This article reviews the impact of intellectual property (IP) protection on foreign direct investment (FDI) by multinational enterprises (MNEs) in developing countries. Applying different panel data techniques to a newly-created comprehensive FDI/IP dataset of 31 Swiss MNEs investing into 53...

I construct a new proxy for Tobin's q that incorporates the replacement cost of patent capital. This proxy, PI (physical plus intangible) q, explains up to 62% more variation in investment than other proxies for q. Furthermore, investment is more sensitive to PI q than to other proxies for q....

Patents valuation methods are mostly income or income-market-based. In these methods one of the key estimate is the cost of capital. The paper analyses the question of the patents cost of capital from two complementary viewpoints: (i) theoretical aspects of estimating the cost of capital for...

Fully expensing intangible investments has potential distorting effects on factor investing based on book-to-market, investment, and profitability. Incorporating intangible investment/capital into the conceptual frameworks and empirical factor models of Fama and French (1993, 2015) and Hou, Xue...

We investigate how intangible capital in form of intellectual property, such as patents, might mitigate financing constraints. While scholars have already argued that patents might have a signalling value reducing information asymmetries between borrowers and lenders, we quantify the value of...

This paper conducts a comprehensive study of patent citations in patents granted to Belgian corporate applicants by the United States and the European Patent Offices using qualitative response variable analysis. The analysis uncovered different patterns of citations in patents, which belong to...

This paper uses qualitative response variable analysis to conduct a comprehensive study of patent citations in patents granted to Belgian corporate applicants by the United States and the European Patent Offices. The analysis uncovered different patterns of citations in patents, which belong to...

Two ubiquitous empirical regularities in pay distributions are that the variance of wages increases with experience, and innovations in wage residuals have a large, unpredictable component. The leading explanations for these patterns are that over time, either firms learn about worker...

In this paper I address the question to what extent wages are affected by product market uncertainty. Implicit contract models imply that it is Pareto optimal for risk neutral firms to provide insurance to risk averse workers against shocks. Using matched employer-employee dataset, I adopted the...

In this paper I address the question to what extent wages are affected by product market uncertainty. Implicit contract models imply that it is Pareto optimal for risk neutral firms to provide insurance to risk averse workers against shocks. Using matched employer-employee dataset, I adopted the...