Financial theory often sees the company in terms of its stock market trajectory (trend, volatility).

The development of the computer models has allowed the emergence of theoretical innovations and remarkable practices, and the calculation of the cost of capital or the value of an option to purchase has no secret for professionals and academics.

However, a company remains a complex economic reality and relying on mathematical tools developed for the benefit of assets managers to evaluate assets that do not fit the basis of models is a risky proposition.

However, while innovation and research projects are like options, reducing a capital market model with real assets leads to beautiful academic publications, but not to an improvement in R & D management.