... Innovations, Real Options, Risk and Return: Evidence from the Pharmaceutical and Biotechnology Industries, ” a dissertation prepared by Azizjon Alimov in partial fulfillment of the requirements for the ... Finance for the degree o f Doctor o f Philosophy to be taken September 2007 Title: INNOVATIONS, REAL OPTIONS, RISK AND RETURN: EVIDENCE FROM THE PHARMACEUTICAL AND BIOTECHNOLOGY INDUSTRIES Approved: ... flows from the project at different stages of the project The first row gives the value of the project and the second row gives the risk premium of the project (annualized expected return minus risk- free...