메뉴 건너뛰기




Volumn 40, Issue 7, 2011, Pages 969-985

The market value of R & D, patents, and trademarks

Author keywords

Intellectual property; Market valuation; Patents; Tobin's q; Trademarks; Value indicators

Indexed keywords

FIRM VALUE; MARKET VALUATION; MARKET VALUES; PATENTS; POSITIVE EFFECTS; PRODUCT AND SERVICES; TOBIN'S Q; VALUE INDICATORS;

EID: 79961032287     PISSN: 00487333     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.respol.2011.04.004     Document Type: Article
Times cited : (257)

References (79)
  • 2
    • 0033353427 scopus 로고    scopus 로고
    • Strategies to turn adversity into profits
    • A. Afuah Strategies to turn adversity into profits Sloan Management Review 40 2 1999 99 109
    • (1999) Sloan Management Review , vol.40 , Issue.2 , pp. 99-109
    • Afuah, A.1
  • 4
    • 0042875722 scopus 로고    scopus 로고
    • The relative effectiveness of patents and secrecy for appropriation
    • DOI 10.1016/S0048-7333(00)00100-1, PII S0048733300001001
    • A. Arundel The relative effectiveness of patents and secrecy for appropriation Research Policy 30 4 2001 611 624 (Pubitemid 33675447)
    • (2001) Research Policy , vol.30 , Issue.4 , pp. 611-624
    • Arundel, A.1
  • 6
    • 14344251769 scopus 로고    scopus 로고
    • R&D disclosure: Theory and practice
    • A. Belcher, J. Hassard, S. Procter, Routledge London
    • A. Belcher R&D disclosure: theory and practice A. Belcher, J. Hassard, S. Procter, R&D Decisions: Strategy, Policy and Disclosure 1996 Routledge London 203 223
    • (1996) R&D Decisions: Strategy, Policy and Disclosure , pp. 203-223
    • Belcher, A.1
  • 8
    • 0001820890 scopus 로고
    • An introduction to the law and economics of intellectual property
    • S.M. Besen, and L.J. Raskind An introduction to the law and economics of intellectual property Journal of Economic Perspectives 5 1 1991 3 27
    • (1991) Journal of Economic Perspectives , vol.5 , Issue.1 , pp. 3-27
    • Besen, S.M.1    Raskind, L.J.2
  • 9
    • 0036225387 scopus 로고    scopus 로고
    • Patents, real options and firm performance
    • N. Bloom, and J. Van Reenen Patents, real options and firm performance Economic Journal 112 478 2002 97 116
    • (2002) Economic Journal , vol.112 , Issue.478 , pp. 97-116
    • Bloom, N.1    Van Reenen, J.2
  • 11
    • 0001027388 scopus 로고    scopus 로고
    • Market share, market value and innovation in a panel of British manufacturing firms
    • R. Blundell, R. Griffiths, and J. van Reenen Market share, market value and innovation in a panel of British manufacturing firms Review of Economic Studies 66 3 1999 529 554
    • (1999) Review of Economic Studies , vol.66 , Issue.3 , pp. 529-554
    • Blundell, R.1    Griffiths, R.2    Van Reenen, J.3
  • 12
    • 0035193857 scopus 로고    scopus 로고
    • Market value, R&D and intellectual property: An empirical analysis of large Australian firms
    • D. Bosworth, and M. Rogers Market value, R&D and intellectual property: an empirical analysis of large Australian firms Economic Record 77 239 2001 323 337
    • (2001) Economic Record , vol.77 , Issue.239 , pp. 323-337
    • Bosworth, D.1    Rogers, M.2
  • 14
    • 0034551039 scopus 로고    scopus 로고
    • Stretching Firm and Brand Reputation
    • L.M.B. Cabral Stretching firm and brand reputation RAND Journal of Economics 31 4 2000 658 673 (Pubitemid 33232044)
    • (2000) RAND Journal of Economics , vol.31 , Issue.4 , pp. 658-673
    • Cabral, L.M.B.1
  • 16
    • 0000971285 scopus 로고
    • Industry effects and appropriability measures in the stock market's valuation of R&D and patents
    • I. Cockburn, and Z. Griliches Industry effects and appropriability measures in the stock market's valuation of R&D and patents American Economic Review 78 2 1988 419 423
    • (1988) American Economic Review , vol.78 , Issue.2 , pp. 419-423
    • Cockburn, I.1    Griliches, Z.2
  • 17
    • 38249031239 scopus 로고
    • Market value and patents: A Bayesian approach
    • R.A. Connolly, and M. Hirschey Market value and patents: a Bayesian approach Economics Letters 27 1 1988 83 87
    • (1988) Economics Letters , vol.27 , Issue.1 , pp. 83-87
    • Connolly, R.A.1    Hirschey, M.2
  • 19
    • 84900013243 scopus 로고
    • Does the stock market overreact?
