Tech Stock Valuation: Investor Psychology and Economic Analysis

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9780123497048: Tech Stock Valuation: Investor Psychology and Economic Analysis

The contribution of research and development to a company's market value has grown considerably in recent years. In the mid-1970s, accountants were able to capture on their ledgers 90-95 percent of a firm's book value, but by 2000 the importance of intangible assets had grown to the point where they could account for only 13-15 percent. Financial economists and accountants have investigated the link between a firm's market value and its R&D spending, and various factions advocate a variety of positions on the amount and rate of investment, investors' ability to capture returns on that investment, and ways to measure value, investment, and returns. "Tech Stock Valuation" extends the R&D literature by providing detailed direct evidence on the market value implications of inventive and innovative output. Specifically, the book demonstrates that stock-price effects of patent output are most pronounced in the case of high-quality patents, where patent quality is measured by scientific merit. Scientific measures of patent quality give tech stock investors and R&D managers a valuable new tool that can be used to measure R&D program effectiveness. At the same time, it gives investors a new tool to help them assess the value of hard-to-measure intangible assets. This book provides detailed direct evidence on the market value implications of inventive and innovative output. It is based on recent research, much of which Dr. Hirschey has pioneered. It gives financial professionals a new tool for assessing R&D quality and its relation to market valuation.

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Product Description:

Tech Stock Valuation extends the R&D literature by providing detailed direct evidence on the market value implications of inventive and innovative output. Specifically, the text demonstrates that stock-price effects of patent output are most pronounced in the case of high-quality patents, where patent quality is measured by scientific merit.

Scientific measures of patent quality give students a valuable new tool that can be used to measure R&D program effectiveness. At the same time, it gives investors a new tool to help them assess the value of hard-to-measure intangible assets.

The book is an ideal resource for professionals working in finance and accounting; investment professionals and industry analysts who work for companies that engage in research and development; MBA students; economists working in industrial organizations, microeconomics, and contract theory.



  • Provides detailed direct evidence on the market value implications of inventive and innovative output
  • Based on recent research, much of which Dr. Hirschey has pioneered
  • Gives financial professionals a new tool for assessing R&D quality and its relation to market valuation

Product Description:

The contribution of research and development to a company's market value has grown considerably in r....

"About this title" may belong to another edition of this title.

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Book Description Elsevier Science Publishing Co Inc, United States, 2003. Hardback. Book Condition: New. New.. 231 x 152 mm. Language: English . Brand New Book. The contribution of research and development to a company s market value has grown considerably in recent years. In the mid-1970s, accountants were able to capture on their ledgers 90-95 percent of a firm s book value, but by 2000 the importance of intangible assets had grown to the point where they could account for only 13-15 percent. Financial economists and accountants have investigated the link between a firm s market value and its RD spending, and various factions advocate a variety of positions on the amount and rate of investment, investors ability to capture returns on that investment, and ways to measure value, investment, and returns. Tech Stock Valuation extends the RD literature by providing detailed direct evidence on the market value implications of inventive and innovative output. Specifically, the book demonstrates that stock-price effects of patent output are most pronounced in the case of high-quality patents, where patent quality is measured by scientific merit. Scientific measures of patent quality give tech stock investors and RD managers a valuable new tool that can be used to measure RD program effectiveness. At the same time, it gives investors a new tool to help them assess the value of hard-to-measure intangible assets. This book provides detailed direct evidence on the market value implications of inventive and innovative output. It is based on recent research, much of which Dr. Hirschey has pioneered. It gives financial professionals a new tool for assessing RD quality and its relation to market valuation. Bookseller Inventory # AA59780123497048

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Book Description Elsevier Science Publishing Co Inc, United States, 2003. Hardback. Book Condition: New. New.. 231 x 152 mm. Language: English . Brand New Book. Tech Stock Valuation extends the RD literature by providing detailed direct evidence on the market value implications of inventive and innovative output. Specifically, the text demonstrates that stock-price effects of patent output are most pronounced in the case of high-quality patents, where patent quality is measured by scientific merit. Scientific measures of patent quality give students a valuable new tool that can be used to measure RD program effectiveness. At the same time, it gives investors a new tool to help them assess the value of hard-to-measure intangible assets. The book is an ideal resource for professionals working in finance and accounting; investment professionals and industry analysts who work for companies that engage in research and development; MBA students; economists working in industrial organizations, microeconomics, and contract theory. Bookseller Inventory # AA59780123497048

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