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The Relation between Patent Citations and Tobin's Q in the Semiconductor Industry

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  • Shane, Hilary
  • Klock, Mark

Abstract

The market value of a firm is largely determined by the expected returns to the firm's tangible and intangible assets. However, accounting data generally excludes intangible assets. Financial variables which are constructed in part from accounting data, such as Tobin's Q, are thus biased. If measures of intangible capital are successful in explaining variation in Q, then a case can be made for incorporating such measures into future research. In high technology industries, such as the semiconductor industry, valuing a firm's intangible asset requires the valuation of its technological capital Past studies have relied heavily on simple patent counts and research and development expenditures to quantify the technological component of a firm's intangible assets. This paper examines the ability of measures of intangible capital to explain variation in Q and considers an additional data source, patent citations we find that stock variables created from citation data contain relevant information about the market's valuation of intangible assets. Copyright 1997 by Kluwer Academic Publishers

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Bibliographic Info

Article provided by Springer in its journal Review of Quantitative Finance and Accounting.

Volume (Year): 9 (1997)
Issue (Month): 2 (September)
Pages: 131-46

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Handle: RePEc:kap:rqfnac:v:9:y:1997:i:2:p:131-46

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Web page: http://springerlink.metapress.com/link.asp?id=102990

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Cited by:
  1. Moses Acquaah & Tailan Chi, 2007. "A longitudinal analysis of the impact of firm resources and industry characteristics on firm-specific profitability," Journal of Management and Governance, Springer, vol. 11(3), pages 179-213, September.
  2. Cristiano Antonelli & Alessandra Colombelli, 2011. "The generation and exploitation of technological change: market value and total factor productivity," The Journal of Technology Transfer, Springer, vol. 36(4), pages 353-382, August.
  3. Gleason, Katherine I. & Klock, Mark, 2006. "Intangible capital in the pharmaceutical and chemical industry," The Quarterly Review of Economics and Finance, Elsevier, vol. 46(2), pages 300-314, May.
  4. Nicolas van Zeebroeck, 2011. "The Puzzle of Patent Value Indicators," ULB Institutional Repository 2013/60729, ULB -- Universite Libre de Bruxelles.
  5. Chen-Lung Chin & Picheng Lee & Gary Kleinman & Pei-Yu Chen, 2006. "IPO anomalies and innovation capital," Review of Quantitative Finance and Accounting, Springer, vol. 27(1), pages 67-91, August.
  6. Chow, William W. & Fung, Michael K., 2008. "Volatility of stock price as predicted by patent data: An MGARCH perspective," Journal of Empirical Finance, Elsevier, vol. 15(1), pages 64-79, January.
  7. Chen-Lung Chin & Picheng Lee & Hsin-Yi Chi & Asokan Anandarajan, 2006. "Patent Citation, R&D Spillover, and Tobin's Q: Evidence from Taiwan Semiconductor Industry," Review of Quantitative Finance and Accounting, Springer, vol. 26(1), pages 67-84, February.
  8. Nicolas van Zeebroeck, 2007. "Patents only live twice: a patent survival analysis in Europe," Working Papers CEB 07-028.RS, ULB -- Universite Libre de Bruxelles.
  9. Sampat, Bhaven N. & Mowery, David C. & Ziedonis, Arvids A., 2003. "Changes in university patent quality after the Bayh-Dole act: a re-examination," International Journal of Industrial Organization, Elsevier, vol. 21(9), pages 1371-1390, November.

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