Japanese journalists studying the Chosen history have paid attention to General Sayaka since 1970. There were some novelists who wrote novels about Sayaka`s unique life, too. The Japanese Historical document, Sayaka is estimated to have come from “Saiga Teppo Shu” of the armed group with guns by some ones. Some novelists and journalists lay emphasis on the fact that pronaunciation of Sayaka [sayaka] and Saiga[saigga] is very similar. So in Korea, Sayaka is believed to have come from “Saiga Teppo Shu” or the armed group with guns by some ones. But because there are lack of sources about the theory, some scholars have criticized such bias now. Year by year the results of study on Sayaka have been increased. In this paper some new data including various comments of sholars and novel about Sayaka were found and added for.