    • W.F.M. De Bondt, and R. Thaler Does the stock market overreact? Journal of Finance 40 3 1984 793 805
    • (1984) Journal of Finance , vol.40 , Issue.3 , pp. 793-805
    • De Bondt, W.F.M.1    Thaler, R.2
  • 20
    • 2142720242 scopus 로고    scopus 로고
    • Causes and consequences of earnings manipulations: An analysis of firms subject to enforcement action by the SEC
    • M.P. Dechow, G.R. Sloan, and P.A. Sweeney Causes and consequences of earnings manipulations: an analysis of firms subject to enforcement action by the SEC Contemporary Accounting Research 13 1 1996 1 37
    • (1996) Contemporary Accounting Research , vol.13 , Issue.1 , pp. 1-37
    • Dechow, M.P.1    Sloan, G.R.2    Sweeney, P.A.3
  • 22
    • 20344361809 scopus 로고
    • The economics of trademarks
    • N. Economides The economics of trademarks Trademark Reporter 78 1988 523 539
    • (1988) Trademark Reporter , vol.78 , pp. 523-539
    • Economides, N.1
  • 23
    • 0032388671 scopus 로고    scopus 로고
    • An empirical analysis of umbrella branding
    • T. Erdem An empirical analysis of umbrella branding Journal of Marketing Research 35 3 1998 339 351
    • (1998) Journal of Marketing Research , vol.35 , Issue.3 , pp. 339-351
    • Erdem, T.1
  • 25
    • 0000480869 scopus 로고
    • Efficient capital markets: A review of theory and empirical work
    • E.F. Fama Efficient capital markets: a review of theory and empirical work Journal of Finance 25 2 1970 383 417
    • (1970) Journal of Finance , vol.25 , Issue.2 , pp. 383-417
    • Fama, E.F.1
  • 27
    • 33748103873 scopus 로고    scopus 로고
    • The value of innovation: The interaction of competition, R&D and IP
    • DOI 10.1016/j.respol.2006.02.002, PII S0048733306000357
    • C. Greenhalgh, and M. Rogers The value of innovation: the interaction of competition, R&D and IP Research Policy 35 4 2006 562 580 (Pubitemid 44304407)
    • (2006) Research Policy , vol.35 , Issue.4 , pp. 562-580
    • Greenhalgh, C.1    Rogers, M.2
  • 30
    • 33847015546 scopus 로고
    • Market value, R&D and patents
    • Z. Griliches Market value, R&D and patents Economic Letters 7 2 1981 183 187
    • (1981) Economic Letters , vol.7 , Issue.2 , pp. 183-187
    • Griliches, Z.1
  • 31
  • 33
    • 0000937212 scopus 로고
    • The stock market's valuation of R&D investment during the 1980's
    • B.H. Hall The stock market's valuation of R&D investment during the 1980's American Economic Review 83 2 1993 259 264
    • (1993) American Economic Review , vol.83 , Issue.2 , pp. 259-264
    • Hall, B.H.1
  • 34
    • 0000719125 scopus 로고    scopus 로고
    • Innovation and market value
    • R. Barrell, G. Mason, M. O'Mahoney, Cambridge University Press Cambridge
    • B.H. Hall Innovation and market value R. Barrell, G. Mason, M. O'Mahoney, Productivity, Innovation and Economic Performance 2000 Cambridge University Press Cambridge 177 198
    • (2000) Productivity, Innovation and Economic Performance , pp. 177-198
    • Hall, B.H.1
  • 37
    • 33746780066 scopus 로고    scopus 로고
    • Does the market value R&D investment by European firms? Evidence from a panel of manufacturing firms in France, Germany, and Italy
    • DOI 10.1016/j.ijindorg.2005.12.001, PII S0167718705001931
