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I explore an intricate interaction between a firm’s risk exposure, intangible capital accumulation, and physical capital accumulation by using a unified dynamic investment model of capital allocation. The model emphasizes both the importance of the marginal value of the intangible capital and...
Persistent link: https://www.econbiz.de/10013249319
This paper discusses the impact of a firm's technology portfolio on its market value. Two concepts are used to characterize a firm's portfolio: the number of technological fields and the degree of relatedness within the portfolio characterized by the amount of joint occurrences of patents in...
Persistent link: https://www.econbiz.de/10014218315
prices of patent portfolio transactions. The project was initially launched in 2012 as part of the efforts to better … understand the pricing behavior of the rapidly growing patent market. As of the end of 2014, the database created by the project … had 222 samples of market transactions in patent assets portfolios, with the earliest samples dating back to the 1990s …
Persistent link: https://www.econbiz.de/10014135547
Demand is increasing for quick, easy and relatively reliable methods of patent portfolio valuation in patent …-intensive corporate transactions. An augmented market approach may be the solution.The augmented market approach to patent portfolio … consists of: 1) Comparable transaction valuation based on per patent prices calculated from three different sets of comparable …
Persistent link: https://www.econbiz.de/10012968403
In an effort to decompose and adjust patent sales prices for patent portfolio valuation, this study analyzes patent … July 2011 did not fundamentally change the pricing of patent portfolio, and patent market has not been in bubble. Also …, while NPEs play an active role in patent sale market, there is no difference in pricing between the transactions with at …
Persistent link: https://www.econbiz.de/10013064736
A deep-ingrained doctrine in asset pricing says that if an empirical characteristic-return relation is consistent with investor “rationality,” the relation must be “explained” by a risk (factor) model. The investment approach questions the doctrine. Factors formed on characteristics are...
Persistent link: https://www.econbiz.de/10013096092
A deep-ingrained doctrine in asset pricing says that if an empirical characteristic-return relation is consistent with investor “rationality,” the relation must be “explained” by a risk (factor) model. The investment approach questions the doctrine. Factors formed on characteristics are...
Persistent link: https://www.econbiz.de/10013110170
We introduce heterogeneity in the pricing of aggregate risks of various persistence into a dynamic corporate finance model with financing frictions. We show that if long-term (persistent) shocks have a higher market price than short-term (temporary) shocks, firms shorten the horizon of corporate...
Persistent link: https://www.econbiz.de/10012833975
This paper examines the propensity of firms to comove in investment decisions. Although stock return comovement and herding among investors received considerable attention in existing work, little is known about correlated investment behavior of firms. After controlling for the similarity of...
Persistent link: https://www.econbiz.de/10014223894
strategic advisor, I have observed a need for such an exposition because core value investing theory is not well understood by …
Persistent link: https://www.econbiz.de/10013005129