[1] M. Bellalah, “Valuation of Futures and Commodity Op-tions with Information Costs,” The Journal of Futures and Markets, Vol. 19, 1999a, pp. 645-664.
[2] R. C. Merton, “A Simple Model of Capital Market Equi-librium with Incomplete Information,” The Journal of Finance, Vol. 42, No. 3, 1987, pp. 483-510.
[3] M. Bellalah, “On Irreversibility, Sunk Costs and Invest-ment Under Incomplete Information,” In: Paxson, D. A. Ed., Real R & D Options, Butterworth Heinemann, Bur-lington, 2003b.
[4] F. Black and M. Scholes, “The Pricing of Options and Corporate Liabilities,” Journal of Political Econometrics, Vol. 81, No. 3, 1973, pp. 637-654.
[5] Y. K. Ho, Z. Y. Xu and C. M. Yap, “R & D Investment and Systematic Risk,” Accounting and Finance, Vol. 44, No. 3, 2004, pp. 393-418.
[6] Y. Amihud and H. Mendelson, “The Effects of Beta, Bid-Ask Spread, Residual Risk, and Size on Stock Re-turns,” The Journal of Finance, Vol. 44, No. 2, 1989, pp. 478- 486.
[7] R. E. Whaley, “The Investor Fear Gauge,” Journal of Portfolio Management, Vol. 26, No. 3, 2000, pp. 12-17.