    • B.H. Hall, and R. Oriani Does the market value R&D investment by European firms? Evidence from a panel of manufacturing firms in France, Germany, and Italy International Journal of Industrial Organization 24 5 2006 971 993 (Pubitemid 44164525)
    • (2006) International Journal of Industrial Organization , vol.24 , Issue.5 , pp. 971-993
    • Hall, B.H.1    Oriani, R.2
  • 42
    • 1842477652 scopus 로고    scopus 로고
    • Determinants of opposition against EPO patent grants - The case of biotechnology and pharmaceuticals
    • D. Harhoff, and M. Reitzig Determinants of opposition against EPO patent grants - the case of biotechnology and pharmaceuticals International Journal of Industrial Organization 22 4 2004 443 480
    • (2004) International Journal of Industrial Organization , vol.22 , Issue.4 , pp. 443-480
    • Harhoff, D.1    Reitzig, M.2
  • 43
    • 0043133376 scopus 로고    scopus 로고
    • Citations, family size, opposition and the value of patent rights - Evidence from Germany
    • D. Harhoff, F.M. Scherer, and K. Vopel Citations, family size, opposition and the value of patent rights - evidence from Germany Research Policy 32 8 2003 1343 1363
    • (2003) Research Policy , vol.32 , Issue.8 , pp. 1343-1363
    • Harhoff, D.1    Scherer, F.M.2    Vopel, K.3
  • 45
    • 21144468931 scopus 로고
    • Functional form in regression models of Tobin's q
    • B.T. Hirsch, and T.G. Seaks Functional form in regression models of Tobin's q Review of Economics and Statistics 75 2 1993 381 385
    • (1993) Review of Economics and Statistics , vol.75 , Issue.2 , pp. 381-385
    • Hirsch, B.T.1    Seaks, T.G.2
  • 46
    • 0001753445 scopus 로고
    • Amortization policy for advertising and research and development expenditures
    • M. Hirschey, and J.J. Weygandt Amortization policy for advertising and research and development expenditures Journal of Accounting Research 23 1 1985 326 335
    • (1985) Journal of Accounting Research , vol.23 , Issue.1 , pp. 326-335
    • Hirschey, M.1    Weygandt, J.J.2
  • 47
    • 0002286405 scopus 로고
    • Technological opportunity and spillovers of R&D: Evidence from Firms' patents, profits and market value
    • A. Jaffe Technological opportunity and spillovers of R&D: evidence from Firms' patents, profits and market value American Economic Review 76 5 1986 984 1001
    • (1986) American Economic Review , vol.76 , Issue.5 , pp. 984-1001
    • Jaffe, A.1
  • 51
    • 21344491476 scopus 로고
    • The importance of patent scope: An empirical analysis
    • J. Lerner The importance of patent scope: an empirical analysis RAND Journal of Economics 25 2 1994 319 333
    • (1994) RAND Journal of Economics , vol.25 , Issue.2 , pp. 319-333
    • Lerner, J.1
  • 52
    • 0002206621 scopus 로고
    • Tobin's q ratio and industrial organization
    • E.B. Lindenberg, and S.A. Ross Tobin's q ratio and industrial organization Journal of Business 54 1 1981 1 32
    • (1981) Journal of Business , vol.54 , Issue.1 , pp. 1-32
    • Lindenberg, E.B.1    Ross, S.A.2
  • 53
    • 79961026474 scopus 로고    scopus 로고
    • Working Paper No. 2005/17, Centre for Innovation, Research and Competence in the Learning Economy (CIRCLE), Lund University
    • Malmberg, C., 2005. Trademarks Statistics as Innovation Indicator - A Micro Study. Working Paper No. 2005/17, Centre for Innovation, Research and Competence in the Learning Economy (CIRCLE), Lund University.
