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Intellectual Property Intensity (IPI) and the Value-Growth Effect.
Malki, Elli - EconWPA - 1997
power that results from IP and (ii) the higher risk associated with IP. Thus, the lower (higher) returns that characterize … growth (value) stocks should be attributed to market inefficiency and mispricing and not to lower (higher) risk. The positive … bias in growth stock prices is explained by the inability of investors to fully account for the risk associated with IP …
Persistent link: https://www.econbiz.de/10005561690
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Meta-Communication and Market Dynamics. Reflexive Interactions of Financial Markets and the Mass Media
Schuster, Thomas - EconWPA - 2003
A widely held belief in financial economics suggests that stock prices always adequately reflect all available information. Price movements away from fundamentals are assumed to occur only infrequently, if at all. „False“ prices are supposed to be corrected by the counter-actions of...
Persistent link: https://www.econbiz.de/10005134753
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Intellectual property and the valuation of biotechnology
Malki, Elli - EconWPA - 1997
The role of intellectual property (IP) as an important value determinant is widely recognized. This article tries to quantify the role of IP in companies valuation by comparing a sample of biotechnology companies (46 companies included in the Genetic Engineering News Index:GEN-Dex) to the...
Persistent link: https://www.econbiz.de/10005134870
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Fifty-Fifty. Stock Recommendations and Stock Prices. Effects and Benefits of Investment Advice in the Business Media
Schuster, Thomas - EconWPA - 2003
The business media play an active role in influencing stock prices. Statistically significant excess returns at the time of the publication of stock recommendations have been documented many times. Frequently these abnormal gains begin to accumulate long before the publication date. In most...
Persistent link: https://www.econbiz.de/10005134740
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News Events and Price Movements. Price Effects of Economic and Non-Economic Publications in the News Media
Schuster, Thomas - EconWPA - 2003
Numerous empirical studies have demonstrated that asset prices react rapidly, if at all, to news published in the mass media. In many cases, the information has been discounted and prices have already moved upon primary publication through news wires, press releases or firm announcements. Any...
Persistent link: https://www.econbiz.de/10005561573
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LA INFORMACION CONTABLE Y LA VALUACION DE ACTIVOS DE CAPITAL EN EL SECTOR DE INVERSIONES CHILENO
Rubio, Fernando - EconWPA - 2004
Este trabajo pretende, utilizando una versión modificada del modelo de crecimiento continuo de Higgins para la valuación de activos de capital, obtener evidencia en cuanto a la relevancia de la información contable en la valuación del valor de mercado del patrimonio en la industria de...
Persistent link: https://www.econbiz.de/10005134899
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Analysis of UAE Bank Stocks
Rao, Ananth - EconWPA - 2003
Listing of stocks on the stock exchange offers business firms several advantages such as diversification, liquidity, establishing a value for the firm etc. The present paper analyses stocks of six commercial banks (viz., Dubai Commercial Bank, Emirates Bank International, National Bank of Dubai,...
Persistent link: https://www.econbiz.de/10005413135
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CIRCULAR VARIABLE WORK IN PROCESS
Vildosola, Luis - EconWPA - 2002
work in process inventory levels, under a particular risk allowance and a particular environmental scenario. This work …
Persistent link: https://www.econbiz.de/10005126234
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Book-Tax Gap. An Income Horse Race
Bovi, Maurizio - EconWPA - 2005
This paper presents some stylised facts about the book-tax gap, i.e. the difference between book and taxable income, of Italian corporations. This divergence is a reflection of the usage of any tax shields and any applicable credits and rebates which, in turn, implies that the concept of taxable...
Persistent link: https://www.econbiz.de/10005125996
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INTERNATIONAL EXPANSION THROUGH SEQUENTIAL INVESTMENT: THE EFFECTS OF NATIONAL CULTURE ON BUYOUTS AND DISSOLUTIONS IN BIOTECHNOLOGY PARTNERSHIPS
FOLTA, TIMOTHY B.; FERRIER, WALTER J. - EconWPA - 1997
This study examines the role of national culture on an issue which is central to competitive strategy: whether to maintain flexibility or commit to a strategic direction. We consider that equity investments in foreign partners may be initiated as the first step in a sequential acquisition...
Persistent link: https://www.econbiz.de/10005062391