    • (2005) Trademarks Statistics As Innovation Indicator - A Micro Study
    • Malmberg, C.1
  • 54
    • 0002728371 scopus 로고
    • R&D and productivity: A survey of econometric studies at the firm level
    • J. Mairesse, and M. Sassenou R&D and productivity: a survey of econometric studies at the firm level OECD Science-Technology Review 8 1991 9 44
    • (1991) OECD Science-Technology Review , vol.8 , pp. 9-44
    • Mairesse, J.1    Sassenou, M.2
  • 55
    • 33846293322 scopus 로고    scopus 로고
    • The dynamics of patent citations
    • A.C. Marco The dynamics of patent citations Economics Letters 94 2 2007 290 296
    • (2007) Economics Letters , vol.94 , Issue.2 , pp. 290-296
    • Marco, A.C.1
  • 56
    • 0001165722 scopus 로고
    • The impact of intangible capital on Tobin's q in the semiconductor industry
    • P. Megna, and M. Klock The impact of intangible capital on Tobin's q in the semiconductor industry American Economic Review 83 2 1993 265 269
    • (1993) American Economic Review , vol.83 , Issue.2 , pp. 265-269
    • Megna, P.1    Klock, M.2
  • 57
    • 20344399913 scopus 로고    scopus 로고
    • Trademarks as an indicator of innovation and industrial change
    • DOI 10.1016/j.respol.2004.09.005, PII S0048733304001222, What do we Know Innovation - Selected Papers from an International Conference in Honour of Keith Pavitt
    • S. Mendona, T.S. Pereira, and M.M. Godinho Trademarks as an indicator of innovation and industrial change Research Policy 33 9 2004 1385 1404 (Pubitemid 40785093)
    • (2004) Research Policy , vol.33 , Issue.9 , pp. 1385-1404
    • Mendonca, S.1    Pereira, T.S.2    Godinho, M.M.3
  • 58
    • 78649583513 scopus 로고    scopus 로고
    • Identifying the age profile of patent citations: New estimates of knowledge diffusion
    • A. Metha, M. Rysman, and T. Simcoe Identifying the age profile of patent citations: new estimates of knowledge diffusion Journal of Applied Econometrics 25 7 2010 1179 1204
    • (2010) Journal of Applied Econometrics , vol.25 , Issue.7 , pp. 1179-1204
    • Metha, A.1    Rysman, M.2    Simcoe, T.3
  • 59
    • 0000388296 scopus 로고
    • Diversification, Ricardian Rents, and Tobin's q
    • C.A. Montgomery, and B. Wernerfelt Diversification, Ricardian Rents, and Tobin's q RAND Journal of Economics 19 4 1988 623 632
    • (1988) RAND Journal of Economics , vol.19 , Issue.4 , pp. 623-632
    • Montgomery, C.A.1    Wernerfelt, B.2
  • 60
    • 79961023624 scopus 로고    scopus 로고
    • OHIM Office for Harmonization in the Internal Market, Alicante
    • OHIM, 2007. Statistics of Community Trade Marks 2007. Office for Harmonization in the Internal Market, Alicante.
    • (2007) Statistics of Community Trade Marks 2007
  • 61
    • 0001487363 scopus 로고    scopus 로고
    • Curvilinearity in the diversification-performance linkage: An examination of over three decades of research
    • L.E. Palich, L.B. Cardinal, and C.C. Miller Curvilinearity in the diversification-performance linkage: an examination of over three decades of research Strategic Management Journal 21 2 2000 155 174
    • (2000) Strategic Management Journal , vol.21 , Issue.2 , pp. 155-174
    • Palich, L.E.1    Cardinal, L.B.2    Miller, C.C.3
  • 63
    • 0000748060 scopus 로고
    • Alternative construction of Tobin's q: An empirical comparison
    • S. Perfect, and K. Wiles Alternative construction of Tobin's q: an empirical comparison Journal of Empirical Finance 1 3-4 1994 313 341
    • (1994) Journal of Empirical Finance , vol.1 , Issue.34 , pp. 313-341
    • Perfect, S.1    Wiles, K.2
  • 66
    • 0347692738 scopus 로고
    • Accounting and economics
    • S.A. Ross Accounting and economics Accounting Review 58 2 1983 375 380
    • (1983) Accounting Review , vol.58 , Issue.2 , pp. 375-380
    • Ross, S.A.1
  • 67
    • 79961031271 scopus 로고    scopus 로고
    • Trade marks: Complementary to patents
    • J. Rujas Trade marks: complementary to patents World Patent Information 21 1 1999 35 39
    • (1999) World Patent Information , vol.21 , Issue.1 , pp. 35-39
    • Rujas, J.1
  • 68
    • 1942495094 scopus 로고    scopus 로고
    • From efficient markets theory to behavioral finance
    • DOI 10.1257/089533003321164967
    • R. Shiller From efficient markets theory to behavioral finance The Journal of Economic Perspectives 17 1 2003 83 104 (Pubitemid 38888456)
    • (2003) Journal of Economic Perspectives , vol.17 , Issue.1 , pp. 83-104
    • Shiller, R.J.1
  • 69
    • 1542399595 scopus 로고    scopus 로고
    • Service marks as novel innovation indicator
    • U. Schmoch Service marks as novel innovation indicator Research Evaluation 12 2 2003 149 156 (Pubitemid 38355039)
    • (2003) Research Evaluation , vol.12 , Issue.2 , pp. 149-156
    • Schmoch, U.1
  • 73
    • 0003218355 scopus 로고
    • A penny for your quotes: Patent citations and the value of innovations
    • M. Trajtenberg A penny for your quotes: patent citations and the value of innovations RAND Journal of Economics 21 1 1990 172 187
    • (1990) RAND Journal of Economics , vol.21 , Issue.1 , pp. 172-187
    • Trajtenberg, M.1
  • 74
    • 1842812537 scopus 로고    scopus 로고
    • Intangible resources, Tobin's q, and sustainability of performance differences
    • DOI 10.1016/j.jebo.2003.07.001, PII S016726810300204X
    • B. Villalonga Intangible resources, Tobin's q, and sustainability of performance differences Journal of Economic Behavior & Organization 54 2 2004 205 230 (Pubitemid 38461817)
    • (2004) Journal of Economic Behavior and Organization , vol.54 , Issue.2 , pp. 205-230
    • Villalonga, B.1
  • 75
    • 3042777269 scopus 로고    scopus 로고
    • Does diversification cause the "diversification Discount"?
    • B. Villalonga Does diversification cause the "Diversification Discount"? Financial Management 33 2 2004 5 27
    • (2004) Financial Management , vol.33 , Issue.2 , pp. 5-27
    • Villalonga, B.1
  • 77
    • 0001079292 scopus 로고
    • Umbrella branding as a signal of new product quality: An example of signalling by posting a bond
    • B. Wernerfelt Umbrella branding as a signal of new product quality: an example of signalling by posting a bond RAND Journal of Economics 19 3 1988 458 466
    • (1988) RAND Journal of Economics , vol.19 , Issue.3 , pp. 458-466
    • Wernerfelt, B.1
  • 79
    • 84986172643 scopus 로고    scopus 로고
    • Brands and brand equity: Definition and management
    • L. Wood Brands and brand equity: definition and management Management Decision 38 9 2000 662 669
    • (2000) Management Decision , vol.38 , Issue.9 , pp. 662-669
    • Wood, L.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.